Non-Life Insurance in North America
Summary
Non-Life Insurance in North America industry profile provides top-line qualitative and quantitative summary information including: market size (value 2018-23, and forecast to 2028). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- Non-life insurance is defined as any insurance not determined to be life insurance. It includes automobile and homeowners' policies and provides payments depending on the loss from a particular financial event. The market value is measured by the written premium generated by market players within a given year.
- The North American non-life insurance market recorded written premiums of $2,298.7 billion in 2023, representing a compound annual growth rate (CAGR) of 8.4% between 2018 and 2023.
- The motor segment accounted for the market's largest proportion in 2023, with total written premiums of $421.6 billion, equivalent to 18.3% of the market's overall value.
- The North American non-life insurance market is experiencing significant growth, driven by rising awareness of the importance of insurance in safeguarding assets and mitigating financial risks. This heightened awareness has led to an increase in the number of active non-life insurance policies. According to the Office of the Superintendent of Financial Institutions of Canada, in 2023, the number of active non-life insurance policies in the country reached 45.1 million, an increase of 1.6% from the previous year.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the non-life insurance market in North America
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the non-life insurance market in North America
- Leading company profiles reveal details of key non-life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the North America non-life insurance market with five year forecasts
- What was the size of the North America non-life insurance market by value in 2023?
- What will be the size of the North America non-life insurance market in 2028?
- What factors are affecting the strength of competition in the North America non-life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up North America's non-life insurance market?
- 1 Executive Summary
- 1.1. Market value
- 1.2. Market value forecast
- 1.3. Category segmentation
- 1.4. Geography segmentation
- 1.5. Market share
- 1.6. Market rivalry
- 1.7. Competitive landscape
- 2 Market Overview
- 2.1. Market definition
- 2.2. Market analysis
- 3 Market Data
- 3.1. Market value
- 4 Market Segmentation
- 4.1. Category segmentation
- 4.2. Geography segmentation
- 5 Market Outlook
- 5.1. Market value forecast
- 6 Five Forces Analysis
- 6.1. Summary
- 6.2. Buyer power
- 6.3. Supplier power
- 6.4. New entrants
- 6.5. Threat of substitutes
- 6.6. Degree of rivalry
- 7 Competitive Landscape
- 7.1. Market share
- 7.2. Who are the leading players?
- 7.3. What are the strategies of the leading players?
- 7.4. What are the strengths of the leading players?
- 8 Company Profiles
- 8.1. State Farm Mutual Automobile Insurance Co
- 8.2. Berkshire Hathaway Inc
- 8.3. Allstate Insurance Company
- 8.4. The Progressive Corp
- 9 Macroeconomic Indicators
- 9.1. Country data
- 10 Appendix
- 10.1. Methodology
- 10.2. Industry associations
- 10.3. Related MarketLine research
- 10.4. About MarketLine
- List of Tables
- Table 1: North America non-life insurance market value: $ billion, 2018-23
- Table 2: North America non-life insurance market category segmentation: % share, by value, 2018-23
- Table 3: North America non-life insurance market category segmentation: $ billion, 2018-23
- Table 4: North America non-life insurance market geography segmentation: $ billion, 2023
- Table 5: North America non-life insurance market value forecast: $ billion, 2023-28
- Table 6: North America non-life insurance market share: % share, by value, 2023
- Table 7: State Farm Mutual Automobile Insurance Co: Key Facts
- Table 8: State Farm Mutual Automobile Insurance Co: Key Employees
- Table 9: Berkshire Hathaway Inc: Key Facts
- Table 10: Berkshire Hathaway Inc: Annual Financial Ratios
- Table 11: Berkshire Hathaway Inc: Key Employees
- Table 12: Allstate Insurance Company: Key Facts
- Table 13: Allstate Insurance Company: Key Employees
- Table 14: The Progressive Corp: Key Facts
- Table 15: The Progressive Corp: Annual Financial Ratios
- Table 16: The Progressive Corp: Key Employees
- Table 17: North America Exchange Rate, 2018-23
- List of Figures
- Figure 1: North America non-life insurance market value: $ billion, 2018-23
- Figure 2: North America non-life insurance market category segmentation: $ billion, 2018-23
- Figure 3: North America non-life insurance market geography segmentation: % share, by value, 2023
- Figure 4: North America non-life insurance market value forecast: $ billion, 2023-28
- Figure 5: Forces driving competition in the non-life insurance market in North America, 2023
- Figure 6: Drivers of buyer power in the non-life insurance market in North America, 2023
- Figure 7: Drivers of supplier power in the non-life insurance market in North America, 2023
- Figure 8: Factors influencing the likelihood of new entrants in the non-life insurance market in North America, 2023
- Figure 9: Factors influencing the threat of substitutes in the non-life insurance market in North America, 2023
- Figure 10: Drivers of degree of rivalry in the non-life insurance market in North America, 2023
- Figure 11: North America non-life insurance market share: % share, by value, 2023
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