Forecast: Household Expenditure on Life and Other Personal Insurance in the US

In 2023, household expenditure on life and other personal insurance in the US stood at approximately $312.85. Forecasts indicate a gradual decline over the next five years, with expenditures expected to decrease annually, dropping to $305.77 by 2028. Year-on-year variations show marginal declines, roughly around 0.5% annually. The compound annual growth rate (CAGR) reflects an average annual decrease of approximately 0.56% from 2024 to 2028.

Future trends to watch for include:

• Emergence of new insurance models influenced by technological advancements and data analytics.
• Potential impact of economic conditions on household spending capacity and insurance needs.
• Regulatory changes that may affect insurance pricing and product offerings.