UPFRONT
STATISTICS
A truly global industry
Liberty Mutual Boston, MA Annual revenue: $39 billion Global employees: 50,000 AIG New York, NY Annual revenue: $64 billion Global employees: 65,000
Will the worldwide growth of the insurance industry see the US take a back seat or remain a driving force? THE INSURANCE industry is a global powerhouse that boasts some of the world’s largest companies. Even with increased competition, challenging pricing environments and increased M&A activity, the global industry continues to grow. In the US, insurance is responsible for booming job numbers as intermediaries
continue to lead the way in importance. The soft market continues to hang over the industry, but some major players are predicting a better market within two years. As the industry continues its global spread, can the US stay on top, or will emerging markets abroad become the new focus of the industry?
Berkshire Hathaway Omaha, NE Annual revenue: $1.9 trillion Global employees: 316,000
WHERE ARE THE BIGGEST INSURANCE COMPANIES?
27%
1
Percentage of insurance employees in the US who are in the agency or broker sector
Number of brokers (Marsh & McLennan) who made the Fortune 500 list in 2015
P&C premiums are expected to grow in every region of the world throughout 2016, but Western Europe and North America will lag behind emerging markets North America
1.5%
Latin America
4.9%
Western Europe
1.6%
Eastern Europe
3.8%
Emerging Asia
8.2%
Mature Asia/ Pacific
2.4%
Sub-Saharan Africa
5.0%
Middle East/ North Africa
5.5% 0% 2%
4% 6%
Number of jobs created in the insurance industry in July 2015
Source: The Department of Labor Statistics; Fortune 500, 2015
Employment within the industry continues to reach new heights each quarter as more Americans than ever are employed by the insurance industry 2.56 million 2.55 million 2.54 million 2.53 million 2.52 million 2.51 million 2.5 million
8% 10%
Source: Munich Re Insurance Market Outlook, 2015
6
Number of consecutive months employment in the US insurance industry has risen
Of the 10 biggest P&C companies in the insurance industry, only four are located in the US, demonstrating just how far the industry’s geographic reach spreads
9,600
INSURANCE EMPLOYMENT HIGHEST EVER
Number of US insurance industry employees
WHERE THE GROWTH IS HAPPENING
30
Jan. 2015
Feb. 2015 March 2015
April 2015
May 2015
June 2015
July 2015
Aug. 2015
Sept. 2015
Source: The Department of Labor Statistics
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