Posted by The Institute of Insurance Information of the United States released research statistics on the U.S. insurance industry in 2016. From this guide, we can get a glimpse of the premium expenditures of Americans on life and health insurance in one year.
The Insurance Information Institute (Insurance Information Institute) released the 2016 U.S. Insurance Industry Data Report.The editor of the American Life Insurance Guide compiled the part of the report that involved life insurance (Editor's note: The original report included life insurance and health insurance in the same category of statistics, so the life/health category is used to indicate), and then get a glimpse of the overall data of the US insurance industry.
Report at a glance
- In 2016, the net premiums of the insurance industry in the U.S. totaled1.1 trillionUS dollars.
- According to the analysis of Standard & Poor's (S&P) organization,53%The premiums purchased life/health insurance.
Life/health insurance annual premiums are approximately US$0.6 trillion
- The proportion of life/health insurance is mainly composed ofAnnuity products and life insurance productsconstitute.In 2016, the net premiums of this proportion segment totaled 597,700,000 billion U.S. dollars.
- In 2016, there were 5,977 insurance companies in the United States and U.S. territories.According to a survey by the National Association of Insurance Commissions, among them:
CAD Quantity (houses) Property/Injury 2,538 Life/Annuity 872 Health 858 Mutual Aid (Fraternal) 85 Property class (Title) 55 Risk Retention Group (RRG) 247 other 1314 - According to the U.S. Department of Labor, the U.S. insurance industry had 2016 million employees in 260.Among them, 150 million employees serve insurance companies. Life/health insurance companies have 811,900 employees, and property/injury insurance companies have 648,200 employees.
- According to data from the US Department of Commerce, in 2016, property/injury and life/health insurance companies paid US$205 billion in insurance taxes, which is equivalent to paying US$63 for each person living in the United States.
- In 2016, the annual premium of the life insurance industry was1150 billionUS dollars.
- In 2016, the total annual premiums and deposits of annuity products were US$3185 billion.
- For more information about the insurance industry, you can click on the original newsletter below to view:
Insurance Information Institute:
https://www.iii.org/fact-statistic/facts-statistics-industry-overview
In summary, the question raised at the beginning of the article title-"How much money do Americans spend on life insurance in a year", has the answer from the report: $1150 billion.
