Forecast: Net Premium of Life Insurance in the US

The net premium of life insurance in the US exhibited fluctuating trends from 2013 to 2023. The highest premium value was observed in 2015 at $151.4B followed by a significant drop in 2016. From 2017 onward, premiums showed a moderate but gradual increase, reaching $132.56B in 2023. Similarly, year-on-year variations indicated volatility with highs in 2015 (+13.07%) and lows in 2016 (-24.02%). Over the last two years (2022-2023), an upward trend was noted with growth rates of 6.03% and 0.71% respectively. However, a longer perspective reflects a conservative 5-year CAGR of approximately 0.75% which is expected to settle at 0.53% CAGR over the next five years, resulting in a 2.69% growth from 2024 to 2028.

Future trends to watch for include:

  • Technological advancements in life insurance underwriting and claims processing.
  • Demographic shifts and their impact on demand for life insurance products.
  • Regulatory changes and their implications for insurance pricing and offerings.
  • Economic factors and their influence on consumer spending power and investment in life insurance products.

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