80+ Insurance Statistics: Everything You Need To Know About Insurance Companies
When you talk about the insurance industry, there isn’t just one type of company. The insurance industry comprises of multiple types of companies that provide people with coverage, from health and car to travel and rental.
YEARS OF EXPERIENCE
To help you better understand the insurance 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!
Don’t miss our Marketing Manager Insider emails!
Join 200,000 smart marketers and get the month’s hottest marketing news and insights delivered straight to your inbox!
Enter your email below:
Inline Subscription Form – CTA 72
“*” indicates required fields
(Don’t worry, we’ll never share your information!)
General insurance company statistics
First, on this list of statistics for insurance, let’s look at a couple of general insurance company stats:
- Insurance premiums in the U.S. exceeds one trillion dollars annually.
- There are 2.8 million employees in the U.S. insurance industry.
- There are over 5900 insurance companies in the United States.
- New York has the most domestic insurance companies, with over 547 companies.
- Florida has the second most domestic insurance companies, with over 440 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:
- UnitedHealth Group Inc. is the largest insurance company based on direct premiums written.
- Over 300 million people in the U.S. have health insurance.
- Over 27 million people under 65 don’t have health insurance.
- 67% of people ages 18-64 have private health insurance.
- 63% of people didn’t buy a health insurance plan because it was too expensive.
- 57% of people were insured all year and not underinsured.
- 54% of children ages 0-17 have private health insurance.
- 46% of people have skipped or delayed care because of the cost.
- 46% of people dropped coverage because they couldn’t afford what they had to pay.
- 43% of children ages 0-17 have public health insurance.
- 43% of working-age adults were inadequately insured in 2022.
- 29% of people in 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%).
- 23% of people were insured all year but underinsured.
- 22% of people ages 18-64 have public health insurance.
- 12% of people ages 18-64 don’t have health insurance.
- 11% of people lost insurance coverage because they missed the deadline to re-enroll.
- 11% of people are insured with a coverage gap.
- Only 3% of people in 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%).
- 4% of children ages 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:
- Prudential Financial is the largest U.S. life insurance company by assets.
- Life insurance companies pay out over $78 billion to life insurance beneficiaries.
- There are over 260 million active life insurance policies in the U.S.
- 106 million American adults believe they don’t have adequate health insurance.
- There are over 730 life insurance companies.
- 83% of people have life insurance to help pay for end-of-life expenses.
- 80% of consumers overestimate the expense of getting a life insurance policy.
- 75% of American adults have a form of life insurance.
- 68% of people with life insurance feel more financially secure than those without life insurance.
- 68% of people invest in life insurance to supplement lost income after the primary wage earner dies.
- 63% of people invest in life insurance to transfer wealth to the next generation.
- 60% of people cite cost as a reason for forgoing life insurance.
- 60% of Americans who feel knowledgeable about life insurance have coverage.
- 55% of people don’t have life insurance because they say it’s not a financial priority.
- 53% of people don’t have life insurance because they are uncertain about how much they need to spend or what they need to buy.
- 48% of U.S. households report having a term life policy.
- 22% of women don’t have life insurance.
- Of the population of Americans who don’t feel knowledgeable about life insurance, only 20% have coverage.
- 11% of men don’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:
- The car insurance industry is worth $316 billion.
- 215 million drivers carry car insurance in the U.S.
- Over 2.2 million people are injured in motor vehicle crashes in the U.S.
- One in eight drivers doesn’t have car insurance.
- The most expensive state to buy full coverage auto insurance is Florida, at an average of $3301 per year.
- The average car insurance cost for married couples is $2948 per year.
- $1600 per year is the average cost for full coverage car insurance.
- The average cost of home insurance is $1383 per year for $250,000 in dwelling coverage.
- The cheapest state to buy full coverage auto insurance is Vermont, at an average of $1066 per year.
- 85% of homeowners in the U.S. have homeowners’ insurance.
- 82% of uninsured drivers can’t afford insurance or don’t have an operable vehicle.
- 79% of insured drivers buy comprehensive coverage.
- 75% of insured drivers buy collision coverage.
- 60% of homes are undervalued for insurance policies.
- 52% of homeowners don’t completely understand what’s included in their insurance policy.
- 45% is how much auto insurance has increased from 2013 to 2022.
- 47% of homeowners are unsure what their insurance covers.
- State Farm holds 17% of the homeowners insurance market share.
- State Farm holds 15% of the car insurance market share.
- Allstate holds 8% of the homeowners’ insurance market share.
- Geico holds 14% of the car insurance market share.
- Progressive holds 13% of the car insurance market share.
- Allstate holds 10% of the car insurance market share.
- 6% of drivers on the road are uninsured.
- 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:
- Allianz Partners Sas and American International Group hold the largest market share for travel insurance.
- The travel insurance industry is worth $5.5 billion.
- $148 is the average cost of traveler’s insurance.
- 95% of travel insurance claims payout.
- 94% of travel insurance policies cover canceled trips.
- 93% of travel insurance claims are due to travel delays, cancellations, missing baggage, and medical expenses.
- 61% of travelers purchased insurance because they planned the trip far in advance.
- 57% of people buy travel insurance based on recommendations from family or friends.
- 42% of people don’t purchase travel insurance because it’s too expensive.
- 41% of people don’t purchase travel insurance when going on vacation.
- 38% of Americans said they would purchase travel insurance for a future trip.
- 28% of people don’t purchase travel insurance because they’re going on a short vacation.
- Travel insurance costs between 4% 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.
- 5 Tips for Improving Insurance Reputation Management
- 7 Insurance Marketing Strategies & Ideas for Driving Revenue
- CRM for Insurance Agents
- How to Get Insurance Clients with Digital Marketing: 7 Strategies
- How to Use PPC for Insurance Agencies
- Insurance Lead Generation: 8 Insurance Lead Generation Ideas
- Insurance Website Design Services
- SEO for Insurance Agents: Services & Guide
- Social Media for Insurance Agents: How to Get Started
- Physician Disability Insurance Marketing