80+ Insurance Statistics: Everything You Need To Know About Insurance Companies

To help you better understand theinsurance industry, we’ve compiled a list of over 80 insurance statistics that shed light on the industry, the insurance people buy, and more.

Skip ahead to the statistics you want to learn about most!

• General insurance company statistics
• Health insurance statistics
• Life insurance statistics
• Home and auto insurance statistics
• Travel insurance statistics

Keep reading to learn more about insurance industry statistics!

General insurance company statistics

首先,在这个保险的统计列表,let’s look at a couple of general insurance company stats:

1. Insurance premiums in the U.S. exceedsone trillion dollarsannually.
2. There are2.8 million employeesin the U.S. insurance industry.
3. There are over5900 insurance companiesin the United States.
4. New York has the most domestic insurance companies, with over547 companies.
5. Florida has the second most domestic insurance companies, with over440 companies.

Health insurance statistics

The first sector of the insurance industry we’ll look at is health insurance. This insurance industry data will focus on people who do and don’t have health insurance.

Check out these stats on the health insurance industry:

6. UnitedHealth Group Inc. is thelargest insurance companybased on direct premiums written.
7. Over300 million peoplein the U.S. have health insurance.
8. Over27 million peopleunder 65 don’t have health insurance.
9. 67% of peopleages 18-64 have private health insurance.

10. 63% of peopledidn’t buy a health insurance plan because it was too expensive.
11. 57% of peoplewere insured all year and not underinsured.
12. 54% of childrenages 0-17 have private health insurance.
13. 46% of peoplehave skipped or delayed care because of the cost.
14. 46% of peopledropped coverage because they couldn’t afford what they had to pay.
15. 43% of childrenages 0-17 have public health insurance.

16. 43% of working-age adultswere inadequately insured in 2022.
17. 29% of peoplein Texas don’t have health insurance, making it the state with the highest amount of uninsured people, followed by Georgia (19%) and North Carolina (17%).
18. 23% of peoplewere insured all year but underinsured.
19. 22% of peopleages 18-64 have public health insurance.
20. 12% of peopleages 18-64 don’t have health insurance.
21. 11% of peoplelost insurance coverage because they missed the deadline to re-enroll.
22. 11% of peopleare insured with a coverage gap.
23. Only3% of peoplein Massachusetts don’t have health insurance, making it the state with the lowest amount of uninsured people, followed by Michigan (6%) and Maryland (6-6.5%).
24. 4% of childrenages 0-17 are uninsured.

Life insurance statistics

Another prominent sector of the insurance industry is life insurance companies. In the following statistics for insurance, we’ll focus on how many people have life insurance, why people invest in it, and more.

Here’s the insurance industry data on life insurance:

25. Prudential Financial is thelargest U.S. life insurance companyby assets.

26. Life insurance companies pay out over$78 billionto life insurance beneficiaries.
27. There are over260 million active life insurance policiesin the U.S.
28. 106 million American adultsbelieve they don’t have adequate health insurance.
29. There are over730 life insurance companies.
30. 83% of peoplehave life insurance to help pay for end-of-life expenses.
31. 80% of consumersoverestimate the expense of getting a life insurance policy.
32. 75% of American adultshave a form of life insurance.
33. 68% of peoplewith life insurance feel more financially secure than those without life insurance.
34. 68% of peopleinvest in life insurance to supplement lost income after the primary wage earner dies.
35. 63% of peopleinvest in life insurance to transfer wealth to the next generation.
36. 60% of peoplecite cost as a reason for forgoing life insurance.
37. 60% of Americanswho feel knowledgeable about life insurance have coverage.
38. 55% of peopledon’t have life insurance because they say it’s not a financial priority.
39. 53% of peopledon’t have life insurance because they are uncertain about how much they need to spend or what they need to buy.
40. 48% of U.S. householdsreport having a term life policy.
41. 22% of womendon’t have life insurance.
42. Of the population of Americans who don’t feel knowledgeable about life insurance, only20% have coverage.
43. 11% of mendon’t have life insurance.

Home and auto insurance statistics

Next on this list of insurance industry statistics, let’s look at home and auto industry stats. If you own a car or a home, you’ve likely taken the time to find the right insurance company to cover your investment.

Here’s what you need to know about the home and auto insurance industry:

44. The car insurance industry is worth$316 billion.
45. 215 million driverscarry car insurance in the U.S.
46. Over2.2 million peopleare injured in motor vehicle crashes in the U.S.
47. One in eight driversdoesn’t have car insurance.
48. The most expensive state to buy full coverage auto insurance is Florida, at an average of$3301per year.
49. 已婚夫妇的平均汽车保险成本is$2948 per year.
50. $1600per year is the average cost for full coverage car insurance.
51. The average cost of home insurance is$1383 per yearfor $250,000 in dwelling coverage.
52. The cheapest state to buy full coverage auto insurance is Vermont, at an average of$1066per year.
53. 85% of homeowners在美国有业主保险。
54. 82% of uninsured driverscan’t afford insurance or don’t have an operable vehicle.
55. 79% of insured driversbuy comprehensive coverage.
56. 75% of insured driversbuy collision coverage.
57. 60% of homesare undervalued for insurance policies.
58. 52% of homeownersdon’t completely understand what’s included in their insurance policy.
59. 45%is how much auto insurance has increased from 2013 to 2022.
60. 47% of homeownersare unsure what their insurance covers.
61. State Farm holds17%of the homeowners insurance market share.
62. State Farm holds15%of the car insurance market share.

63. Allstate holds8%of the homeowners’ insurance market share.
64. Geico holds14%of the car insurance market share.
65. Progressive holds13%of the car insurance market share.
66. Allstate holds10%of the car insurance market share.

67. 6% of driverson the road are uninsured.
68. 2%of the average household income is spent on auto insurance.

Travel insurance statistics

When people take a trip, especially out of the country, they often want to purchase insurance for the trip in case something goes wrong. So, next on this list of insurance company statistics, let’s look at travel insurance companies.

Here’s what you need to know about travel insurance:

69. Allianz Partners Sas and American International Group hold thelargest market sharefor travel insurance.

70. The travel insurance industry is worth$5.5 billion.
71. $148is the average cost of traveler’s insurance.
72. 95%of travel insurance claims payout.
73. 94% of travel insurance policiescover canceled trips.
74. 93% of travel insurance claimsare due to travel delays, cancellations, missing baggage, and medical expenses.
75. 61% of travelerspurchased insurance because they planned the trip far in advance.
76. 57% of peoplebuy travel insurance based on recommendations from family or friends.
77. 42% of peopledon’t purchase travel insurance because it’s too expensive.
78. 41% of peopledon’t purchase travel insurance when going on vacation.
79. 38% of Americanssaid they would purchase travel insurance for a future trip.
80. 28% of peopledon’t purchase travel insurance because they’re going on a short vacation.
81. Travel insurance costs between4% and 10%of the total trip cost.

Go beyond these insurance company statistics

Many of the insurance statistics we shared above highlight how people interact with insurance companies and their perceptions on getting insurance. By having these keen insights, you gain a better understanding of the insurance industry and can better market your company.

At WebFX, we have in-depth knowledge of marketing in the insurance industry. With over 25 years of experience in digital marketing, we know how to craft an insurance marketing strategy that boost revenue and client numbers.

If you want to learn more about ourdigital marketing services,contact us onlineor call us today at888-601-5359to speak with a strategist!