50 relevant insurance statistics: Insurance statistics give you a compact summary of what has been happening in the insurance industry.
Today, we have compiled fifty (50) relevant insurance statistics that you should know. These statistics and facts were drawn from various sectors of the insurance market worldwide.
We believe that they will greatly influence your decision as much as a company looking for an insurance policy, an insurance agent, an insurance broker and an insurance company.
The facts have been divided into sections to facilitate navigation and understanding.
The sections include:
- Insurance companies in the United States, United Kingdom, Australia, e.t.c.
- Global life insurance companies
- Facts about life insurance in the United States.
Insurance companies in the UK
1. The UK’s largest insurance company is Admiral Group. Its gross written premium is around € 2.1 billion and its UK market share is 15.2 per cent.
2. The best car insurance company in the UK is Aviva. It is rated 5/5 and is considered excellent for customer service.
3. Aegon Insurance is the best life insurance company in the UK.
4. AXA commercial insurance coverage is considered the best commercial insurance policy in the UK.
5. Hiscox is the best cyber insurance company offering one of the most comprehensive cyber liability insurance coverages in the UK.
Insurance companies in the United States
6. State Farm Group is the largest property / casualty insurance company in the US, Representing 10.1% of the market and providing $ 64.8 billion in direct premiums.
7. Amica Mutual is the best auto insurance company in the United States.
8. The best general life insurance company in the United States is Prudential. State Farm and Transamerica continue to be the best instant issue and best value, respectively.
9. Chubb LTD is the best cyber insurance company in the United States with direct written premiums totaling $ 356.86 million.
10. The best insurance company for commercial insurance coverage in the United States is Next Insurance. Insureon is best for finding the lowest premiums, while The Hartford is best for buying a business owner policy (BOP).
Insurance companies in Australia
11. Vero is Australia’s largest insurance company and the best for commercial insurance coverage.
12. AAMI shines at the top of the list of insurance companies in Australia for auto insurance.
13. Cyber liability insurance in Australia is adequately covered by BizCover.
14. TAL Life Limited is the best life insurance company in Australia with a market share of 17.8%.
Insurance companies in New Zealand
15. AIA is the best life insurance company in New Zealand.
16. AA Insurance tops the list of the best car insurance companies in Australia.
BizCover is the best cyber insurance company in New Zealand.
Insurance Companies in India
18. ICICI Lombard is the best cyber liability insurance company in India.
19. Aditya Birla Sun Life Insurance Company is the best life insurance company in India with a claims settlement ratio of 97.15%
20. The best auto insurance company in India is Aditya Birla Sun Life Insurance Company.
Insurance companies in Canada
21. Manulife Financial is Canada’s largest insurance company, measured by revenue, generating $ 61.4 billion in 2019.
22. Kanetix is the best Canadian auto insurance company.
23. Intact Financial Corporation operates as the best home insurance company and property insurance company in Canada.
Global life insurance companies
24. UnitedHealth Group is the largest life insurer by market capitalization.
25. HSBC Life is Hong Kong’s largest life insurance company in the amount of gross written premiums.
26. In Japan, Nippon is the largest life insurance company by amount of gross written premiums.
Life Insurance Facts in the United States
27. There are 773 life insurance companies in the United States.
28. There are 580 life insurance companies in the United States.
29. The number of mutual life insurance companies in the United States is 109.
30. The average nominal amount of individual life insurance policies purchased in the United States was approximately US $ 168,000.
31. There were approximately 266.9 million life insurance policies in force in the United States in 2018.
32. The primary reason why citizens of the United States purchase life insurance is to pay for funeral rites.
33. The most popular way to purchase life insurance in the United States is in person.
34. Life insurance premiums issued in the US were valued at $ 593 billion.
35. The United States was the world’s largest insurance premium issuing country in 2018.
36. Non-life insurance premiums issued in the United States amounted to $ 876 billion.
37. The estimated global available market size for claims processing improvements in 2020 was $ 72.53 billion.
Cyber Insurance Statistics
38. In the United States, the average cost of cyber crime amounted to $ 27.37 million in 2018.
39. By 2025, cyber insurance will issue premiums worth US $ 20 billion globally.
40. The proportion of companies that have cyber liability insurance globally increased from 40 percent in 2011 to 75 percent in 2018.
41. According to 39 percent of respondents, cyber incidents such as cybercrime, data breaches, or IT failures posed a threat to global companies in 2020.
42. In 2019, the number of data breaches in the United States amounted to 1,473 with over 164.68 million sensitive records exposed.
43. The average cost to companies affected by a data breach in the United States was $ 8.19 million, up from $ 7.91 million the previous year in 2019.
44. In 2019, the global average cost for data breach was 3.92 million US dollars.
45. In 2018, the average annualized cost of cybercrime attacks in the United States was $ 27.37 million.
46. Japan ranks second after the United States averaged $ 13.57 million in damages to attacked companies per year.
47. The average cost of claims caused by technical problems in the system amounted to US $ 1.9 million.
Fun facts about insurance
48. Actress América Ferrera had her smile, including teeth and gums, secured by her sponsor, Aquafresh, for $ 10,000,000.
49. The first insurance contract was signed in 1347.
50. Gene Simmons, the bassist for the iconic ’70s rock band KISS, once secured his tongue for $ 1,000,000.