In 2023, the value added of insurance, reinsurance, and pension funding in the US stood at 440.25 billion USD. The forecast data indicates a growth trajectory, with the value expected to reach 449.49 billion USD in 2024, increasing steadily to 485.56 billion USD by 2028.
The year-on-year growth rates are as follows:
• 2024: 2.1%
• 2025: 2.07%
• 2026: 1.99%
• 2027: 1.91%
• 2028: 1.83%
Analyzing the compound annual growth rate (CAGR) from 2024 to 2028, we detect an average annual growth rate of approximately 2.0% over this period.
Future trends to watch for include the impact of technological advancements such as AI and blockchain on the efficiency and transparency of these sectors, regulatory changes, shifts in consumer preferences towards customized and digital insurance solutions, and the economic implications of demographic changes, particularly aging populations.
