| Standard Report | Premium Report | |
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| Current State of the Industry |  |
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| Market Size (industry trends) | |
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| Market Forecast (5-year projection) | |
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| Products/Services Breakdown | |
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| Revenue per State | |
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| Financial Metrics | |
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| Salary & Compensation Statistics | |
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| Public Company Information | |
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| Key Private Companies | |
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| Government Vendors | |
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2023 U.S. Industry Statistics & Market Forecast - Insurance
Market Size & Industry Statistics
The total U.S. industry market size for Insurance:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2017 2018 2019 2020 2021 2022 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year / six-year demand forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The insurance industry has experienced significant changes in recent years due to a rapidly shifting technological landscape, increasing regulatory challenges, and evolving consumer expectations. Some of the key trends affecting the industry include the growth of insurtech, the shifting nature of customer expectations, increasing competition, and the rise of cybersecurity threats.One of the most significant trends impacting the industry is the growth of insurtech. This allows for the creation of innovative products and services that meet the evolving needs of consumers, as well as streamlining processes and simplifying the customer experience.
Another key trend impacting the industry is the shifting nature of customer expectations. Consumers have become more aware of the need to protect themselves and their assets, which has led to the development of new products, such as cyber insurance.
Increasing competition is another trend impacting the industry, as traditional insurers face competition from new entrants, such as tech giants and insurtech startups.
Lastly, the rise of cybersecurity threats poses significant risks for the industry, and insurers must be proactive in managing these risks to protect their customers and their own reputations. Therefore, the insurance industry must continue to adapt and innovate in response to these and other trends to remain relevant and competitive.
Product & Services Breakdown
Research products and services in the Insurance industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Brokering And Dealing Services For Equities |
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Trading Debt Instruments On Own Account - Net Gains (Losses) |
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Trading Equities On Own Account - Net Gains (Losses) |
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Trading Other Securities And Commodity Contracts On Own Account - Net Gains (Losses) |
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Financial Planning And Investment Management Services |
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Underwriting Services For Life Insurance - Net Premiums Earned |
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Underwriting Services For Pensions And Annuities - Fees |
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Underwriting Services For Health And Accident Insurance - Net Premiums Earned |
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Underwriting Services For Surety Bonds And Related Products - Net Premiums Earned |
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Underwriting Services For Vehicle Property And Liability Insurance Policies - Net Premiums Earned |
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Underwriting Services For Property And Liability Insurance Policies, Except Vehicle - Net Premiums Earned |
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Underwriting Services For Product Liability Insurance Policies - Net Premiums Earned |
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Underwriting Services For Other General Liability Insurance Policies, Not Elsewhere Specified - Net Premiums Earned |
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Underwriting Services For Travelers' Insurance Policies - Net Premiums Earned |
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Underwriting Services For Title Insurance Policies - Net Premiums Earned |
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Underwriting Services For Other Direct Insurance Policies - Net Premiums Earned |
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Reinsurance Services For Life And Health Insurance And Annuities - Premiums Assumed |
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Reinsurance Services For Property And Casualty Insurance - Premiums Assumed |
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Reinsurance Services, Not Elsewhere Specified - Premiums Assumed |
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Insurance Brokerage And Agency Services - Commissions |
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Claims Adjustment Services |
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Consulting Services For Insurance |
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Insurance Support Services - Third Party Administration |
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Title Search, Title Reconveyance, And Title Abstract Service Fees |
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Other Services |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Insurance company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Insurance industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Insurance measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 11% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 4% | |||
| Operations Specialties Managers | 5% | |||
| Business and Financial Operations Occupations | 25% | |||
| Business Operations Specialists | 18% | |||
| Claims Adjusters, Appraisers, Examiners, and Investigators | 9% | |||
| Claims Adjusters, Examiners, and Investigators | 8% | |||
| Financial Specialists | 8% | |||
| Financial Analysts and Advisors | 5% | |||
| Insurance Underwriters | 8% | |||
| Computer and Mathematical Occupations | 8% | |||
| Computer Occupations | 7% | |||
| Legal Occupations | 5% | |||
| Healthcare Practitioners and Technical Occupations | 9% | |||
| Healthcare Diagnosing or Treating Practitioners | 8% | |||
| Registered Nurses | 7% | |||
| Registered Nurses | 7% | |||
| Sales and Related Occupations | 19% | |||
| Sales Representatives, Services | 18% | |||
| Insurance Sales Agents | 17% | |||
| Insurance Sales Agents | 17% | |||
| Office and Administrative Support Occupations | 31% | |||
| Information and Record Clerks | 13% | |||
| Customer Service Representatives | 11% | |||
| Customer Service Representatives | 11% | |||
| Other Office and Administrative Support Workers | 10% | |||
| Insurance Claims and Policy Processing Clerks | 8% | |||
| Insurance Claims and Policy Processing Clerks | 8% | |||
Insurance Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Insurance industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Insurance industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Insurance industry. |
Government Contracts
In 2022, the federal government spent a total of $113,382,098,298 on Insurance. It has awarded 964 contracts to 226 companies, with an average value of $501,690,700 per company.| Most Recent Contracts | Date | Total Award Amount |
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