U.S. Insurance Industry: All Sectors (2024)

FAQs

U.S. Insurance Industry: All Sectors? ›

The insurance sector is sometime broken into three smaller sectors. The first focuses on property/casualty insurance such as auto, home, and commercial insurance. The second focuses on life and annuity insurance. The third is public and/or private health insurance.

Insurance Handbook

There are three main insurance sectors: property/casualty (P/C), mainly auto, home and commercial insurance; life/annuity, mainly life insurance and annuity products; and private health insurance, written by insurers whose main business is health insurance.

Four types of insurance that most financial experts recommend include life, health, auto, and long-term disability.

Insurance in the United States refers to the market for risk in the United States, the world's largest insurance market by premium volume.

In 2022, there were a total of 727 life insurance companies in the United States, down from 737 in the previous year. The number of life insurers peaked in 1990, with well over 2,100 life insurance companies in the United States that year.

The order of the 11 sectors based on size is as follows: Information Technology, Health Care, Financials, Consumer Discretionary, Communication Services, Industrials, Consumer Staples, Energy, Utilities, Real Estate, and Materials.

Among the largest categories of insurance companies are accident and health insurers; property and casualty insurers; and financial guarantors. The most common types of personal insurance policies are auto, health, homeowners, and life.

In 2022, insurance premiums written in the United States amounted to 1.48 trillion U.S. dollars, which includes property/casualty premiums in addition to life/annuity premiums.

Then we examine in greater detail the three most important types of insurance: property, liability, and life.

What are the segments of the insurance industry? ›

P/C insurance consists primarily of auto, homeowners and commercial insurance. Net premiums written for the sector totaled $715.9 billion in 2021. The life/annuity insurance sector consists of annuities, accident and health, and life insurance. Net premiums written for the sector totaled $635.8 billion in 2021.

Historically life insurance has been the largest segment of the global insurance market, accounting for 55 to 60 percent of the market since at least 2006.

The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization created and governed by the chief insurance regulators from the 50 states, the District of Columbia and five U.S. territories.

The National Association of Insurance Commissioners (NAIC) provides expertise, data, and analysis for insurance commissioners to effectively regulate the industry and protect consumers.

About the Insurance Carriers and Related Activities subsector. The insurance carriers and related activities subsector is part of the finance and insurance sector.

Among the largest categories of insurance companies are accident and health insurers; property and casualty insurers; and financial guarantors. The most common types of personal insurance policies are auto, health, homeowners, and life.

About the Finance and Insurance sector

The finance and insurance sector is part of the financial activities supersector.

The three-sector model in economics divides economies into three sectors of activity: extraction of raw materials (primary), manufacturing (secondary), and service industries which exist to facilitate the transport, distribution and sale of goods produced in the secondary sector (tertiary).