Life and non-life insurance penetration in selected regions globally 2020-2023

In 2023, insurance penetration was highest in the South Africa where the value of insurance premiums accounted for almost ** percent of GDP. Insurance penetration is used as an indicator of insurance sector development within a country and is calculated as the ratio of total insurance premiums to gross domestic product in a given year. In 2023, the insurance penetration in United States equaled **** percent of its GDP. Thus, the value of insurance premiums written in United States in that year equaled more than one **th of its GDP. 

Auto insurance leads the U.S. P&C market

In 2023, private passenger auto insurance held the largest share of net premiums written by property and casualty insurance companies in the United States. Additionally, commercial auto insurance also accounted for a significant portion of net premiums. Combined, these two insurance lines made up about ** percent of the property and casualty insurance market.

United States' life insurance market

Households often rely on life insurance to ensure financial stability for dependents and to cover obligations like debts, mortgages, and education costs. The number of life insurance companies in the United States has remained steady over the past five years. The United States' population has been gradually climbing during this time, which means that the number of potential insurance customers has also been increasing.