Insurance Handbook

  • U.S. insurance industry net premiums written totaled $1.32 trillion in 2019, with premiums recorded by property/casualty (P/C) insurers accounting for 48 percent, and premiums by life/annuity insurers accounting for 52 percent, according to S&P Global Market Intelligence.
  • P/C insurance consists primarily of auto, homeowners and commercial insurance. Net premiums written for the sector totaled $637.7 billion in 2019.
  • The life/annuity insurance sector consists of annuities, accident and health, and life insurance. Net premiums written for the sector totaled $678.7 billion in 2019.
  • Although most private health insurance is written by companies that specialize in that line of business, life and P/C insurers also write coverage referred to as accident and health insurance. Total private health insurance direct premiums written were $919.6 billion in 2018, including: $715.6 billion from the health insurance sector; $197.5 billion from the life/annuity sector; and $6.5 billion from the P/C sector, according to S&P Global Market Intelligence. The health insurance sector also includes government programs.
  • In 2018 there were 5,965 insurance companies in the U.S. (including territories). According to the National Association of Insurance Commissioners, those were comprised of the following: P/C (2,507); life/annuity (841); health (931); fraternal (82); title (60); risk retention groups (239) and other companies (1,305).
  • Insurance carriers and related activities contributed nearly $630 billion, or 2.9 percent, to the nation’s gross domestic product (GDP) in 2019, according to the U.S. Bureau of Economic Analysis.
  • Total P/C cash and invested assets were $1.9 trillion in 2019, according to S&P Global Market Intelligence. Life insurance and annuity cash and invested assets totaled $4.3 trillion in 2019; separate accounts assets and other investments totaled $2.8 trillion. The total of cash and invested assets for both sectors was $9.0 trillion. Most of these assets were in bonds (57 percent of P/C assets and 71 percent of life/annuity assets, excluding separate accounts).
  • P/C and life/annuity insurance companies paid $23.6 billion in premium taxes in 2019, or $72 for every person living in the United States, according to the U.S. Department of Commerce.
  • P/C insurers paid out $24.4 billion in property losses related to catastrophes in 2019, according to the Property Claim Services (PCS) division of Verisk Analytics, down from $50.0 billion in 2018 and $106.5 billion in 2017, which was the highest loss since PCS began collecting insured loss data in 1949. There were 61 catastrophes in 2019, compared with 55 in 2018.
  • The U.S. insurance industry employed 2.8 million people in 2019, according to the U.S. Department of Labor. Of those, 1.6 million worked for insurance companies, including life and health insurers (923,000 workers), P/C insurers (647,000 workers) and reinsurers (28,500 workers). The remaining 1.2 million people worked for insurance agencies, brokers and other insurance-related enterprises.
  • Insurers have responded quickly to the COVID-19 pandemic. Using information collected by the Insurance Industry Charitable Foundation (IICF), the Insurance Information Institute (Triple-I) estimates that by June 2020 U.S. insurers and their foundations had donated about $280 million in the fight against COVID-19. In addition, international insurers and their foundations donated more than $150 million. U.S. auto insurers have also responded to the pandemic by returning over $14 billion to their customers nationwide in response to reduced driving during the pandemic, according to a Triple-I estimate.

U.S. P/C And L/A Insurance Premiums, 2019 (1)

($ billions)

(1) P/C: net premiums written after reinsurance transactions, excludes state funds; life/annuity: premiums, annuity considerations (fees for annuity contracts) and deposit-type funds. Both sectors include accident and health insurance.

Source: NAIC data, sourced from S&P Global Market Intelligence, Insurance Information Institute.

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Employment In Insurance, 2010-2019

(Annual averages, 000)

  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
2010 804.1 614.3 26.8 1,445.2 642.3 253.1 895.5 2,340.6
2011 788.9 611.6 25.6 1,426.1 649.2 261.1 910.3 2,336.4
2012 811.3 599.5 25.7 1,436.5 659.6 272.3 931.8 2,368.3
2013 813.2 593.7 26.2 1,433.1 672.3 283.5 955.8 2,388.9
2014 829.0 594.7 25.1 1,448.8 720.0 297.1 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 923.0 647.0 28.5 1,598.5 843.0 348.7 1,191.7 2,790.2

(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.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

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