The 900-pound gorillas of the U.S. life and annuity markets may have increased their share of the market slightly in 2019, according to a new preliminary figures from the National Association of Insurance Commissioners (NAIC).
Life insurance writers generated about $174 billion life premiums in 2019, up 4.5% from the 2018 total.
Annuity writers produced about $301 billion in annuity considerations, up 9.1%.
- A link to the new Life/Fraternal Market Share report is available here.
- An article about the 2018 market share report is available here.
The 25 biggest issuers in each category increased revenue somewhat more than the smaller issuers.
In the life category, the top 25 issuers’ increased premium revenue 5.4%, to $121 billion. The life insurance giants’ share of all premium revenue increased to 69.73%, from 69.13%.
The top 25 issuers in the annuity category increased their annuity considerations revenue to $247 billion, from $225 billion. The annuity giants’ share of all annuity considerations increased to 82.23%, from 81.55%.
The NAIC is a Kansas City, Missouri-based group for state insurance regulators. It creates the market share rankings to help regulators track the state of the life and annuity markets.
The group also publishes a Property/Casualty Market Share report.
Insurers’ annual statements for 2019 aren’t due until May 1, but many companies have filed their annual statements early.
The NAIC notes that the current 2019 life, annuity, and accident and health insurance report is based on data from 83.25% of the companies that write those products.
The NAIC expects to release updates throughout March and the full report in the summer.
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