Property/Casualty And Life/Annuity Insurance Premiums, 2023 (1)
Employment In Insurance, 2014-2023
| Insurance carriers | Insurance agencies, brokerages and related services | |||||||
|---|---|---|---|---|---|---|---|---|
| Direct insurers (1) | ||||||||
| Year | Life and health (2) |
Property/ casualty |
Reinsurers | Total | Insurance agencies and brokers |
Other insurance- related activities (3) |
Total | Total industry |
| 2014 | 829.0 | 594.7 | 25.1 | 1,448.7 | 720.0 | 297.1 | 1,017.1 | 2,465.8 |
| 2015 | 829.8 | 611.6 | 25.1 | 1,466.5 | 762.8 | 309.1 | 1,071.8 | 2,538.3 |
| 2016 | 818.9 | 643.5 | 25.3 | 1,487.7 | 783.5 | 321.5 | 1,105.0 | 2,592.7 |
| 2017 | 850.4 | 639.7 | 26.6 | 1,516.7 | 809.6 | 333.3 | 1,142.9 | 2,659.6 |
| 2018 | 882.8 | 629.5 | 28.6 | 1,540.9 | 825.6 | 346.2 | 1,171.8 | 2,712.7 |
| 2019 | 931.2 | 650.3 | 28.6 | 1,610.1 | 842.8 | 349.5 | 1,192.2 | 2,802.3 |
| 2020 | 945.6 | 653.9 | 27.6 | 1,627.1 | 856.5 | 352.3 | 1,208.8 | 2,835.9 |
| 2021 | 908.7 | 646.9 | 28.1 | 1,583.7 | 886.6 | 354.5 | 1,241.2 | 2,824.9 |
| 2022 | 900.9 | 684.9 | 30.2 | 1,616.0 | 934.8 | 367.2 | 1,302.0 | 2,918.0 |
| 2023 (4) | 912.3 | 680.5 | 30.9 | 1,623.8 | 963.0 | 388.6 | 1,351.6 | 2,975.3 |
(1) Establishments primarily engaged in initially underwriting insurance policies.
(2) Includes establishments engaged in underwriting annuities, life insurance and health and medical insurance policies.
(3) Includes claims adjusters, third-party administrators of insurance funds and other service personnel such as advisory and insurance ratemaking services.
(4) Preliminary.
Source: U.S. Department of Labor, Bureau of Labor Statistics.
A property/casualty insurer must maintain a certain level of surplus to underwrite risks. This financial cushion is known as “capacity.” When the industry is hit by high losses, such as a major hurricane, capacity is diminished. It can be restored by increases in net income, favorable investment returns, reinsuring more risk, and/or raising additional capital.
Property/Casualty Insurance Industry Income Analysis, 2019-2023
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Net premiums written | $639.9 | $655.8 | $715.7 | $778.2 | $857.8 |
| Percent change | 3.5% | 2.5% | 9.1% | 8.7% | 10.2% |
| Premiums earned | $627.7 | $643.0 | $689.8 | $748.7 | $821.5 |
| Losses and loss adjustment expenses incurred | 446.0 | 451.0 | 500.7 | 569.8 | 627.4 |
| Other underwriting expenses | 172.6 | 179.4 | 188.6 | 199.8 | 213.9 |
| Policyholder dividends | 4.9 | 7.7 | 4.6 | 3.3 | 3.6 |
| Net underwriting gain/loss | 7.9 | 12.1 | -0.4 | -22.4 | -20.2 |
| Net investment income | 56.5 | 53.5 | 56.1 | 71.5 | 72.6 |
| Miscellaneous income/loss | -2.5 | -1.9 | 0.1 | -1.5 | -2.8 |
| Operating income | 60.9 | 59.3 | 54.6 | 47.9 | 49.9 |
| Realized capital gain | 11.0 | 10.7 | 17.5 | -3.9 | 48.2 |
| Federal income tax | 8.5 | 8.7 | 9.1 | 6.1 | 11.0 |
| Net income after taxes | 63.4 | 61.3 | 63.0 | 37.9 | 87.1 |
Source: NAIC data, sourced from S&P Global Market Intelligence; Insurance Information Institute.
Top 10 Writers Of Property/Casualty Insurance By Direct Premiums Written, 2023
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | State Farm | $93,787,274 | 9.9% |
| 2 | Progressive | 62,711,707 | 6.6 |
| 3 | Berkshire Hathaway Inc. | 58,628,800 | 6.2 |
| 4 | Allstate Corp. | 50,041,693 | 5.3 |
| 5 | Liberty Mutual | 44,410,968 | 4.7 |
| 6 | Travelers Companies Inc. | 38,526,321 | 4.1 |
| 7 | USAA Insurance Group | 31,959,474 | 3.4 |
| 8 | Chubb Ltd. | 30,903,815 | 3.3 |
| 9 | Farmers Insurance Group of Companies | 27,220,677 | 2.9 |
| 10 | Nationwide Mutual Group | 19,752,351 | 2.1 |
(1) Before reinsurance transactions, includes state funds.
(2) Based on U.S. total, excluding territories.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
Top 10 Writers Of Life/Annuity Insurance By Direct Premiums Written, 2023
| Rank | Group/company | Direct premiums written (1) | Market share (2) |
|---|---|---|---|
| 1 | MetLife Inc. | $91,284,133 | 9.4% |
| 2 | Equitable Holdings | 84,608,664 | 8.7 |
| 3 | Athene Holding Ltd. | 47,261,675 | 4.9 |
| 4 | Massachusetts Mutual Life Insurance Co. | 46,179,680 | 4.8 |
| 5 | New York Life Insurance Group | 43,461,102 | 4.5 |
| 6 | Prudential Financial Inc. | 37,900,707 | 3.9 |
| 7 | Nationwide | 37,566,246 | 3.9 |
| 8 | Western & Southern Financial | 32,704,002 | 3.4 |
| 9 | Corebridge Financial | 32,107,669 | 3.3 |
| 10 | Great West | 27,969,037 | 2.9 |
(1) Includes life insurance, annuity considerations, deposit-type contract funds and other considerations; excludes accident and health insurance. Before reinsurance transactions.
(2) Based on U.S. total, excluding territories.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
Life/Annuity Insurance Income Statement, 2019-2023
| 2019 | 2020 | 2021 | 2022 | 2023 | Percent change, 2022-2023 (1) |
|
|---|---|---|---|---|---|---|
| Revenue | ||||||
| Life insurance premiums | $149.4 | $141.6 | $159.1 | $163.1 | $121.5 | -25.5% |
| Annuity premiums and deposits | 347.4 | 301.2 | 290.2 | 350.6 | 360.7 | 2.9 |
| Accident and health premiums | 183.8 | 182.3 | 188.1 | 189.8 | 202.9 | 6.9 |
| Other premiums and considerations (2) | 6.7 | 6.5 | 6.0 | 7.3 | 0.7 | -89.8 |
| Total premiums, consideration and deposits | $687.2 | $631.6 | $643.3 | $710.8 | $685.8 | -3.5 |
| Net investment income | 193.0 | 192.2 | 208.3 | 205.6 | 225.3 | 9.6 |
| Reinsurance allowance | -29.7 | -22.8 | 8.4 | 38.2 | 28.6 | -25.2 |
| Separate accounts revenue | 37.5 | 38.1 | 41.8 | 39.2 | 38.1 | -2.7 |
| Other income | 49.1 | 52.4 | 57.6 | 59.2 | 63.3 | 7.0 |
| Total revenue | $937.0 | $891.4 | $959.5 | $1,053.0 | $1,041.1 | -1.1 |
| Expense | ||||||
| Benefits | 306.4 | 318.0 | 343.4 | 327.8 | 347.7 | 6.1 |
| Surrenders | 344.5 | 327.9 | 367.5 | 353.0 | 416.2 | 17.9 |
| Increase in reserves | 123.1 | 110.3 | 89.3 | 131.6 | 67.9 | -48.4 |
| Transfers to separate accounts | -72.7 | -70.0 | -76.3 | -51.1 | -82.8 | 61.9 |
| Commissions | 61.7 | 60.5 | 65.2 | 68.2 | 78.1 | 14.4 |
| General and administrative expenses | 69.3 | 68.4 | 71.1 | 72.3 | 77.6 | 7.2 |
| Insurance taxes, licenses and fees | 9.3 | 11.5 | 10.1 | 10.5 | 10.9 | 3.9 |
| Other expenses | 14.4 | 6.3 | 15.0 | 61.7 | 35.7 | -42.2 |
| Total expenses | $856.1 | $832.9 | $885.2 | $974.1 | $951.3 | -2.3 |
| Net income | ||||||
| Policyholder dividends | 18.8 | 18.6 | 18.4 | 20.3 | 22.8 | 12.3 |
| Net gain from operations before federal income tax | 62.1 | 39.8 | 55.9 | 58.5 | 67.0 | 14.6 |
| Federal income tax | 9.4 | 5.2 | 8.2 | 8.5 | 13.1 | 55.6 |
| Net income before capital gains | $52.8 | $34.6 | $47.7 | $50.0 | $53.9 | 7.6 |
| Net realized capital gains (losses) | -6.7 | -10.7 | -7.6 | -10.6 | -15.4 | 44.4 |
| Net income | $46.0 | $23.9 | $40.1 | $39.4 | $38.5 | -2.3 |
| Pre-tax operating income | 62.1 | 39.8 | 55.9 | 58.5 | 67.0 | 14.6 |
| Capital and surplus, end of year | 442.9 | 460.4 | 499.7 | 489.9 | 512.6 | 4.6 |
(1) Calculated from unrounded data.
(2) The NAIC introduced changes for the Analysis of Operations and Analysis of Increase in Reserves exhibits for 2019 and future periods.
NA=Not applicable.
Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.
