First Research US Industry Profile

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Property/Casualty Insurance Carriers
SIC Codes: 6331, 6351
NAICS Codes: 524126
Last Quarterly Update: 5/2/2022
Companies in this industry underwrite insurance policies such as homeowners and automotive insurance to protect consumers and businesses against loss and liability. Major companies include Nationwide Mutual, State Farm, and the property/casualty arms of AIG and The Hartford Financial Services Group (all based in the US), and Allianz (Germany), AXA (France), People's Insurance Group of China Co. (China), Tokio Marine (Japan), and Zurich Insurance (Switzerland).
The global insurance market and demand is expected to reach about 5% in 2022, according to Swiss Re. Although global premiums fell by more than 1%, emerging markets were able to stay afloat, as a result of the strong demand in China.
The US property/casualty (P/C) insurance carriers industry consists of about 13,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $555 billion. Insurance agents and brokers are covered in a separate industry profile.
Competitive Landscape
Demand is driven by demographics, consumer spending, and commercial transactions, as well as by legal or financial requirements affecting customers. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future claim payments and maintain adequate reserves. Large companies benefit from economies of scale in administration and in access to capital, as well as advertising and marketing. Small companies can compete successfully by specializing in particular products or industries. The US industry is highly concentrated: the 50 largest firms account for more than 80% of revenue.
Property/casualty insurance companies have struggled to maintain strong margins due to sluggish premium growth, low interest rates, increasing competition, rising catastrophe losses, and regulatory changes over the past decade.
Products, Operations & Technology
Major products include vehicle property insurance, which account for about 70% of the industry's revenue. This is followed by home owners multiple peril ... plus:
Sales & Marketing
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Finance & Regulation
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Regional & International Issues
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Human Resources
Also includes the following chapters:
Quarterly Industry Update
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Industry Indicators
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Business Challenges
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Trends and Opportunities
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Call Preparation Questions
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Financial Information
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Industry Forecast
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Industry Websites
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Glossary of Acronyms

Historical Profiles (PDF format)

01/10/2022
12/06/2021
08/30/2021
05/31/2021
03/01/2021
11/30/2020
06/03/2020
03/02/2020
04/29/2019
01/28/2019
10/22/2018
07/23/2018
04/23/2018
01/22/2018
10/16/2017
07/17/2017
04/17/2017
01/16/2017
10/10/2016
07/11/2016
04/11/2016
01/11/2016
10/05/2015
07/06/2015
04/06/2015
01/12/2015
10/13/2014
07/28/2014
05/05/2014
02/10/2014
11/04/2013
08/12/2013
05/20/2013