U.S. Life Insurance Market Size & Outlook, 2020-2027
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U.S. life insurance market highlights
- The U.S. life insurance market generated a revenue of USD 504,373.1 million in 2020 and is expected to reach USD 848,135.4 million by 2027.
- The U.S. market is expected to grow at a CAGR of 7.7% from 2021 to 2027.
- In terms of segment, whole life insurance was the largest revenue generating product in 2020.
- Universal Life Insurance is the most lucrative product segment registering the fastest growth during the forecast period.
Life insurance market data book summary
| Market revenue in 2020 | USD 504,373.1 million |
| Market revenue in 2027 | USD 848,135.4 million |
| Growth rate | 7.7% (CAGR from 2020 to 2027) |
| Largest segment | Whole life insurance |
| Fastest growing segment | Universal Life Insurance |
| Historical data | 2016 - 2019 |
| Base year | 2020 |
| Forecast period | 2021 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Whole Life Insurance, Term Life Insurance, Universal Life Insurance, Variable Universal Life Insurance |
| Key market players worldwide | MetLife Inc, Prudential Financial Inc, American International Group Inc, Lincoln National Corp, John Hancock Asset-Based Lending I, China Life Insurance Co Ltd Class H |
Other key industry trends
- In terms of revenue, U.S. accounted for 47.9% of the global life insurance market in 2020.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2027.
- In North America, U.S. life insurance market is projected to lead the regional market in terms of revenue in 2027.
- U.S. is the fastest growing regional market in North America and is projected to reach USD 848,135.4 million by 2027.
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Life Insurance Market Scope
Life Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| China Life Insurance Co Ltd Class H | View profile | 100000 | No. 16, Financial Street, Xicheng District, Beijing, China, People's Republic of, 100033 | https://www.e-chinalife.com |
| John Hancock Asset-Based Lending I | View profile | - | - | - |
| Lincoln National Corp | View profile | 11024 | 150 North Radnor-Chester Road, Suite A305, Radnor, PA, United States, 19087 | https://www.lincolnfinancial.com |
| Prudential Financial Inc | View profile | 40658 | 751 Broad Street, Newark, NJ, United States, 07102 | https://www.investor.prudential.com |
| MetLife Inc | View profile | 45000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | https://www.metlife.com |
| American International Group Inc | View profile | 25200 | 1271 Avenue of the Americas, New York, NY, United States, 10020 | https://www.aig.com |
U.S. life insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to life insurance market will help companies and investors design strategic landscapes.
Whole life insurance was the largest segment with a revenue share of 34.09% in 2020. Horizon Databook has segmented the U.S. life insurance market based on whole life insurance, term life insurance, universal life insurance, variable universal life insurance covering the revenue growth of each sub-segment from 2016 to 2027.
Life insurance is a mature industry and its importance has not lessened. It aims at protecting people, families, and businesses from life & retirement risks. In the years since the financial crisis, life insurers in the U.S. have made improvements in their risk management skills, de-risked their balance sheets, & increased their focus on cost & efficiency.
According to LIMRA’s 2018 Insurance Barometer Study, in 2018, about 60% of all the individuals in the U.S. had some kind of life insurance. Half of all adults visited a company website & searched for information on life insurance online in 2018.
Nearly one in three purchased or tried to buy life insurance online. Moreover, other findings include that customers overestimate the cost of life insurance, particularly younger generations around 44% millennials overestimate the cost at five times the real cost.
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Our clientele includes a mix of life insurance market companies, investment firms, advisory firms & academic institutions.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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Horizon Databook provides a detailed overview of country-level data and insights on the U.S. life insurance market, including forecasts for subscribers. This country databook contains high-level insights into U.S. life insurance market from 2016 to 2027, including revenue numbers, major trends, and company profiles.
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U.S. life insurance market size, by type, 2016-2027 (US$M)
U.S. Life Insurance Market Share, 2020 & 2027 (US$M)
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