Plunkett's Insurance Industry Almanac 2025

9781647880545

Paperback / softback, published 6 November 2024

494 pages
25 x 15 x 1.5 cm, 0.666 kg

Insurance and risk management make up an immense, complex global industry, one which is constantly changing. Competition continues to heat up as mergers and acquisitions create international mega-firms. As the insurance industry grows more global, underwriters see huge potential in China, the world's fastest-growing business market, as well as India, Indonesia, Africa and other emerging markets. Specialty insurance is creating high profits. Meanwhile, technology is making back-office tasks easier and more efficient, while direct selling and e-commerce are changing the shape of the insurance industry. This carefully researched book is a complete insurance market research and business intelligence tool - everything you need to know about the business of insurance and risk management. The book includes our analysis of insurance and risk management industry trends; dozens of statistical tables; an industry glossary; a database of industry associations and professional organizations; and our in-depth profiles of more than 300 of the world's leading insurance companies, both in the U.S. and abroad. You'll find a complete overview, industry analysis and market research report in one superb, value-priced package.

• Introduction 1
• How to Use This Book 3
• Chapter 1: Major Trends Affecting the Insurance Industry 7
• 1) Introduction to the Insurance Industry 8
• 2) Premiums Soar for Home and Auto Insurance 9
• 3) Sophisticated Risk Management and Prevention Programs Lead to Lower Losses 9
• 4) Risk Managers Seek Certification 10
• 5) Independent Agencies Continue to Dominate Commercial Insurance, but Play a Lesser Role in Personal Lines 10
• 6) Insurance Direct Selling and E-Commerce 11
• 7) Insurance Underwriting Uses Artificial Intelligence (AI)/Policy Holders Allow Their Habits to Be Tracked for Lower Insurance Rates 12
• 8) Artificial Intelligence (AI) Enables Life Insurance Underwriting 14
• 9) States Pick Up Some Wind and Flood Risk for Homeowners/Underwriters Rely on Sophisticated Risk Analysis Technology to Set Rates 14
• 10) No End in Sight to the Growth of Specialized Insurance Lines 15
• 11) Health Sharing Ministries Attract Millions of Members 16
• 12) Annuity Account Managers Create New Product Strategies 16
• 13) Major U.S., Japanese and European Insurance Firms See Vast Promise in Chinese, Southeast Asian and Emerging Markets 17
• 14) Continued Rise in Health Care Costs 18
• 15) Number of Uninsured Americans Declines But Remains High 19
• 16) U.S. Affordable Care Act (ACA) of 2010 Rewrote the Rules and Increased Coverage, But Costs Continue to Rise 19
• 17) Employers Fight Rapidly Growing Health Care Premiums/Require Employees to Pay a Significant Share of Costs 20
• 18) Insurance Companies Change Strategies Due to Affordable Care Act (ACA) and Rapidly Rising Costs of Care 21
• 19) Malpractice Suits Are Blamed for Rising Health Care Costs/Tort Reform Is Capping Awards for Damages 22
• 20) Hedge Funds and Private Equity Play a Major Role in Financial Products Including Derivatives, Lending and Insurance (Shadow Banking) 23
• 21) Aging Populations, Baby Boomers Create Opportunities/U.S. Pension Accounts Top $40.0 Trillion 23
• 22) Basel III, Dodd-Frank Act and Volcker Act Increase Regulation/European Solvency II and MiFID 2 Take Effect 25
• 23) Financial Technology (FinTech) Enables Online Lending, Insurance and Robo Advisors 26
• 24) Drones Save Time and Money in a Variety of Industries Including Insurance, Real Estate and Construction 27
• 25) Gig Economy and Self-Driving Cars Pose Insurance Challenges and Underwriting Opportunities 27
• 26) The Future of the Insurance Industry and Risk Management 28
• Chapter 2: Insurance Industry Statistics 31
• Insurance Industry Statistics and Market Size Overview 32
• Assets & Liabilities of U.S. Property-Casualty Insurance Companies: 2021-2nd Quarter 2024 33
• Assets & Liabilities of U.S. Life Insurance Companies: 2020-2nd Quarter 2024 34
• Employers' Costs for Total Compensation and Health Insurance, by Selected Characteristics, U.S.: Selected Years, 2020-2024 35
• The Nation's Health Dollar: 2024 Where It Came From (Projected) 36
• The Nation's Health Dollar: 2024 Where It Went (Estimated) 37
• Number & Percent of Persons of All Ages with and without Health Insurance Coverage, U.S.: 2007-2023 38
• Number & Percent of Persons without Health Insurance Coverage, by Age Group, U.S.: 2000-2023 39
• Medical Care Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2024 40
• Retirement Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2024 41
• Employment in the Insurance Industry, U.S.: 2017-August 2024 42
• Chapter 3: Important Insurance Industry Contacts 43
• (Addresses, Phone Numbers and Internet Sites)
• Chapter 4: THE INSURANCE 350:
• Who They Are and How They Were Chosen 63
• Index of Companies Within Industry Groups 64
• Alphabetical Index 73
• Index of U.S. Headquarters Location by State 77
• Index of Non-U.S. Headquarters Location by Country 80
• Individual Data Profiles on Each of THE INSURANCE 350 83
• Additional Indexes
• Index of Hot Spots for Advancement for Women/Minorities 446
• Index by Subsidiaries, Brand Names and Selected Affiliations 448
• A Short Insurance Industry Glossary 467