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3、d Page 1 INDUSTRY PROFILE Insurance in the United States Reference Code: 0072-2087 Publication Date: August 2010 EXECUTIVE SUMMARY United States - Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 2 EXECUTIVE SUMMARY Market value The Unite
4、d States insurance market shrank by 8.1% in 2009 to reach a value of $1,139.7 billion. Market value forecast In 2014, the United States insurance market is forecast to have a value of $1,481.2 billion, an increase of 30% since 2009. Market segmentation I Non-life insurance is the largest segment of
5、the insurance market in the United States, accounting for 56.8% of the markets total value. Market segmentation II The United States accounts for 31% of the global insurance market value. Market rivalry The U.S. market is very fragmented with many specialised and regional players as opposed to natio
6、nal conglomerates. CONTENTS United States - Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 3 TABLE OF CONTENTS EXECUTIVE SUMMARY 2 MARKET OVERVIEW 7 Market definition 7 Research highlights 8 Market analysis 9 MARKET VALUE 10 MARKET SEGM
7、ENTATION I 11 MARKET SEGMENTATION II 12 FIVE FORCES ANALYSIS 13 Summary 13 Buyer power 14 Supplier power 15 New entrants 16 Substitutes 17 Rivalry 18 LEADING COMPANIES 19 Liberty Mutual Holding Company 19 American International Group, Inc. 22 MetLife Inc 26 State Farm Insurance 30 MARKET FORECASTS 3
8、4 Market value forecast 34 MACROECONOMIC INDICATORS 35 APPENDIX 37 Methodology 37 Industry associations 38 Related Datamonitor research 38 Disclaimer 39 CONTENTS United States - Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 4 ABOUT DAT
9、AMONITOR 40 Premium Reports 40 Summary Reports 40 Datamonitor consulting 40 CONTENTS United States - Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 5 LIST OF TABLES Table 1: United States insurance market value: $ billion, 200509 10 Tab
10、le 2: United States insurance market segmentation I:% share, by value, 2009 11 Table 3: United States insurance market segmentation II: % share, by value, 2009 12 Table 4: Liberty Mutual Holding Company: key facts 19 Table 5: American International Group, Inc.: key facts 22 Table 6: American Interna
11、tional Group, Inc.: key financials ($) 23 Table 7: American International Group, Inc.: key financial ratios 24 Table 8: MetLife Inc: key facts 26 Table 9: MetLife Inc: key financials ($) 27 Table 10: MetLife Inc: key financial ratios 28 Table 11: State Farm Insurance: key facts 30 Table 12: State Fa
12、rm Insurance: key financials ($) 32 Table 13: State Farm Insurance: key financial ratios 32 Table 14: United States insurance market value forecast: $ billion, 200914 34 Table 15: United States size of population (million), 200509 35 Table 16: United States GDP (constant 2000 prices, $ billion), 200
13、509 35 Table 17: United States GDP (current prices, $ billion), 200509 35 Table 18: United States inflation, 200509 36 Table 19: United States consumer price index (absolute), 200509 36 Table 20: United States exchange rate, 200509 36 CONTENTS United States - Insurance 0072 - 2087 - 2009 Datamonitor
14、. This profile is a licensed product and is not to be photocopied Page 6 LIST OF FIGURES Figure 1: United States insurance market value: $ billion, 200509 10 Figure 2: United States insurance market segmentation I:% share, by value, 2009 11 Figure 3: United States insurance market segmentation II: %
15、 share, by value, 2009 12 Figure 4: Forces driving competition in the insurance market in the United States, 2009 13 Figure 5: Drivers of buyer power in the insurance market in the United States, 2009 14 Figure 6: Drivers of supplier power in the insurance market in the United States, 2009 15 Figure
16、 7: Factors influencing the likelihood of new entrants in the insurance market in the United States, 2009 16 Figure 8: Factors influencing the threat of substitutes in the insurance market in the United States, 2009 17 Figure 9: Drivers of degree of rivalry in the insurance market in the United Stat
17、es, 2009 18 Figure 10: American International Group, Inc.: revenues this serves to strengthen supplier power. Equally, however, the chance of forward integration by suppliers is also minimal. In order to reduce costs and increase operational efficiency, many insurance companies are outsourcing back-
18、office processing tasks to offshore companies. The nature of outsourcing is such that switching would interrupt operations therefore incurring significant costs. Finally, it is important for insurance companies to retain suitably qualified employees, with actuarial, investment, law and similar skill
19、s. These are quite specialized, and can attract high salaries. Overall supplier power is assessed as strong within the US insurance market. FIVE FORCES ANALYSIS United States - Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 16 New entra
20、nts Figure 7: Factors influencing the likelihood of new entrants in the insurance market in the United States, 2009 Source: Datamonitor D A T A M O N I T O R As insurance companies in the US are regulated at a state level, few companies offer their services throughout the country, this can pose a pr
21、oblem or new entrants who will need to ensure they meet separate requirements of each state. Government regulation of the sector is fairly high but varies regionally as regulation is state based. However, the National Association of Insurance Commissioners (NAIC) are striving towards uniformity in r
22、egulation. Regulation in the US is carried out at state level with each state having its own insurance regulator. The impending Dodd-Frank Bill will, according to the NAIC, maintain the status quo in this regard. Entry to the market as a well developed insurance company is capital intensive and play
23、ers need to ensure some level of integration if entry to the market is to be a success. Weak market growth reduces opportunities for new entrants. However, there is little differentiation in the products provided by companies. Lack of diversity places new entrants in a weak position. Additionally, i
24、n order to compete with larger established companies, new entrants must invest large funds into advertising and marketing campaigns as well as perform extensive research on the market. Overall the threat from new entrants to the market is considered as moderate. FIVE FORCES ANALYSIS United States -
25、Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 17 Substitutes Figure 8: Factors influencing the threat of substitutes in the insurance market in the United States, 2009 Source: Datamonitor D A T A M O N I T O R There can be no legal sub
26、stitutes to insurance. Due to regulation in most countries, certain forms of insurance are compulsory, such as motor insurance. This essentially means that the threat to the market is reduced. Cheaper alternatives have evolved which allow the buyer to protect family members and assets such as a will
27、, or by setting aside money to compensate for any future loss. Unfortunately, savings can not always provide protection the way insurance can, thus the benefits of this option are reduced. Overall the threat of substitutes to the US insurance market is weak. FIVE FORCES ANALYSIS United States - Insu
28、rance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 18 Rivalry Figure 9: Drivers of degree of rivalry in the insurance market in the United States, 2009 Source: Datamonitor D A T A M O N I T O R The U.S. market is very fragmented with many speci
29、alized and regional players as opposed to national conglomerates which increases rivalry. There is little differentiation in the services offered by insurance companies which serves to intensify rivalry. Many companies have sole business interests exclusively in the insurance market, dependency inte
30、nsifies competition. Although the Gramm-Leach-Bliley Act of 1999, opened up the floodgates for banks to offer insurance, thus increasing the opportunities for new players in the market and increasing rivalry. Entry barriers, though not insignificant, are lower than exit barriers. The weak growth in
31、this market serves to increase rivalry which remains high overall. LEADING COMPANIES United States - Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 19 LEADING COMPANIES Liberty Mutual Holding Company Table 4: Liberty Mutual Holding Comp
32、any: key facts Head office: 175 Berkeley Street, Boston, Massachusetts 02116, USA Telephone: 1 617 357 9500 Fax: 1 617 350 7648 Website: Financial year-end: December Source: company website D A T A M O N I T O R Liberty Mutual Holding Company (Liberty Mutual) is a private mutual holding company, wh
33、ich encompasses three principal insurance companies of the group, Liberty Mutual Insurance Company, Liberty Mutual Fire Insurance Company and Employers Insurance Company of Wausau. It offers a range of insurance products and services, including private passenger automobile, homeowners, workers compe
34、nsation, commercial multiple peril/fire, commercial automobile, general liability, global specialty products, group disability and surety. Liberty Mutual is the sixth largest property and casualty insurer in the US based on 2007 direct written premium. The group also ranks 94th on the Fortune 500 li
35、st of largest corporations in the US based on 2007 revenue. As of December 31, 2008, Liberty Mutual Group had $104.3 billion in consolidated assets, $94.2 billion in consolidated liabilities and $28.9 billion in annual consolidated revenues. The group has organized its operations into five business
36、divisions: agency markets, Liberty International, commercial markets, personal markets and other. Liberty Mutuals agency markets business division consists of property and casualty; and specialty insurance carriers that distribute their products and services primarily through independent agents and
37、brokers. It includes core property and casualty products including a set of personal and commercial coverage, are available in most states by the groups different associates and subsidiaries. The division offers products and services through eight regionally branded insurance companies including Ame
38、rica First Insurance (Central region); Colorado Casualty (Mountain region); Indiana Insurance (Midwest region); Golden Eagle Insurance (California region); Ohio Casualty (Mid Atlantic region); Liberty Northwest (Pacific Northwest region); Montgomery Insurance (Southeast region); Peerless Insurance (
39、Northeast region); Its specialty operations are managed by Liberty Mutual Surety and Summit Holding Southeast. LEADING COMPANIES United States - Insurance 0072 - 2087 - 2009 Datamonitor. This profile is a licensed product and is not to be photocopied Page 20 Liberty Mutual Surety provides contract s
40、urety bonds for construction firms, manufacturers and suppliers, and commercial surety bonds for corporations and individuals on an account and transactional basis. Summit Holding Southeast provides workers compensation products and services primarily in Florida and nine additional southeast states.
41、 Liberty International business division provides personal and small commercial lines insurance internationally through operations in 14 countries. It provides insurance products and services through two distinct approaches: local businesses, which sell personal and small commercial lines products i
42、n Argentina, Brazil, Chile, China, Colombia, Hong Kong, Poland, Portugal, Singapore, Spain, Thailand, Turkey, Vietnam and Venezuela. In addition, Liberty International Underwriters (LIU) which sells specialty commercial lines worldwide through 39 offices in 18 countries across Asia, Australia, Europ
43、e and North America. Liberty Syndicate 4472 at Lloyds of London writes on a worldwide basis. Commercial markets business division provides specified risk and disability management; and risk transfer services through its six business units including national market serves the complex needs of large c
44、ompanies; middle market serves the insurance needs of mid-sized companies; specialty lines provides specialty coverage for companies of all sizes through its four businesses, commercial affinity, energy, global and umbrella; Liberty Mutual property provides property insurance programs to mid-sized a
45、nd large companies; group market provides group disability and life products and services to companies with more than 250 employees and Liberty Mutual reinsurance provides reinsurance programs for insurance companies in the US and other countries. In January 2009, Liberty Mutual middle market busine
46、ss unit was established by combing business market and Wausau Insurance market segments. The commercial market division is the fourth largest writer of commercial lines insurance and second largest writer of workers compensation insurance in the US. The groups personal markets business division writ
47、es property and casualty insurance covering personal risks, primarily personal automobile and homeowners. It offers full lines of coverage for private passenger automobile, homeowners, valuable possessions and personal liability through more than 350 own offices in the US, two direct response center
48、s, appointed third party producers and the internet. The division also offers traditional and variable life insurance and annuity products. Personal markets largest source of new business is its more than 11,850 affinity group relationships, including employers, credit unions, and professional and a
49、lumni associations and other partnerships. The groups personal markets business division is ninth-largest writer of personal lines insurance in the US and number one in sponsored affinity programs. The other segment includes discontinued operations (including asbestos and environmental), interest expense, internal reinsurance programs, net investment income after allocations to business units, certain expenses not allocated to the b