Toolbox
QuickLinks
Login
Registered users login for access to all content.
Stats & Facts
- The Life Insurance Industry is one of the largest U.S. employers, providing upwards of 2.3 million jobs including public relations, human resources and financial analysis. Of these jobs, 1.4 million of them worked directly for insurance companies.
- Annuities are the single largest life and health product line, with life insurance and health insurance following.
- Individual fixed annuity sales increased by 50% in the United States during the 2008 year. Meanwhile, there was a 15% decline in variable annuity sales, which can be contributed to consumers seeking protection from the volatile equities markets.
- As many as 5 million people were covered by long-term care insurance during the 2008 year, with the average first-year premium being $2,184.
- Net premiums that were written by the insurance industry in 2008 totaled $1.1 trillion. Life and health insurance accounted for upwards of 59% of premiums, with property and casualty insurers accounting for 41%.
- 2.4% of the United States gross domestic product in 2007, a total of $333 billion, was a result of insurance carriers and related activities.
- Worksite Life Insurance Sales by Line of Business in 2008:
- Short-term and long-term disability 22%
- Life 22%
- Accident 14%
- Hospital Indemnity 13%
- Cancer/Critical Illness 11%
- Dental 11%
- Other 7%
- There were $5.2 billion in worksite sales of life and health insurance in 2008, an increase of 4.3% from 2007.
- Studies show that twenty year old workers have a three in ten chance of becoming disabled before reaching retirement.
- The average American over the age of 65 has a 40% chance of entering a nursing home as a result of requiring Long Term Care services.