Insurance Industry Stats That Will Blow Your Mind

March 7, 2019

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Everyone knows the insurance industry is huge. However, you may not know how big it actually is. Here are some facts and figures from the Insurance Information Institute that are real eye-openers. Premiums. Premiums for the insurance industry in the United States totaled a whopping $1.2 trillion in 2017. Life and health insurance premiums accounted for slightly more than half of that amount, while premiums for property and casualty insurance made up slightly less than half, at $558 billion. Companies. There were almost 6,000 insurance companies in the United States in 2016. Here is the breakdown – more than 2,500 were in property and casualty; more than 870 offered life insurance; 858 were health insurers; and title insurance companies accounted for 55. There were almost 250 risk retention groups and more than 1,300 companies classified as other. Insurance companies contributed more than $507 billion to the economy in 2016. That amounts to 2.7 percent of the entire Gross Domestic Product (GDP).

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Xceedance

Xceedance is a global provider of strategic operations support (SOS), which includes consulting, managed services, data sciences, and technology across the entire insurance lifecycle. Insurance organizations can achieve their target operating models with the help and experience of Xceedance . The companys proficiency extends to underwriting, actuarial services, catastrophe modeling and exposure management, policy services, claims, BI and reporting, finance and accounting, and application development.

OTHER ARTICLES
CORE INSURANCE

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CLAIMS

Builders Risk Insurance Vs. Liability Coverage: How Each Benefit Works

Article | December 22, 2021

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INSURANCE TECHNOLOGY

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Spotlight

Xceedance

Xceedance is a global provider of strategic operations support (SOS), which includes consulting, managed services, data sciences, and technology across the entire insurance lifecycle. Insurance organizations can achieve their target operating models with the help and experience of Xceedance . The companys proficiency extends to underwriting, actuarial services, catastrophe modeling and exposure management, policy services, claims, BI and reporting, finance and accounting, and application development.

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