The U.S. Insurance Market

1      INTRODUCTION

           1.1      REPORT DESCRIPTION

           1.2      RESEARCH METHODOLOGY

                         1.2.1      SECONDARY RESEARCH

                         1.2.2      DATA ANALYSIS FRAMEWORK

                         1.2.3      MARKET SIZE ESTIMATION

                         1.2.4      FORECASTING

                         1.2.5      PRIMARY RESEARCH AND DATA VALIDATION

2      THE U.S. INSURANCE MARKET – EXECUTIVE SUMMARY

           2.1.      MARKET SNAPSHOT, 2023 - 2030, MILLION USD

3      PORTER’S FIVE FORCE MODEL ANALYSIS

           3.1      BARGAINING POWER OF SUPPLIERS

           3.2      BARGAINING POWER OF BUYERS

           3.3      DEGREE OF COMPETITION

           3.4      THREAT OF SUBSTITUTE

           3.5      THREAT OF NEW ENTRANTS

4      MARKET SHARE ANALYSIS

           4.1      MARKET SHARE ANALYSIS OF TOP PROVIDERS, 2023

5      MARKET DYNAMICS

           5.1      GROWTH DRIVERS

                         5.1.1      DRIVER 1

                         5.1.2      DRIVER 2

                         5.1.3      DRIVER 3

                         5.1.4      DRIVER 4

           5.2      CHALLENGES

                         5.2.1      CHALLENGE 1

                         5.2.2      CHALLENGE 2

                         5.2.3      CHALLENGE 3

                         5.2.4      CHALLENGE 4

           5.3      OPPORTUNITIES

                         5.3.1      OPPORTUNITY 1

                         5.3.2      OPPORTUNITY 2

6       THE U.S. INSURANCE MARKET BY TYPE

           6.1      OVERVIEW

           6.2      VEHICLE INSURANCE MARKET

           6.3      HOME AND PROPERTY INSURANCE MARKET

           6.4      PERSONAL INSURANCE MARKET

           6.5      BUSINESS INSURANCE MARKET

           6.6      TRAVEL INSURANCE MARKET

           6.7      HEALTH INSURANCE MARKET

7       THE U.S. INSURANCE MARKET BY DISTRIBUTION CHANNEL

           7.1      OVERVIEW

           7.2      DIRECT SALES MARKET

           7.3      INSURANCE AGENTS/BROKERS MARKET

           7.4      BANCASSURANCE MARKET

8       THE U.S. INSURANCE MARKET BY END USER

           8.1      OVERVIEW

           8.2      INDIVIDUALS MARKET

           8.3      BUSINESSES MARKET

9     COMPANY PROFILES

           9.1     BERKSHIRE HATHAWAY

                         9.1.1     COMPANY OVERVIEW

                         9.1.2     COMPANY SNAPSHOT

                         9.1.3     OPERATING BUSINESS SEGMENTS

                         9.1.4     PRODUCT PORTFOLIO

                         9.1.5     BUSINESS PERFORMANCE

                         9.1.6     BUSINESS SEGMENTS

                         9.1.7     GEOGRAPHIC SEGMENTS

                         9.1.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.1.9     PRIMARY MARKET COMPETITORS

           9.2     STATE FARM

                         9.2.1     COMPANY OVERVIEW

                         9.2.2     COMPANY SNAPSHOT

                         9.2.3     OPERATING BUSINESS SEGMENTS

                         9.2.4     PRODUCT PORTFOLIO

                         9.2.5     BUSINESS PERFORMANCE

                         9.2.6     BUSINESS SEGMENTS

                         9.2.7     GEOGRAPHIC SEGMENTS

                         9.2.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.2.9     PRIMARY MARKET COMPETITORS

           9.3     PROGRESSIVE

                         9.3.1     COMPANY OVERVIEW

                         9.3.2     COMPANY SNAPSHOT

                         9.3.3     OPERATING BUSINESS SEGMENTS

                         9.3.4     PRODUCT PORTFOLIO

                         9.3.5     BUSINESS PERFORMANCE

                         9.3.6     BUSINESS SEGMENTS

                         9.3.7     GEOGRAPHIC SEGMENTS

                         9.3.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.3.9     PRIMARY MARKET COMPETITORS

           9.4     NATIONWIDE INSURANCE

                         9.4.1     COMPANY OVERVIEW

                         9.4.2     COMPANY SNAPSHOT

                         9.4.3     OPERATING BUSINESS SEGMENTS

                         9.4.4     PRODUCT PORTFOLIO

                         9.4.5     BUSINESS PERFORMANCE

                         9.4.6     BUSINESS SEGMENTS

                         9.4.7     GEOGRAPHIC SEGMENTS

                         9.4.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.4.9     PRIMARY MARKET COMPETITORS

           9.5     NEW YORK LIFE INSURANCE COMPANY

                         9.5.1     COMPANY OVERVIEW

                         9.5.2     COMPANY SNAPSHOT

                         9.5.3     OPERATING BUSINESS SEGMENTS

                         9.5.4     PRODUCT PORTFOLIO

                         9.5.5     BUSINESS PERFORMANCE

                         9.5.6     BUSINESS SEGMENTS

                         9.5.7     GEOGRAPHIC SEGMENTS

                         9.5.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.5.9     PRIMARY MARKET COMPETITORS

           9.6     TRAVELERS

                         9.6.1     COMPANY OVERVIEW

                         9.6.2     COMPANY SNAPSHOT

                         9.6.3     OPERATING BUSINESS SEGMENTS

                         9.6.4     PRODUCT PORTFOLIO

                         9.6.5     BUSINESS PERFORMANCE

                         9.6.6     BUSINESS SEGMENTS

                         9.6.7     GEOGRAPHIC SEGMENTS

                         9.6.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.6.9     PRIMARY MARKET COMPETITORS

           9.7     ALLSTATE

                         9.7.1     COMPANY OVERVIEW

                         9.7.2     COMPANY SNAPSHOT

                         9.7.3     OPERATING BUSINESS SEGMENTS

                         9.7.4     PRODUCT PORTFOLIO

                         9.7.5     BUSINESS PERFORMANCE

                         9.7.6     BUSINESS SEGMENTS

                         9.7.7     GEOGRAPHIC SEGMENTS

                         9.7.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.7.9     PRIMARY MARKET COMPETITORS

           9.8     USAA

                         9.8.1     COMPANY OVERVIEW

                         9.8.2     COMPANY SNAPSHOT

                         9.8.3     OPERATING BUSINESS SEGMENTS

                         9.8.4     PRODUCT PORTFOLIO

                         9.8.5     BUSINESS PERFORMANCE

                         9.8.6     BUSINESS SEGMENTS

                         9.8.7     GEOGRAPHIC SEGMENTS

                         9.8.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.8.9     PRIMARY MARKET COMPETITORS

           9.9     METLIFE

                         9.9.1     COMPANY OVERVIEW

                         9.9.2     COMPANY SNAPSHOT

                         9.9.3     OPERATING BUSINESS SEGMENTS

                         9.9.4     PRODUCT PORTFOLIO

                         9.9.5     BUSINESS PERFORMANCE

                         9.9.6     BUSINESS SEGMENTS

                         9.9.7     GEOGRAPHIC SEGMENTS

                         9.9.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.9.9     PRIMARY MARKET COMPETITORS

           9.10     CHUBB

                         9.10.1     COMPANY OVERVIEW

                         9.10.2     COMPANY SNAPSHOT

                         9.10.3     OPERATING BUSINESS SEGMENTS

                         9.10.4     PRODUCT PORTFOLIO

                         9.10.5     BUSINESS PERFORMANCE

                         9.10.6     BUSINESS SEGMENTS

                         9.10.7     GEOGRAPHIC SEGMENTS

                         9.10.8     KEY STRATEGIC MOVES AND DEVELOPMENT

                         9.10.9     PRIMARY MARKET COMPETITORS

LIST OF TABLES

TABLE 1. THE U.S. INSURANCE MARKET VALUE, BY TYPE, 2023-2030, (MILLION USD)

TABLE 2. VEHICLE INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 3. HOME AND PROPERTY INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 4. PERSONAL INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 5. BUSINESS INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 6. TRAVEL INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 7. HEALTH INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 8. THE U.S. INSURANCE MARKET VALUE, BY DISTRIBUTION CHANNEL, 2023-2030, (MILLION USD)

TABLE 9. DIRECT SALES, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 10. INSURANCE AGENTS/BROKERS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 11. BANCASSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 12. THE U.S. INSURANCE MARKET VALUE, BY END USER, 2023-2030, (MILLION USD)

TABLE 13. INDIVIDUALS, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 14. BUSINESSES, MARKET VALUE, 2023-2030, (MILLION USD)

TABLE 15. BERKSHIRE HATHAWAY: COMPANY SNAPSHOT

TABLE 16. BERKSHIRE HATHAWAY: OPERATING BUSINESS SEGMENTS

TABLE 17. BERKSHIRE HATHAWAY: PRODUCT PORTFOLIO

TABLE 18. BERKSHIRE HATHAWAY: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 19. BERKSHIRE HATHAWAY: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 20. BERKSHIRE HATHAWAY: KEY STRATERGY

TABLE 21. STATE FARM: COMPANY SNAPSHOT

TABLE 22. STATE FARM: OPERATING BUSINESS SEGMENTS

TABLE 23. STATE FARM: PRODUCT PORTFOLIO

TABLE 24. STATE FARM: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 25. STATE FARM: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 26. STATE FARM: KEY STRATERGY

TABLE 27. PROGRESSIVE: COMPANY SNAPSHOT

TABLE 28. PROGRESSIVE: OPERATING BUSINESS SEGMENTS

TABLE 29. PROGRESSIVE: PRODUCT PORTFOLIO

TABLE 30. PROGRESSIVE: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 31. PROGRESSIVE: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 32. PROGRESSIVE: KEY STRATERGY

TABLE 33. NATIONWIDE INSURANCE: COMPANY SNAPSHOT

TABLE 34. NATIONWIDE INSURANCE: OPERATING BUSINESS SEGMENTS

TABLE 35. NATIONWIDE INSURANCE: PRODUCT PORTFOLIO

TABLE 36. NATIONWIDE INSURANCE: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 37. NATIONWIDE INSURANCE: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 38. NATIONWIDE INSURANCE: KEY STRATERGY

TABLE 39. NEW YORK LIFE INSURANCE COMPANY: COMPANY SNAPSHOT

TABLE 40. NEW YORK LIFE INSURANCE COMPANY: OPERATING BUSINESS SEGMENTS

TABLE 41. NEW YORK LIFE INSURANCE COMPANY: PRODUCT PORTFOLIO

TABLE 42. NEW YORK LIFE INSURANCE COMPANY: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 43. NEW YORK LIFE INSURANCE COMPANY: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 44. NEW YORK LIFE INSURANCE COMPANY: KEY STRATERGY

TABLE 45. TRAVELERS: COMPANY SNAPSHOT

TABLE 46. TRAVELERS: OPERATING BUSINESS SEGMENTS

TABLE 47. TRAVELERS: PRODUCT PORTFOLIO

TABLE 48. TRAVELERS: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 49. TRAVELERS: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 50. TRAVELERS: KEY STRATERGY

TABLE 51. ALLSTATE: COMPANY SNAPSHOT

TABLE 52. ALLSTATE: OPERATING BUSINESS SEGMENTS

TABLE 53. ALLSTATE: PRODUCT PORTFOLIO

TABLE 54. ALLSTATE: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 55. ALLSTATE: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 56. ALLSTATE: KEY STRATERGY

TABLE 57. USAA: COMPANY SNAPSHOT

TABLE 58. USAA: OPERATING BUSINESS SEGMENTS

TABLE 59. USAA: PRODUCT PORTFOLIO

TABLE 60. USAA: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 61. USAA: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 62. USAA: KEY STRATERGY

TABLE 63. METLIFE: COMPANY SNAPSHOT

TABLE 64. METLIFE: OPERATING BUSINESS SEGMENTS

TABLE 65. METLIFE: PRODUCT PORTFOLIO

TABLE 66. METLIFE: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 67. METLIFE: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 68. METLIFE: KEY STRATERGY

TABLE 69. CHUBB: COMPANY SNAPSHOT

TABLE 70. CHUBB: OPERATING BUSINESS SEGMENTS

TABLE 71. CHUBB: PRODUCT PORTFOLIO

TABLE 72. CHUBB: SALES BY BUSINESS SEGMENTS (2021-2023)

TABLE 73. CHUBB: SALES BY GEOGRAPHIC SEGMENTS (2021-2023)

TABLE 74. CHUBB: KEY STRATERGY

LIST OF FIGURES

FIGURE 1. BARGAINING POWER OF SUPPLIERS

FIGURE 2. BARGAINING POWER OF BUYERS

FIGURE 3. DEGREE OF COMPETITION

FIGURE 4. THREAT OF SUBSTITUTE

FIGURE 5. THREAT OF NEW ENTRANTS

FIGURE 6. THE U.S. INSURANCE MARKET VALUE, BY TYPE, 2023-2030, (MILLION USD)

FIGURE 7. VEHICLE INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 8. HOME AND PROPERTY INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 9. PERSONAL INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 10. BUSINESS INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 11. TRAVEL INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 12. HEALTH INSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 13. THE U.S. INSURANCE MARKET VALUE, BY DISTRIBUTION CHANNEL, 2023-2030, (MILLION USD)

FIGURE 14. DIRECT SALES, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 15. INSURANCE AGENTS/BROKERS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 16. BANCASSURANCE, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 17. THE U.S. INSURANCE MARKET VALUE, BY END USER, 2023-2030, (MILLION USD)

FIGURE 18. INDIVIDUALS, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 19. BUSINESSES, MARKET VALUE, 2023-2030, (MILLION USD)

FIGURE 20. BERKSHIRE HATHAWAY: NET SALES, (2021-2023)

FIGURE 21. BERKSHIRE HATHAWAY: PRIMARY MARKET COMPETITORS

FIGURE 22. STATE FARM: NET SALES, (2021-2023)

FIGURE 23. STATE FARM: PRIMARY MARKET COMPETITORS

FIGURE 24. PROGRESSIVE: NET SALES, (2021-2023)

FIGURE 25. PROGRESSIVE: PRIMARY MARKET COMPETITORS

FIGURE 26. NATIONWIDE INSURANCE: NET SALES, (2021-2023)

FIGURE 27. NATIONWIDE INSURANCE: PRIMARY MARKET COMPETITORS

FIGURE 28. NEW YORK LIFE INSURANCE COMPANY: NET SALES, (2021-2023)

FIGURE 29. NEW YORK LIFE INSURANCE COMPANY: PRIMARY MARKET COMPETITORS

FIGURE 30. TRAVELERS: NET SALES, (2021-2023)

FIGURE 31. TRAVELERS: PRIMARY MARKET COMPETITORS

FIGURE 32. ALLSTATE: NET SALES, (2021-2023)

FIGURE 33. ALLSTATE: PRIMARY MARKET COMPETITORS

FIGURE 34. USAA: NET SALES, (2021-2023)

FIGURE 35. USAA: PRIMARY MARKET COMPETITORS

FIGURE 36. METLIFE: NET SALES, (2021-2023)

FIGURE 37. METLIFE: PRIMARY MARKET COMPETITORS

FIGURE 38. CHUBB: NET SALES, (2021-2023)

FIGURE 39. CHUBB: PRIMARY MARKET COMPETITORS

 

At Next Move Strategy Consulting, we understand that insightful market research is the cornerstone of successful business decisions. That's why we employ a robust and multifaceted approach, combining various methodologies to deliver the most accurate and actionable data for our clients.

Research Landscape

We navigate the world of research with two primary approaches:

Qualitative Approach

Our qualitative research methodologies involve immersive techniques such as in-depth interviews, focus groups, and observational studies. By engaging directly with individuals and stakeholders, we uncover valuable insights that quantitative data alone may overlook.

Quantitative Research

In tandem with qualitative methodologies, NMSC leverages the power of Quantitative Research to provide a robust foundation of numerical insights. Through systematic data collection and analysis, we quantify patterns, preferences, and market trends, offering a comprehensive view of the business landscape.

Our quantitative research approach employs diverse tools, including surveys, experiments, and statistical modelling. These methodologies enable us to gather data from a large and representative sample, ensuring the statistical significance of our findings. By employing structured questionnaires and standardized data collection methods, we guarantee the reliability and validity of the information we present to our clients.

Quantitative research is particularly effective in measuring the prevalence of trends, assessing market size, and gauging the impact of various factors on consumer behavior. The numerical precision attained through this approach equips our clients with actionable insights, facilitating data-driven decision-making and strategy formulation.

 

Our Specialized Toolbox for Industry-Specific Market Research

We deploy a specialized arsenal of techniques tailored to meet your unique requirements. Here's a glimpse into our comprehensive toolbox:

Information Procurement

The stage entails acquiring market data or relevant information through various sources and methodologies.

Market Research Approach

We utilize both top-down and bottom-up approaches in market research analysis to achieve a comprehensive understanding of the market dynamics, leveraging the broad perspective of industry trends and macroeconomic factors alongside detailed insights from specific segments and individual companies.

Porters Five Forces Analysis

We conduct Porter's Five Forces analysis to evaluate the competitive landscape of an industry, providing us with insights into factors that affect profitability and strategic positioning.

              

SWOT Analysis

We conduct SWOT analysis to understand market trends, identify potential threats, capitalize on opportunities, and assess our strengths and weaknesses.

Forecasting

We utilize a forecasting model to predict future consumption by considering parameters like population, economics, regulations, market competition, drivers, constraints, technology, and pricing. We also employ statistical techniques such as multilinear regression, exponential smoothing, moving average, ARIMA, and Monte Carlo simulations for accurate predictions. In econometric forecasting, we analyzed short-term and long-term event impacts, attributing values based on regulatory frameworks, economic factors, and market events.