In 2023, the value added of insurance, reinsurance, and pension funding in the US stood at $436.24 billion. Forecasted data indicates a steady increase over the next five years:
- 2024: $446.42 billion (+2.34% YoY)- 2025: $456.87 billion (+2.35% YoY)- 2026: $467.22 billion (+2.27% YoY)- 2027: $477.46 billion (+2.19% YoY)- 2028: $487.61 billion (+2.13% YoY)
The forecasted compound annual growth rate (CAGR) from 2023 to 2028 is approximately 2.26%. This reflects moderate but steady growth in the sector.
Future trends to watch for include the impact of technological advancements such as AI and blockchain on risk assessment and claims processing, the evolution of regulatory frameworks, and demographic shifts influencing pension funding requirements.
