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United States Insurance Report Q3 2015

76 Pages BMI Research June 24, 2015 SKU: BMI5600294

United States Insurance Report Q3 2015

BMI View: The US insurance sector is highly developed, with insurance providers in both the life and nonlifesegments expected to grow their written premiums at steady rates throughout our 2015-2019 forecastperiod. The most recent financial results reported by the major players in both segments, as well as theirforward guidance, underscore this positive outlook. These leading firms will reap the benefits of a growingdemand for insurance products by leveraging their access to capital, economies of scale, broad productportfolios, distribution channels, innovation capability, and brand recognition. In what follows, we discussfactors which underlie the positive outlook.

While we forecast overall growth for the US' insurance sector, the non-life segment - which accounts forroughly 60% of total premiums written - is expected to considerably outperform the life segment in terms ofgrowth prospects in the coming years. This trend will mainly be driven by the rapidly growing healthinsurance sub-segment as a result of increased accessibility to healthcare provision. Life insurance, bycontrast, will grow steadily though less significantly as insurers are tapping into the insurance gap resultingfrom the 44mn Americans who are currently lacking life insurance coverage. Overall, opportunities forfuture investment will mainly reside within non-life insurance. Steady growth will be predominantly drivenby non-life insurance - the US' largest insurance segment - which is set to grow by more than 3.0% in thisyear. Continuing growth in healthcare spending, the growth in disease adjusted life years (DALYs - anindicator of morbidity) for older age cohorts, and the spread of health insurance cover due to the AffordableHealthcare Act, will underpin the growth of health insurance. The general recovery in the economy willboost property insurance. However, we envisage that overall life density (premiums per capita) and growthin life premiums will be constrained by competition from organised savings solutions that originate fromoutside the insurance sector.

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United States Insurance Report Q3 2015

BMI Research
June 24, 2015

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