Life & Health Insurance Agency Management Statistics 2024 – Everything You Need to Know

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Are you looking to add Life & Health Insurance Agency Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Life & Health Insurance Agency Management statistics of 2024.

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Best Life & Health Insurance Agency Management Statistics

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Life & Health Insurance Agency Management Market Statistics

  • Investments Life/annuity and P/C insurers are key players in capital markets, with $9.7 trillion in cash and invested assets in 2020, according to S&P Global Market Intelligence. [0]
  • From 2011 to 2020 independent insurance agents’ share of the individual life insurance market remained at 49 percent. [0]
  • Propertyandcasualty insurance Propertyand casualty insurance grew by 4.7 percent from 2018 to 2019 while increasing its market share to 31 percent of global premiums. [1]
  • The mature markets North America, Western Europe, and developed APAC contributed 61 percent to the absolute growth in P&C premiums in this time frame. [1]
  • The emerging markets of Latin America, developing APAC, and Africa registered the fastest growth rates of 13 percent, 9 percent, and 8 percent, respectively. [1]
  • North America is the largest private health market by premium volume and has been consistently driving the global growth of health premiums, with growth of 5 percent in 2019. [1]
  • The developed markets in Western Europe and developed APAC grew at 4 percent in 2019. [1]
  • The global health insurance market’s average combined ratio remained steady at around 98 percent from 2015 to 2019. [1]

Life & Health Insurance Agency Management Latest Statistics

  • Net premiums written $534.0 $558.4 $618.3 $639.5 $655.5 Percent change 2.6% 4.6% 10.7% 3.4% 2.5%. [2]
  • 1 State Farm $70,311,695 8.9%. [2]
  • MetLife Inc. $97,860,893 11.3% 2 Equitable Holdings 83,179,735 9.6 3 Prudential Financial Inc. 59,387,003 6.9 4. [2]
  • Revenue Life insurance premiums $115.0 $137.1 $145.1 $151.0 $143.1 5.3% Annuity premiums and deposits 318.5 287.2 269.7. [2]
  • Total premiums, consideration and deposits $599.9 $597.1 $603.2 $679.4 $625.7. [2]
  • Total expenses $766.6 $759.4 $839.7 $842.8 $825.2. [2]
  • $44.7 $22.1 50.5% Pre tax operating income 67.1 63.0 46.0. [2]
  • Employment of insurance sales agents is projected to grow 7 percent from 2020 to 2030, about as fast as the average for all occupations. [3]
  • In 2020, 54 percent of all people in the United States were covered by some type of life insurance, according to LIMRA’s 2020 Insurance Barometer Study. [0]
  • The proportion of consumers who preferred internet/online sales grew from 17 percent in 2011 to 29 percent in 2020. [0]
  • LIMRA says there was a ā€œneeds gapā€ of 16 percent in 2020, which translates to 41 million consumers who say they need life coverage, but do not have it. [0]
  • Net income after taxes for the life/annuity insurance industry fell 50.5 percent in 2020 to $22.2 billion from $44.7 billion in 2019, according to S&P Global Market Intelligence. [0]
  • Contributing to the decline in net income after taxes was a 36.2 percent decline in net income before capital gains and a capital loss of $10.7 billion. [0]
  • Premiums and annuity considerations fell 7.9 percent in 2020, following substantial growth in 2019, as annuity premiums and deposits, the largest sector for revenue, fell 13.3 percent. [0]
  • Expenses fell slightly in 2020, down 2.1 percent. [0]
  • Capital and surplus rose to $440.0 billion in 2020, up 4.3 percent from $421.7 billion in 2019, according to S&P Global Market Intelligence. [0]
  • The emphasis has shifted to the underwriting of annuities, which accounted for 48 percent of life/annuity direct premiums written in 2020. [0]
  • Accident and health insurance, which includes distinctive products apart from traditional health insurance, accounts for 27 percent of direct premiums written. [0]
  • Traditional life insurance products such as universal life and term life for individuals, and group life, remain an important part of the business, making up the remaining 25 percent of direct premiums written. [0]
  • Revenue Life insurance premiums $115.0 $137.1 $145.1 $151.0 $143.1 5.3% Annuity premiums and deposits 318.5 287.2 269.7. [0]
  • Total premiums, consideration and deposits $599.9 $597.1 $603.2 $679.4 $625.7. [0]
  • Total expenses $766.6 $759.4 $839.7 $842.8 $825.2. [0]
  • $44.7 $22.1 50.5% Pre tax operating income 67.1 63.0 46.0. [0]
  • Annuities are the largest life product line as measured by direct premiums written and accounted for 48 percent of direct premiums written by life insurers in 2020. [0]
  • Accident and health insurance accounted for 27 percent of direct premiums written. [0]
  • Life insurance accounted for the remaining 25 percent of direct premiums written. [0]
  • Ordinary individual annuities $207,806,482 28.4% $217,475,954 28.6% $206,547,542 26.9%. [0]
  • 19.5 163,115,551 21.3 Total $353,976,949 48.4% $365,542,038 48.1%. [0]
  • $369,663,09 48.% Accident and health Group 133,644,3 18.3. [0]
  • 0.1 889,583 0.1 725,330 0.1 Total $196,419,079 26.8% $204,463,380 26.9% $209,782,698 27.3% Life Ordinary life 142,275,804 19.4 149,042,367 19.6. [0]
  • Total $181,687,790 24.8% $189,675,343 25.0% $188,007,363 24.5%. [0]
  • Total, all lines $72,088,51 100.0% $759,685,85 100.0% $767,58,257 100.0%. [0]
  • In 2020 life insurers, excluding separate accounts, invested 70 percent of their assets in bonds and 3 percent in corporate stocks. [0]
  • Life insurers invested 13 percent of their assets in mortgage loans on real estate that take seven years or longer to mature. [0]
  • Amount Percent of total investments Investment type 2018 2019 2020. [0]
  • 2019 2020 Bonds $2,989.1 $3,087.8 $3,272.1 72.48% 71.11% 70.24%. [0]
  • Total cash and invested assets $4,124.1 $4,342.5 $4,658.6 100.00% 100.00% 100.00%. [0]
  • MetLife Inc. $97,860,893 11.3% 2 Equitable Holdings 83,179,735 9.6 3 Prudential Financial Inc. 59,387,003 6.9 4. [0]
  • 1 Northwestern Mutual Life Insurance Co. $11,287,564 8.4% 2 New York Life Insurance Group. [0]
  • The direct response channel grew over the same ten years, from 4 percent to 7 percent. [0]
  • Affiliated agents have lost some ground, falling from 40 percent to 38 percent, as shown in the chart below. [0]
  • The 2020 Insurance Barometer Study found that in 2016, 51 percent of respondents to the poll preferred in. [0]
  • By 2020 that proportion fell to 41 percent. [0]
  • Most of the 10 percent decline was attributed to the increase in the number of life insurance customers who preferred to purchase the insurance online. [0]
  • That number grew from 21 percent in 2016 to 29 percent in 2020. [0]
  • About one third of poll respondents said they go online to a company website when researching an insurance brand. [0]
  • Only 12 percent said they would not use an online search. [0]
  • Worksite sales of life and health insurance totaled $7.46 billion in 2020, down 15.5 percent from 2019. [0]
  • Overall, the global insurance industry witnessed moderate growth of 4.9 percent in 2019 over 2018, a slightly higher level than its CAGR from 2010 to 2018 of 3 percent, and total premiums reached ā‚¬5 trillion. [1]
  • At the regional level, the Americas had the highest premium growth rate of 6 percent from 2018 to 2019, followed by Asiaā€“Pacific with 5 percent. [1]
  • Europe, the Middle East, and Africa recorded 3 percent growth. [1]
  • Please email us at North America and developing APAC contributed 41 and 27 percent, respectively, of the growth in total insurance premiums from 2010 to 2018. [1]
  • Considering a more recent time frame of 2015 to 2018, the share of the total contribution from developing APAC increased to about 36 percent, while regions such as Western European and developed APAC saw their share decrease during this period. [1]
  • Why micromobility is here to stay Life insurance accounted for 45 percent of global premiums in 2019, with 4.4 percent growth from 2018 to 2019 consistent with growth in recent years. [1]
  • Global life insurance gross premiums increased at a stable 4 percent in 2019, keeping in line with the trend in 2017 and 2018. [1]
  • Developing economies in APAC saw the fastest premium growth in the world, at 10 percent in 2019. [1]
  • Annuities are followed by group products, then endowment and unit linked products, with term life rounding out the final 9 percent of the product mix. [1]
  • The largest contributor to the absolute growth in P&C premiums from 2018 to 2019 was the United States , primarily driven by growth in motor insurance premiums. [1]
  • China contributed 20 percent of the absolute growth. [1]
  • Accounting for 45 percent of global P&C premiums in 2019, motor insurance continued to drive the overall growth in the P&C industry. [1]
  • However, growth in this product line slowed down from the 6 percent CAGR registered from 2013 to 2018 to 4 percent from 2018 to 2019. [1]
  • Global underwriting profitability reached 99 percent in 2017 a year that saw claims payouts reach a historic high due to the occurrences of natural catastrophes around the world, particularly in the United States. [1]
  • The net combined ratio improved slightly to 96 percent in 2018 and 97 percent in 2019. [1]
  • Health insurance Health insurance continued to be the fastest growing segment it achieved 6.9 and 5.9 percent growth in 2018 and 2019, respectively, and made up about 26 percent of global insurance premiums in 2019. [1]
  • Top performing regions by way of contribution to the ā‚¬69 billion absolute growth in total health premiums in 2019 were North America, at 63 percent, and developing APAC, at 22 percent. [1]
  • Net claims ratios in most Western European nations, including France, Germany, Italy, Spain, and the United Kingdom, remained stable in the range of 70 to 85 percent from 2015 to 2019. [1]
  • The net claims ratio for the United States was also stable at 86 percent in that period. [1]
  • However, net claims ratios declined in some developing nations such as India, which saw a decrease from 102 percent in 2015 to 93 percent in 2019. [1]
  • The United States and Western European nations recorded some of the lowest net expense ratios from 2015 to 2019 notably 13 percent in the United States. [1]
  • The penetration of direct channels which, in addition to telephone and internet sales, include premiums generated at insurance company head offices remained limited at 6 to 7 percent of insurance premiums. [1]
  • In P&C, the direct channel saw slightly more penetration at 10 to 11 percent during the same period. [1]
  • Bancassurance played a minor role with just 2 percent of P&C insurance distribution over that period. [1]
  • Meanwhile, demand for private health insurance is likely to see an uptick from 2020 onward, particularly in geographies where the product is not compulsory, such as India. [1]
  • According to the Bureau of Labor Statistics , there were 409,950 life insurance agents in the United States in 2020. [4]
  • More than 90% of new agents quit the business within the first year. [4]
  • The rate increases to greater than 95% when extended to five years. [4]
  • The typical first year commission for an auto insurance policy is 10% to 15% of the premium. [4]
  • For health insurance, it is up to 7%. [4]
  • Life insurance often pays 100% or more of the premium. [4]
  • Your commission percentage on a policy drops after the first year, but you keep earning 5% to 10% as long as the policyholder pays their monthly premium. [4]
  • Claims adjusters earn a median annual income of $68,130, according to the Bureau of Labor Statistics. [5]
  • However, due to increased automation in this sector, claims adjuster jobs are expected to decline 3% in the next 10 years.2. [5]
  • The median annual income for insurance sales agents is $52,180, according to the Bureau of Labor Statistics.3. [5]
  • Sponsored by the American College of Surgeons, this large data bank contains information from over 730,000 cases in 36 states representing 27% of U.S. Level I and II trauma centers. [6]
  • Percent of adults who had a visit with a doctor or other health care professional in the past year 83.4% Source. [7]
  • Interactive Summary Health Statistics for Adults National Health Interview Survey, 2019 Percent of children who had a visit with a doctor or other health care professional in the past year 94.0% Source. [7]
  • 267.1 Percent of visits made to primary care physicians 51.2% Source. [7]
  • This figure represents a 26% increase over a five. [8]
  • The total estimated 2017 cost of diagnosed diabetes of $327 billion includes $237 billion in direct medical costs and $90 billion in reduced productivity. [8]
  • The largest components of medical expenditures are Hospital inpatient care (30% of the total medical cost) Prescription medications to treat complications of diabetes (30%). [8]
  • Anti diabetic agents and diabetes supplies (15%). [8]
  • Most of the cost for diabetes care in the U.S., 67.3%, is provided by government insurance. [8]
  • The rest is paid for by private insurance (30.7%) or by the uninsured (2%). [8]
  • People with diabetes who do not have health insurance have 60% fewer physician office visits and are prescribed 52% fewer medications than people with insurance coverageā€”but they also have 168% more emergency department visits than people who have insurance. [8]
  • Compared to nonHispanic whites, per capita hospital inpatient costs are 23% higher among non Hispanic Blacks and 29% lower among Hispanics. [8]
  • Non Hispanic blacks also have 65% more emergency department visits than the population with diabetes as a whole. [8]
  • The estimated total economic cost of diagnosed diabetes in 2017 is $327 billion, a 26% increase from our previous estimate of $245 billion. [8]
  • An estimated 28% of adults in the United States have been diagnosed with hypertension. [9]
  • In good hands The industry will likely continue its steady, moderate rate of growth as the economy improves Insurance Brokers & Agencies in the US industry trends. [10]
  • 1,071,272 Biggest companies in the Insurance Brokers & Agencies industry in the US Aon PLC Market Share x.x% Purchase this report or a membership to unlock our full summary for this industry. [10]
  • Risk management consulting 00.5% increase 0. [10]
  • In addition to premiums, citizens pay 30 percent coinsurance for most services, and some copayments. [11]
  • The contribution rates are about 10 percent of both monthly salaries and bonuses and are determined by an employee’s income. [11]
  • Although the majority (more than 70%). [11]
  • In 2015, outof pocket payments accounted for 14 percent of current health expenditures. [11]
  • SHIS enrollees have to pay 30 percent coinsurance for all health services and pharmaceuticals; young children and adults age 70 and older with lower incomes are exempt from coinsurance. [11]
  • For example, the monthly maximum for people under age 70 with modest incomes is JPY 80,100 ; above this threshold, a 1 percent coinsurance rate applies. [11]
  • In addition, there is an annual household health and longterm care outof pocket ceiling, which varies between JPY 340,000 and JPY 2.12 million per enrollee, according to income and age. [11]
  • Most clinics (83% in 2015). [11]
  • Use of pharmacists, however, has been growing; 73 percent of prescriptions were filled at pharmacies in 2017.19. [11]
  • Mental health care is provided in outpatient, inpatient, and home care settings, with patients charged the standard 30 percent coinsurance, reduced to 10 percent for individuals with chronic mental health conditions. [11]
  • A 20 percent coinsurance rate applies to all. [11]
  • For low income people age 65 and older, the coinsurance rate is reduced to 10 percent. [11]
  • In 2016, 66 percent of home help providers, 47 percent of home nursing providers, and 47 percent of elderly day care service providers were for profit, while most of the rest were nonprofit.27. [11]
  • As of 2016, 26 percent of hospitals were accredited by the Japan Council for Quality Health Care, a nonprofit organization.28. [11]
  • The 30 percent coinsurance in the SHIS does not appear to work well for containing costs. [11]
  • According to the U.S. Bureau of Labor Statistics , opportunities for actuaries are expected to increase 18 percent nationally between 2019 and 2029 the addition of 4,800 new positions ( 2021). [12]
  • According to data reported from BLS, 71 percent of actuary positions are with finance and insurance companies and three percent of positions are with government offices. [12]

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Reference

  1. iii – https://www.iii.org/fact-statistic/facts-statistics-life-insurance.
  2. mckinsey – https://www.mckinsey.com/industries/financial-services/our-insights/global-insurance-pools-statistics-and-trends-an-overview-of-life-p-and-c-and-health-insurance.
  3. iii – https://www.iii.org/fact-statistic/facts-statistics-industry-overview.
  4. bls – https://www.bls.gov/ooh/sales/insurance-sales-agents.htm.
  5. investopedia – https://www.investopedia.com/insurance/becoming-life-insurance-agent/.
  6. thebalancecareers – https://www.thebalancecareers.com/insurance-job-titles-2061497.
  7. nih – https://www.ncbi.nlm.nih.gov/pmc/articles/PMC1069092/.
  8. cdc – https://www.cdc.gov/nchs/fastats/physician-visits.htm.
  9. diabetes – https://www.diabetes.org/about-us/statistics/cost-diabetes.
  10. cdc – https://www.cdc.gov/nchs/index.htm.
  11. ibisworld – https://www.ibisworld.com/united-states/market-research-reports/insurance-brokers-agencies-industry/.
  12. commonwealthfund – https://www.commonwealthfund.org/international-health-policy-center/countries/japan.
  13. mhaonline – https://www.mhaonline.com/blog/day-in-the-life-of-a-healthcare-actuary.

How Useful is Life Health Insurance Agency Management

One of the primary benefits of effective agency management is the ability to streamline operations and improve efficiency. By implementing efficient processes and procedures, agencies can minimize redundancies and maximize resources, leading to better service for clients and increased profitability for the business. Efficient agency management also allows agencies to adapt quickly to changes in the market, such as new regulations or shifts in consumer behavior, ensuring they remain competitive and profitable in a rapidly changing industry.

Another key benefit of agency management is the ability to attract and retain top talent. A well-managed agency provides employees with the tools, training, and support they need to succeed, leading to higher job satisfaction and lower turnover rates. This not only benefits the agency itself by reducing recruitment and training costs but also ensures that clients receive the highest level of service from experienced and knowledgeable professionals.

Effective agency management also plays a critical role in risk management. By implementing proper procedures and protocols, agencies can minimize the likelihood of errors and omissions that could lead to costly lawsuits or regulatory fines. Additionally, good agency management includes comprehensive compliance programs to ensure that agencies are operating within the boundaries of industry regulations, further reducing the risk of legal and financial consequences.

Furthermore, agency management can also enhance the reputation and credibility of an insurance agency. By consistently delivering high-quality service and demonstrating ethical business practices, agencies can build trust with clients and establish themselves as reliable and reputable providers. This, in turn, can lead to increased client retention and referrals, as satisfied customers are more likely to recommend the agency to others.

In conclusion, life health insurance agency management is a crucial component of a successful insurance agency. From streamlining operations and enhancing efficiency to attracting top talent and minimizing risks, effective agency management plays a critical role in the overall success and longevity of an insurance business. By prioritizing agency management and investing in the necessary resources and skills, insurance agencies can position themselves for long-term success in a competitive and constantly evolving industry.

In Conclusion

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