Cleveland, OH, November 7, 2019 — US insurance revenues are forecast to advance 4.3% annually in nominal dollars through 2023, according to Insurance: United States, a report recently released by Freedonia Focus Reports. Population growth and continued expansion in economic activity are projected to drive insurance demand. In particular, reliance on healthcare insurance will increase as healthcare costs continue to rise, boosting revenues. Demand for property and casualty insurance is projected to rise as the building stock, number of motor vehicles in use, and business activity continue to expand. Life insurance revenues are expected to grow as younger population cohorts start families and drive a rebound in the number of births, an event which often prompts life insurance purchases. The ongoing aging of the population will also continue to support sales, as the older demographics plan for their final expenses. Faster growth will be limited by the relative ease of comparison shopping and switching between insurance companies by both businesses and households, particularly as more insurance policies are sold on the internet.
These and other key insights are featured in Insurance: United States. This report forecasts to 2023 US insurance revenues in nominal and real (inflation-adjusted) US dollars. Total revenues in nominal terms are segmented by establishment type in terms of:
- direct healthcare
- direct property and casualty
- direct life
- agencies and brokerages
- other insurance establishments such as third party administrators of insurance and pension funds and claims adjusters
To illustrate historical trends, total revenues; the various segments; and the number of employer firms, employer establishments, employment, and nonemployer establishments are provided in annual series from 2008 to 2018.
More information about the report is available at: