Industry Information about Insurance AgentsThe insurance industry in America is said to be the leader of the economy, with assets peaking at $3.3 trillion in 2001. Due mainly to public interest, the life insurance industry has had the spotlight put on it by governmental legislation since its beginning over two centuries ago. There were almost 1,549 companies that underwrote life insurance and annuities at the end of 2000. Insurance in Philadelphia began this flourishing industry with the very first company in 1794; Insurance Company of North America. Soon after came insurance in New York City when the New York Life Insurance and Trust Company joined forces, becoming the first company to utilize life insurance agents.Recent Trends in InsuranceWith the stock market plummeting in late 2001, and remaining low the next couple years, a trend developed, undermining the whole insurance investment industry. The result cut the life insurance sector's net income in half to $11.4 billion in 2001. Yet, consolidation in the late 1990s and early 2000s permitted the industry giants to expand, resulting in 51 mergers and acquisitions, which totaled $32 billion. The Insurance Information Institute provides a detailed look at the latest insurance industry statistics.Businesses in This CategoryThis classification provides coverage of institutions primarily engaged in underwriting insurance in general or life insurance. These establishments are run by enterprises that may be in possession of by policyholders or stockholders.
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