Plunkett's Insurance Industry Almanac 2024

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