The US life insurance market has been experiencing a notable decline in recent years. Between 2013 and 2023, the number of units has steadily decreased from 850 units to 603 units, reflecting a negative trend. The year-on-year variation from 2013 to 2023 averaged between -2.07% to -4.05%, with the last observed year (2023) showing a -3.83% decline. The Compound Annual Growth Rate (CAGR) for the five years leading up to 2023 was -3.67%.
Looking into forecasted data, the CAGR from 2024 to 2028 is projected to be -3.69%, resulting in an estimated 17.16% decrease over this period, with anticipated units decreasing from 577 in 2024 to 478 in 2028.
Future trends to watch for include:
• Changes in consumer preferences and demand for traditional life insurance products.
• The impact of technology and digital transformation on the life insurance industry.
• Regulatory changes and their influence on market dynamics.
• The evolving landscape of competition and potential consolidation within the industry.
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