50 Relevant Insurance Statistics

Insurance statistics provides you with a compact summary of what has been going on in the insurance sector.

Today, we have compiled fifty (50) relevant insurance statistics you should know. These statistics and facts were drawn from various sectors of the insurance market worldwide.

We believe they would largely influence your decision both as a firm looking for an insurance policy, an insurance agent, an insurance broker, and an insurance firm. For instance, it is estimated that the U.S. healthcare sector losses US $6.2 billion due to data breaches.

The facts have been divided into sections for easy navigation and comprehension.

The sections include:

• Insurance companies in the United States, United Kingdom, Australia, e.t.c.
• Global Life Insurance Companies
• Facts Concerning Life Insurance in the United States.

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Insurance Companies in the UK

1. The biggest insurance company in the UK is Admiral Group. Its gross written premium is about 2.1 billion euros and its UK market share is 15.2 percent.

2. The best car insurance company in the UK is Aviva. It has a 5/5 rating and is considered great for customer service.

3. Aegon Insurance is the best life insurance company in the UK

4. AXA business insurance coverage is considered the best business insurance policy in the UK.

5. Hiscox is the best cyber insurance company offering one of the most comprehensive cyber liability insurance covers in the UK.

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Insurance Companies In The United States

6. State Farm Group is the largest property/casualty insurance company in the US, representing 10.1% of the market and writing $64.8 billion in direct premiums.

7. Amica Mutual is the best car insurance company in the US.

8. The overall best life insurance company in the US is Prudential. State Farm and Transamerica follow as best instant issue and best value respectively.

9. Chubb LTD is the best cyber insurance company in the United States with Direct Written Premiums totaling $356.86 million.

10. The best insurance company for business insurance coverage in the US is Next Insurance. Insureon is best for finding the lowest premiums while The Hartford is best for purchasing a business owner’s policy (BOP).

Insurance Companies in Australia

11. Vero is the biggest insurance company in Australia and the best for business insurance coverages.

12. AAMI shines at the top of the list of insurance companies in Australia to get car insurance from.

13. Cyber liability insurance in Australia is covered adequately by BizCover.

14. TAL Life Limited is the best life insurance company in Australia with a market share of 17.8%.

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Insurance Companies in New Zealand

15. AIA is the best life insurance company in New Zealand.

16. AA Insurance tops the list of the best car insurance companies in Australia.

17. BizCover is the best cyber insurance company in New Zealand.

Insurance Companies in India

18. ICICI Lombard is the best cyber liability insurance company in India.

19. Aditya Birla Sun Life Insurance Company is the best life insurance company in India with a claim settlement ratio of 97.15%

20. The best car insurance company in India is Aditya Birla Sun Life Insurance Company.

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Insurance Companies in Canada 

21. Manulife Financial is Canada’s largest insurance company as measured by revenue, generating $61.4 billion in 2019.

22. Kanetix is the best Canadian auto insurance company.

23. Intact Financial Corporation doubles as the best home insurance company and property insurance company in Canada.

Global Life Insurance Companies

24. UnitedHealth Group is the largest life insurer by market cap.

25. HSBC Life is the largest life insurance company in Hong Kong by amount of gross premiums written.

26. In Japan, Nippon is the largest life insurance company by amount of gross premiums written.

Facts Concerning Life Insurance in The United States

27. There are 773 life insurance companies in the US.

28. There are 580 stock life insurance companies in the US.

29. The number of mutual life insurance companies in the US is 109.

30.  The average face amount of individual life insurance policies purchased in the United States was about 168 thousand U.S. dollars. 

31.  There were approximately 266.9 million of life insurance policies in force in the United States in 2018. 

32.  The major reason why United States citizens purchase life insurance is to pay for one’s burial rites.

33.  Most popular way of purchasing life insurance in the US is in person.

34.  Life insurance premiums written in the U.S. were valued at 593 billion U.S. dollars. 

35.  The United States was the largest insurance premium writing country globally in 2018.

36.  Non-life insurance premiums written in the U.S. amounted to 876 billion U.S. dollars.

37. The estimated available global market size for claims processing improvements in 2020 was 72.53 billion U.S. dollars.

Cyber Insurance Statistics

38. In the United States, the average cost of cyber crime amounted to 27.37 million U.S. dollars in 2018.

39. By 2025, Cyber insurance will write premiums worth 20 billion U.S. dollars globally.

40. The share of companies owning cyber liability insurance globally increased from 40 percent in 2011 to 75 percent in 2018.

41. According to 39 percent of the survey respondents, cyber incidents such as cyber crime, data breaches or IT failures posed a threat to global businesses in 2020.

42. In 2019, the number of data breaches in the United States amounted to 1,473 with over 164.68 million sensitive records exposed.

43. The average cost to businesses affected by a data breach in the United States amounted to 8.19 million U.S. dollars, up from 7.91 million U.S. dollars in the previous year in 2019. 

44. In 2019, The global average cost per data breach was 3.92 million U.S. dollars.

45. In 2018, the average annualized cost of cyber crime attacks in the United States amounted to 27.37 million U.S. dollars. 

46. Japan is ranked 2nd after the United States averaged 13.57 million U.S. dollars in damages to attacked companies per year.

47. The average cost of claims caused by system glitches amounted to 1.9 million U.S. dollars.

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Funny Insurance Facts 

48. Actress America Ferrera had her smile, including her teeth and gums, insured by her sponsor, Aquafresh, for $10,000,000.

49. The very first insurance contract was signed in 1347.

50. Gene Simmons, the bassist for the iconic 70s rock band KISS, once insured his tongue for $1,000,000.