Covering higher: Rising employment and interest rates will support industry growth

Over the five years to 2017, the Life Insurance and Annuities industry in Illinois has exhibited healthy growth in line with growing demand. For example, per capita disposable income in Illinois has trended upward as the state economy has grown. As a result, Illinoisans have benefited from greater income to spend on discretionary expenses, including life insurance and annuities. The industry is also anticipated to strengthen over the five years to 2022 as demand for industry products and services grows. Illinoisans will have additional income to spend on life insurance and annuities, augmenting industry revenue...purchase to read more.

Industry Statistics & Market Size
Revenue
$34bn
Annual Growth 12-17
1.7%
Forecast Growth 17-22
Profit
Employment
10,631
Businesses
330

Industry Threats & Opportunities

  • Illinoisans have benefited from greater income to spend on life insurance and annuities
  • The federal funds rate has remained near historical lows during the period
  • As higher personal taxes begin to take effect, adults are projected to continue leaving the state
  • Industry Report - Industry Locations Chapter

    The distribution of operators in Illinois is heavily skewed toward the Chicagoland region of the state, which represents the most populous area. This region serves as the economic hub of the Prairie State, yielding strong demand for life insurance and annuities. As a result, the vast majority of insurers have operations in this region to maintain proximity to its people and businesses...purchase to read more.

    Additional Insights for the Life Insurance & Annuities in Illinois Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Life Insurance & Annuities in Illinois Industry are

  • Financial strength
  • Must comply with government regulations
  • Effective asset management
  • IBISWorld analysts also discuss how external factors such as Number of adults aged 20 to 64 in Illinois and Per Capita Disposable Income in Illinois in the Life Insurance & Annuities in Illinois industry impact industry performance..

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    What's in this report

    What is the Life Insurance & Annuities in Illinois Industry?

    Operators within this industry are primarily engaged in accepting liability under annuities and life, disability income and accidental death and dismemberment insurance policies in Illinois. Enterprises within this industry include fraternal organizations, privately held insurers, publicly traded insurers and mutual insurance companies.

    Industry Products
  • Fixed-rate deferred annuities
  • Individual whole-life premiums
  • Group life premiums
  • Individual term life premiums
  • Individual universal life premiums
  • Immediate annuities
  • Variable deferred annuities
  • Industry Activities
  • Underwriting variable deferred annuities
  • Underwriting fixed rate deferred annuities
  • Underwriting individual whole life policies
  • Underwriting group life policies
  • Underwriting individual universal life policies
  • Underwriting immediate annuities
  • Underwriting individual term life policies
  • Investing insurance premiums
  • Similar Industries
  • Life Insurance & Annuities
  • Health & Medical Insurance
  • Reinsurance Carriers
  • Health & Welfare Funds
  • Workers' Compensation & Other Insurance Funds
  • Life Insurance & Annuities in California
  • Health & Medical Insurance in California
  • Property, Casualty & Direct Insurance in California
  • Life Insurance & Annuities in New York
  • Health & Medical Insurance in New York
  • Property, Casualty & Direct Insurance in New York
  • Property, Casualty and Direct Insurance in Illinois
  • Health & Medical Insurance in Illinois
  • Property, Casualty and Direct Insurance in Texas
  • Property, Casualty and Direct Insurance in Florida
  • Health & Medical Insurance in Florida
  • Property, Casualty and Direct Insurance in Massachusetts
  • Life Insurance & Annuities in Massachusetts
  • Health & Medical Insurance in Massachusetts
  • Property, Casualty and Direct Insurance in Ohio
  • Health & Medical Insurance in Ohio
  • Property, Casualty and Direct Insurance in Pennsylvania
  • Life Insurance & Annuities in Pennsylvania
  • Health & Medical Insurance in Pennsylvania
  • Property, Casualty and Direct Insurance in New Jersey
  • Life Insurance & Annuities in New Jersey
  • Health & Medical Insurance in New Jersey
  • Property, Casualty and Direct Insurance in Georgia
  • Life Insurance & Annuities in Georgia
  • Health & Medical Insurance in Georgia
  • Property, Casualty and Direct Insurance in Michigan
  • Life Insurance & Annuities in Michigan
  • Health & Medical Insurance in Michigan
  • Property, Casualty and Direct Insurance in Wisconsin
  • Life Insurance & Annuities in Wisconsin
  • Health & Medical Insurance in Wisconsin
  • Property, Casualty and Direct Insurance in Washington
  • Life Insurance & Annuities in Washington
  • Health & Medical Insurance in Washington
  • Property, Casualty and Direct Insurance in Virginia
  • Life Insurance & Annuities in Virginia
  • Health & Medical Insurance in Virginia
  • Property, Casualty and Direct Insurance in Tennessee
  • Life Insurance & Annuities in Tennessee
  • Health & Medical Insurance in Tennessee
  • Property, Casualty and Direct Insurance in Missouri
  • Life Insurance & Annuities in Missouri
  • Property, Casualty and Direct Insurance in North Carolina
  • Life Insurance & Annuities in North Carolina
  • Health & Medical Insurance in North Carolina
  • Property, Casualty and Direct Insurance in Minnesota
  • Life Insurance & Annuities in Minnesota
  • Health & Medical Insurance in Minnesota
  • Property, Casualty and Direct Insurance in Maryland
  • Life Insurance & Annuities in Maryland
  • Health & Medical Insurance in Maryland
  • Property, Casualty and Direct Insurance in Colorado
  • Life Insurance & Annuities in Colorado
  • Health & Medical Insurance in Colorado
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of adults aged 20 to 64 in Illinois
  • Per Capita Disposable Income in Illinois
  • Unemployment Rate in Illinois
  • Yield on 10-year Treasury note

  • Current Performance
  • Demographic challenges
  • Interest rates
  • Industry landscape
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand characteristics
  • Interest rates
  • Industry landscape
  • Table: Life Insurance & Annuities in Illinois Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Life Insurance & Annuities in Illinois Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining
  • Manufacturing
  • Consumers

  • Key Selling Industries
  • Insurance Brokers & Agencies
  • Reinsurance Carriers
  • Third-Party Administrators & Insurance Claims Adjusters

  • Products & Services
  • Variable deferred annuities
  • Other
  • Fixed-rate deferred annuities
  • Individual whole-life premiums
  • Group life premiums
  • Individual term life premiums
  • Individual universal life premiums
  • Immediate annuities
  • Chart: Life Insurance & Annuities in Illinois Industry Products and Services Segmentation

  • Major Markets
  • Individuals aged 35 to 44
  • Individuals aged 45 to 54
  • Individuals aged 34 and younger
  • Individuals aged 55 to 64
  • Individuals aged 65 and older
  • Chart: Major Market Segmentation for the Life Insurance & Annuities in Illinois Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitBenefit paymentsAdditions to policy reservesWages and commissionsOther
  • Chart: Cost Structure Benchmarking – Sector vs Life Insurance & Annuities in Illinois

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Life Insurance & Annuities in Illinois Industry

  • Metropolitan Life Insurance Company, The Northwestern Mutual Life Insurance Company, Prudential Financial Inc., Jackson National Life Insurance Company,
  • Table: Metropolitan Life Insurance Company - financial performance
  • Table: The Northwestern Mutual Life Insurance Company - financial performance
  • Table: Prudential Financial Inc. - financial performance
  • Table: Jackson National Life Insurance Company - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Life Insurance & Annuities in Illinois Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Life Insurance & Annuities in Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of Adults Aged 65 and Older in Illinois (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Fixed Annuity
  • A type of investment vehicle that guarantees a future stream of fixed payments. Annuities transfer investment risk from the insured to the insurer.
  • Permanent Life Insurance
  • A policy that provides similar coverage as term life insurance but is meant to be held and paid for during the duration of the insured person's life.
  • Policies In Force
  • The total dollar amount of insurance that has been issued by a company, which is generally the sum of the face value or potential payouts of the policy plus dividends.
  • Term Life Insurance
  • A policy that provides life insurance coverage at a fixed rate of payments over a limited period of time, usually one year. After the period, coverage at the previous rate is not guaranteed.
  • Variable Annuity
  • A type of annuity that provides future payments to the contract holder, usually at retirement. Payments are dependent on the performance of annuity's underlying portfolio of securities.
  • Variable Life Insurance
  • A type of life insurance in which benefit payments are determined by the performance of underlying investments chosen by the policyholder.
  • Whole Life Insurance
  • A permanent life insurance policy that remains in force for the insured person's whole life as long as premium payments remain current or on time.
  • What Our Customers Say

    Why buy this report?

    The Life Insurance & Annuities in Illinois Industry Research Report measures market size, analyses current and future trends, and provides an indication of market share for the industry’s largest companies. IBISWorld’s collection of industry market research reports gives you insightful, up-to-date information on the supply chains, economic drivers, and key buyers and markets for hundreds of industries.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
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    • Inform your decisions for marketing, strategy and planning
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    This report on Life Insurance & Annuities in Illinois:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Life Insurance & Annuities in Illinois market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Life Insurance & Annuities in Illinois, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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