Description
Book SynopsisInsurance 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.
Table of Contents
- 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) Sophisticated Risk Management and Prevention Programs Lead to Lower Losses 9
- 3) Risk Managers Seek Certification 10
- 4) Independent Agencies Continue to Dominate Commercial Insurance, but Play a Lesser Role in Personal Lines 10
- 5) Insurance Direct Selling and E-Commerce Grow 10
- 6) Insurance Underwriting Uses Artificial Intelligence (AI)/Policy Holders Allow Their Habits to Be Tracked for Lower Insurance Rates 12
- 7) Artificial Intelligence (AI) Enables Life Insurance Underwriting 14
- 8) States Pick Up Some Wind and Flood Risk for Homeowners/Underwriters Rely on Sophisticated Risk Analysis Technology to Set Rates 14
- 9) No End in Sight to the Growth of Specialized Insurance Lines 15
- 10) Health Sharing Ministries Attract Millions of Members 16
- 11) Annuity Account Managers Create New Product Strategies 16
- 12) Major U.S., Japanese and European Insurance Firms See Vast Promise in Chinese, Southeast Asian and Emerging Markets 16
- 13) Continued Rise in Health Care Costs 18
- 14) Number of Uninsured Americans Declines But Remains High 19
- 15) U.S. Affordable Care Act (ACA) of 2010 Rewrote the Rules and Increased Coverage, But Costs Continue to Rise 19
- 16) Employers Fight Rapidly Growing Health Care Premiums/Require Employees to Pay a Significant Share of Costs 19
- 17) Insurance Companies Change Strategies Due to Affordable Care Act (ACA) and Rapidly Rising Costs of Care 21
- 18) Malpractice Suits Are Blamed for Rising Health Care Costs/Tort Reform Is Capping Awards for Damages 21
- 19) Hedge Funds and Private Equity Play a Major Role in Financial Products Including Derivatives, Lending and Insurance 22
- 20) Aging Populations, Baby Boomers Create Opportunities/U.S. Pension Accounts Top $36.7 Trillion 23
- 21) Basel III, Dodd-Frank Act and Volcker Act Increase Regulation/European Solvency II and MiFID 2 Take Effect 24
- 22) Financial Technology (FinTech) Enables Online Lending, Insurance and Robo Advisors 25
- 23) Drones Save Time and Money in a Variety of Industries Including Insurance, Real Estate and Construction 27
- 24) Gig Economy and Self-Driving Cars Pose Insurance Challenges and Underwriting Opportunities 27
- 25) The Future of the Insurance Industry and Risk Management 28
- Chapter 2: Insurance Industry Statistics 29
- Insurance Industry Statistics and Market Size Overview 30
- Assets & Liabilities of U.S. Property-Casualty Insurance Companies: 2020-2nd Quarter 2023 31
- Assets & Liabilities of U.S. Life Insurance Companies: 2020-2nd Quarter 2023 32
- Employers' Costs for Total Compensation and Health Insurance, by Selected Characteristics, U.S.: Selected Years, 2019-2023 33
- The Nation's Health Dollar: 2023 Where It Came From (Projected) 34
- The Nation's Health Dollar: 2023 Where It Went (Estimated) 35
- Number & Percent of Persons of All Ages with and without Health Insurance Coverage, U.S.: 2007-2022 36
- Number & Percent of Persons without Health Insurance Coverage, by Age Group, U.S.: 2000-2022 37
- Medical Care Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2023 38
- Retirement Benefits in the U.S.: Access, Participation and Take-Up Rates, March 2023 39
- Employment in the Insurance Industry, U.S.: 2017-July 2023 40
- Chapter 3: Important Insurance Industry Contacts 41
- (Addresses, Phone Numbers and Internet Sites)
- Chapter 4: THE INSURANCE 350:
- Who They Are and How They Were Chosen 61
- Index of Companies Within Industry Groups 62
- Alphabetical Index 71
- Index of U.S. Headquarters Location by State 75
- Index of Non-U.S. Headquarters Location by Country 78
- Individual Data Profiles on Each of THE INSURANCE 350 81
- Additional Indexes
- Index of Hot Spots for Advancement for Women/Minorities 444
- Index by Subsidiaries, Brand Names and Selected Affiliations 446
- A Short Insurance Industry Glossary 465
