Industry Information about Life InsuranceThe life insurance industry in America is considered a leader of the economy, with assets of $3.3 trillion in 2001. The industry’s tie to public interest, has subjected it to governmental examination and legislation since its start more than two centuries ago. There were close to 1,549 companies that underwrote life insurance and annuities at the end of 2000, with premiums adding up to $472 billion in 2001, compared to $405 billion in 1997. Thanks to a record level of consolidation in the late 1990s and early 2000s, the top 10 life and health insurance companies accounted for more than 40 percent of these premiums in 2001. Health On the Net Foundation provides more in-depth information on the Life Insurance Industry.Recent Trends in Life InsuranceAnnuities were nearly non-existent prior to the 1970s, but they accounted for more than 50 percent of total premiums in 2001. Individual and group life insurance accounted for 26 percent of premiums, while health and accident insurance brought in another 20 percent. Life Insurance in Charlotte under AEGON USA Inc. and Chicago Life Insurance under Nationwide reached their peak in the rankings by falling in the 2001 top 10 U.S. life insurance companies. The other eight include American International Group, Hartford Life Inc., Metropolitan Life, ING Group, Prudential of American Group, New York Life, Mass Mutual Financial Group, and GE Financial Assurance Group.Businesses in This CategoryThis industry covers establishments primarily engaged in underwriting life insurance. These establishments are run by enterprises that may be owned by policyholders, stockholders, or other carriers.
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