The benefit payments of life insurance in the US have shown fluctuating trends from 2013 to 2023. The value stood at $85.75 billion in 2023. Early years indicated a steady increase, with significant growth rates noted in 2015 and 2019. However, a notable decline occurred in 2020 due to various market conditions before rebounding in 2021 with a 16.71% increase year-on-year. The CAGR over the last five years (2019-2023) was approximately 1.97%.
For future trends, forecasted data from 2024 onwards suggest continued modest growth in benefit payments with a projected average annual CAGR of 1.42% from 2024 to 2028, contributing to a cumulative 7.31% growth rate. Factors to watch include the impact of demographic shifts, economic conditions, advances in medical technology, and changes in policy regulations.
