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US Property and Casualty Insurance market report

Everything you need to make the right decisions

Providing the most comprehensive and up-to-date information and analysis of the Property and Casualty Insurance market, and the behaviours, preferences and habits of the consumer.

Mintel has the answers you’re looking for

What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?

Key points included

  • How prevalent are P&C insurance policies among the general population? Do most consumers bundle multiple policies with a single carrier? Do any noteworthy gaps in coverage exist?
  • How often do consumers switch P&C insurers, and which consumers are most likely to do so? Which policy lines are they most likely to switch? What are the primary motivations to change carriers?
  • What technological features are consumers most interested in seeing from their P&C insurers? How open are consumers to insurance offerings from new players in the industry?
  • What are consumers’ expectations regarding customer service and transparency? How likely are consumers to recommend their P&C insurer?

Covered in this report

This report only covers P&C (property and casualty) insurance – auto, homeowner/condo, and renters insurance. It does not include any information about health or life insurance.

Expert analysis from a specialist in the field

Written by Chris Shadle, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.

As many consumers are compelled by law or contract to purchase property and casualty insurance, rates of ownership are quite high, and the industry is highly competitive. While technological innovation continues to reshape the industry, consumer loyalty is yet to be significantly impacted by these developments, and most consumers make their policy choices based on price Chris Shadle
Financial Services Analyst

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Table of contents

  1. Overview

    • What you need to know
      • Definition
      • Executive Summary

        • Insurance Ownership
          • What you want to know
            • What we see
              • Switching Carriers
                • What you want to know
                  • What we see
                    • Insurance & Technology
                      • What you want to know
                        • What we see
                          • Attitudes
                            • What you want to know
                              • What we see
                                • What it means
                                • The Market – What You Need to Know

                                  • Net premiums increase, but industry’s books outweighed by record losses
                                    • Top P&C insurer rankings remain steady
                                      • Average auto policy expenditure increasing at record high
                                        • Homeowners premiums creep up as housing market improves
                                        • Market Size

                                          • Net premiums increase, but industry’s books outweighed by record losses
                                            • Figure 1: P&C insurance industry income analysis, in current dollars, 2013-2017
                                          • Top 10 writers of property & casualty insurance
                                            • Figure 2: Top 10 writers of property and casualty insurance, by direct premiums written, 2017
                                          • Nearly 9 in 10 consumers own a P&C policy
                                            • Figure 3: Insurance ownership, by Age, January 2019
                                        • Market Breakdown

                                          • Cost of homeowners policies creeps up, as housing market slowly improves
                                            • Figure 4: Average premiums for homeowners and renters insurance, in current dollars, 2006-16
                                            • Figure 5: Home ownership rate, by age, 2007 versus 2017
                                          • Auto insurance expenditure saw large uptick in 2016
                                            • Figure 6: Average auto insurance expenditures, in current dollars, 2006-16
                                          • Total auto sales remain steady, as popularity of SUVs skyrockets
                                            • Figure 7: US Vehicle Sales, Rolling 12-month totals, December 1993 – December 2018
                                        • Key Players – What You Need to Know

                                          • Personal cyber security policies rise in popularity
                                            • Natural disasters erode industry profits
                                              • State guidelines redefine underwriting capabilities
                                                • Parametric insurance could redefine some policy types
                                                • What’s Happening?

                                                  • Personal cyber security policies rise in popularity
                                                    • Figure 8: LifeLock acquisition email, February 2019
                                                    • Figure 9: AAA member email, November 2018
                                                  • Parametric insurance could redefine some policy types
                                                    • Hippo home insurance raising money and utilizing AI
                                                      • Figure 10: Hippo acquisition mailer, January 2019
                                                  • What’s Struggling?

                                                    • Natural disasters erode industry profits
                                                      • Despite clamor, blockchain application remains largely on the drawing board
                                                        • Most renters are rolling the dice with insurance coverage
                                                          • Figure 11: Renters insurance ownership among renters, by age and income, January 2019
                                                      • What’s New and What’s Next?

                                                        • New York OKs use of social media data for life insurers
                                                          • California bans use of gender in auto underwriting
                                                            • Trōv brings single-item insurance policies for tech gadgets and gear
                                                            • The Consumer – What You Need to Know

                                                              • Those with multiple policies likely bundle insurance with one carrier
                                                                • A large part of the US renter population is uninsured
                                                                  • 18-34-year-olds are the most likely to switch insurers
                                                                    • Mobile interactions are on the rise, especially among younger consumers
                                                                      • Insurance by Google? One third of consumers are interested...
                                                                      • Current Insurance Ownership

                                                                        • Those with multiple policies likely bundle insurance with one carrier
                                                                          • Figure 12: Insurance ownership, bundling policies, by age, January 2019
                                                                          • Figure 13: GEICO, Cross-Sell email, October 2018
                                                                        • Most renters are rolling the dice with insurance coverage
                                                                          • Figure 14: Renters insurance ownership among renters, by age and income, January 2019
                                                                      • Switching Behaviors

                                                                        • Consumers switch auto and renters policies most frequently
                                                                          • Figure 15: Incidence of switching policies and making claims, by insurance type, January 2019
                                                                        • 18-34-year-olds are the most likely to switch insurers
                                                                          • Figure 16: P&C insurer switching behavior, by age, January 2019
                                                                        • Price is the most important driver of loyalty
                                                                          • Figure 17: Motivating factors in switching P&C insurers, January 2019
                                                                          • Figure 18: Liberty Mutual, Acquisition email, July 2018
                                                                      • Tech-Focused Insurance Behaviors

                                                                        • Mobile interactions are on the rise, especially among younger consumers
                                                                          • Figure 19: Use of insurance technology, by age, January 2019
                                                                        • Insurance by Google? One third of consumers are interested...
                                                                          • Figure 20: Interest in insurance from a startup or tech company, by age, January 2019
                                                                        • Smart home devices pique significant consumer interest
                                                                          • Figure 21: Interest in smart home devices, by race and ethnicity, January 2019
                                                                      • Future P&C Offerings

                                                                        • Consumers want discounts more than anything else
                                                                          • Figure 22: Interest in future P&C insurance offerings, January 2019
                                                                        • Parents and Hispanics are most desirous of customer service enhancements
                                                                          • Figure 23: Interest in future P&C insurance offerings, by parental status, January 2019
                                                                          • Figure 24: Interest in future P&C insurance offerings, by Hispanic origin, January 2019
                                                                        • Usage-based auto policies are broadly popular; car and home sharing gaining intrigue
                                                                          • Figure 25: Interest in future P&C insurance offerings, by age, January 2019
                                                                          • Figure 26: Progressive, Acquisition email, January 2019
                                                                          • Figure 27: Metromile, Acquisition email, January 2019
                                                                      • Attitudes toward Insurance

                                                                        • Consumers expect transparency and real time communication…
                                                                          • Figure 28: Consumer expectations of insurer, by generation, January 2019
                                                                        • …but only half of consumers would recommend their P&C insurer
                                                                          • Figure 29: Likelihood of recommending P&C insurer, by generation, January 2019
                                                                        • Many consumers believe “insurance companies are all the same”
                                                                        • Appendix – Data Sources and Abbreviations

                                                                          • Data sources
                                                                            • Consumer survey data
                                                                              • Direct marketing creative
                                                                                • Abbreviations and terms
                                                                                  • Abbreviations