Overview

Peace of mind: Industry growth will continue more slowly as insurance rates normalize

IBISWorld’s Property, Casualty and Direct Insurance in Illinois Industry Research Report offers insight into the market at the national level. Our analysis highlights macro trends in the overall sector and the micro trends faced by companies that do business in the Property, Casualty and Direct Insurance in Illinois industry. Our five-year outlook forecasts explain how the market is set to change and the product segments that will drive growth.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Industry operators entered into a hardening price cycle to rebuild their balance sheets and improve profitability
  • Though small, investment income is a vital source of revenue for industry operators
  • Industry operators are expected to continue rebuilding their excess reserves on hand

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    Industry Analysis & Industry Trends

    Similar trends both nationally and in Illinois have led to revenue growth for the Property, Casualty and Direct Insurance industry in Illinois. In 2012, industry operators entered into a hardening price cycle to rebuild their balance sheets and improve profitability after numerous catastrophic events. As a result, net premiums written for key lines of insurance such as private auto insurance and workers' comp increased rapidly during the period. Industry revenue is expected to continue to grow over the five years to 2022, though at a slightly slower rate than the prior period. In the first half of the period, industry operators are expected to keep benefiting from a hardening price cycle and increasing interest rates as the Federal Reserve continues normalizing rates...

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    Industry Report - Industry Key Buyers Chapter

    The Property, Casualty and Direct Insurance industry operates with a low level of market share concentration. The top four companies in the industry account for an estimated 28.2% of industry revenue, which is roughly in line with the industry's market share concentration at the national level. While the largest company at the national level, State Farm Insurance Companies, remains the largest player in the industry in Illinois, its share of the Illinois industry is higher than at the national level. State Farm accounts for 14.9% of industry revenue, compared to 11.6% at the national level. Should the industry enter into a softening price cycle, State Farm would potentially gain the most in terms of market share. The..

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    Additional Insights for the Property, Casualty and Direct Insurance in Illinois Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Property, Casualty and Direct Insurance in Illinois Industry are

  • Ability to effectively manage risk
  • Offer a range of insurance products
  • Management of a high-quality assets portfolio
  • IBISWorld analysts also discuss how external factors such as Homeownership rate in Illinois and Number of Businesses in Illinois in the Property, Casualty and Direct Insurance in Illinois industry impact industry performance..

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    Industry Products

    What is the Property, Casualty and Direct Insurance in Illinois Industry?

    Operators in this industry are primarily engaged in underwriting insurance policies that protect individuals, businesses and agencies against losses that occur as a result of property damage, liability or other risks. Industry participants also protect real estate owners or creditors against losses sustained as a result of any title defect to real property. This industry does not include insurance coverage for life, disability, accidental death, dismemberment or health risks.

    Industry Products
    Private passenger auto
    Commercial auto
    Homeowners multiple peril
    Workers compensation
    Commercial multiple peril
    Fire
    Other liability
    Industry Activities
    Directly underwriting automobile insurance
    Directly underwriting homeowners' insurance
    Directly underwriting title insurance
    Directly underwriting workers' compensation insurance
    Directly underwriting medical malpractice insurance
    Reinsuring policies from other insurance companies

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Homeownership rate in Illinois
  • Number of Businesses in Illinois
  • Unemployment Rate in Illinois
  • Yield on 10-year Treasury note

  • Current Performance
  • Pricing cycles
  • Investment landscape
  • Industry landscape
  • Chart: Revenue Growth

  • Industry Outlook
  • Pricing cycles
  • Investment income and macroeconomic trends
  • Industry landscape
  • Table: Property, Casualty and Direct Insurance in Illinois Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Property, Casualty and Direct Insurance in Illinois Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Mining
  • Wholesale Trade
  • Information
  • Educational Services
  • Consumers

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

  • Products & Services
  • Private passenger auto
  • Other
  • Other liability
  • Homeowners multiple peril
  • Workers compensation
  • Commercial multiple peril
  • Commercial auto
  • Fire
  • Chart: Property, Casualty and Direct Insurance in Illinois Industry Products and Services Segmentation

  • Major Markets
  • Other commercial market
  • Private auto market
  • Other private market
  • Commercial vehicle market
  • Other insurance carriers
  • Chart: Major Market Segmentation for the Property, Casualty and Direct Insurance in Illinois Industry

  • Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Loss and loss adjustment expenses
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Property, Casualty and Direct Insurance in Illinois

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Property, Casualty and Direct Insurance in Illinois Industry

  • Major Companies
    State Farm Insurance CompaniesAllstate CorporationBerkshire Hathaway Inc.Country FinancialTravelers Companies Inc.
  • Table: State Farm Insurance Companies - financial performance
  • Table: Allstate Corporation - financial performance
  • Table: Berkshire Hathaway Inc. - financial performance
  • Table: Country Financial - financial performance
  • Table: Travelers Companies Inc. - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Property, Casualty and Direct Insurance 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
    Key Statistics
    Table: Industry Data for the Property, Casualty and Direct Insurance in Illinois Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of Motor Vehicle Registrations (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    Capacity
  • The supply of insurance or the maximum amount of insurance a company or market can underwrite, which is determined by a firm's financial strength or surplus.
  • Cede
  • The action of an insurer passing risk to a reinsurer. The cedent purchases a contract, indemnifying them for specific losses realized in assuming liability through the issuance of insurance policies.
  • Combined Ratio
  • A measurement of a firm's underwriting performance and profitability, equal to the loss ratio plus the expense ratio.
  • Expense Ratio
  • Underwriting or operation expenses as a percentage of earned premiums, indicating the percentage of premium income that was consumed in writing insurance business.
  • Loss Ratio
  • The percentage of premiums earned that were paid out as claims; equal to loss-incurred and loss-adjusted expenses (LLAE) divided by earned premiums.
  • Policyholder Surplus
  • The difference between an insurer's liabilities and its assets; the financial cushion that protects policyholders in case of unexpectedly high claims.
  • Title Insurance
  • Indemnity insurance that protects against financial loss from defects in title to real property and from invalidity of mortgage liens.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Property, Casualty and Direct Insurance 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 Property, Casualty and Direct Insurance 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 Property, Casualty and Direct Insurance 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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