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2019 Insurance Fact Book

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2019 Insurance Fact Book 2019 Insurance Fact Book TO THE READER Imagine a world without insurance. Some might say, “So what?” or “Yes to that!” when reading the sentence above. And that’s understandable, given that often the best experience one can have with insurance is not to receive the benefits of the product at all, after a disaster or other loss. And others—who already have some understanding or even appreciation for insurance—might say it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. We are the financial first responders. But there is so much more. Insurance drives economic growth. It provides stability against risks. It encourages resilience. Recent disasters have demonstrated the vital role the industry plays in recovery—and that without insurance, the impact on individuals, businesses and communities can be devastating. As insurers, we know that even with all that we protect now, the coverage gap is still too big. We want to close that gap. That desire is reflected in changes to this year’s Insurance Information Institute (I.I.I.)Insurance Fact Book. We have added new information on coastal storm surge risk and hail as well as reinsurance and the growing problem of marijuana and impaired driving. We have updated the section on litigiousness to include tort costs and compensation by state, and assignment of benefits litigation, a growing problem in Florida. As always, the book provides valuable information on: • World and U.S. catastrophes • Property/casualty and life/health insurance results and investments • Personal expenditures on auto and homeowners insurance • Major types of insurance losses, including vehicle accidents, homeowners claims, crime and workplace accidents • State auto insurance laws The I.I.I. Insurance Fact Book is meant to be used along with the institute’s website, www.iii.org, which features infor- mation for consumers, researchers, public policymakers and businesses alike. The I.I.I. remains a vital source for the media, which rely on I.I.I. spokespersons, the Fact Book, videos and other materials for credible, timely information. Social networks are another way to stay in touch with the I.I.I. We welcome you to like our Facebook page and follow us on Twitter at @iiiorg and @III_Research, or connect with us on LinkedIn. Thank you to the many associations, consultants and others who collect industry statistics and who have generously given permission to use their data—and to our members, for their longstanding support. A world without insurance? Let’s hope not. Sean Kevelighan Chief Executive Officer Insurance Information Institute The 2019 Insurance Fact Book is published by the Insurance Information Institute, a primary source for information, analysis and referral on insurance subjects. The Fact Book contains material from numerous sources. Because these sources define and collect data in various ways, and moreover, are constantly refining the data, differences among similar data may occur. ©2019 Insurance Information Institute. ISBN 978-0-932387-81-3. iiInsurance Information Institute | www.iii.org 2019 Insurance Fact Book ii TABLE OF CONTENTS Insurance Industry At A Glance .................................................................................................................................... v Chapter 1: World Insurance Markets Premiums ........................................................................................................................................................................1 Reinsurance ................................................................................................................................................................ 10 Leading Companies ................................................................................................................................................. 12 International Sales .................................................................................................................................................... 14 Captives And Other Risk-Financing Options .................................................................................................... 15 Microinsurance And Emerging Markets ............................................................................................................. 17 Chapter 2: U.S. Insurance Industry, All Sectors Premiums ..................................................................................................................................................................... 20 Leading Companies ................................................................................................................................................. 22 Health ........................................................................................................................................................................... 23 Employment And Other Economic Contributions ........................................................................................... 24 Mergers And Acquisitions ...................................................................................................................................... 26 Companies By State ................................................................................................................................................. 30 Premium Taxes By State ......................................................................................................................................... 31 Chapter 3: Distribution Property/Casualty ...................................................................................................................................................... 32 Life ................................................................................................................................................................................. 34 Annuities ...................................................................................................................................................................... 35 Chapter 4: Retirement Overview...................................................................................................................................................................... 36 IRAs ............................................................................................................................................................................... 39 401(k)s .......................................................................................................................................................................... 40 Mutual Funds .............................................................................................................................................................. 40 Annuities ...................................................................................................................................................................... 41 Chapter 5: Life/Health Financial Data Financial Results ........................................................................................................................................................ 44 Investments ................................................................................................................................................................. 46 Payouts ......................................................................................................................................................................... 47 Premiums By Line… .................................................................................................................................................. 48 Leading Companies ................................................................................................................................................. 53 Chapter 6: Property/Casualty Financial Data Financial Results ........................................................................................................................................................ 55 Investments ................................................................................................................................................................. 62 Surplus Lines .............................................................................................................................................................. 64 Concentration............................................................................................................................................................. 65 Reinsurance ................................................................................................................................................................ 66 Premiums By State .................................................................................................................................................... 67 Incurred Losses By State ........................................................................................................................................ 68 Guaranty Funds ......................................................................................................................................................... 69 iiiInsurance Information Institute | www.iii.org 2019 Insurance Fact Book iii TABLE OF CONTENTS Chapter 7: Property/Casualty Insurance By Line
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