Secured for life: Industry demand will rise as a result of the aging population in Massachusetts

Despite a small decline in the number of policies in force, the Life Insurance and Annuities industry in Massachusetts has grown gradually over the five years to 2018. Life insurance policies are used to supplement remaining family members financial situations in the event of a death. Annuities, however, are primarily used by individuals who are retired and seeking a stable form of income. While used in different circumstances, both of these products benefit from a state that has a growing number of older residents, since they are most likely to use these products. Over the five years to 2018, the number of individuals 50 and older in Massachusetts has increased an annualized 1.5%. Additionally, disposable income growth enables more consumers to invest in life insurance or annuities...purchase to read more.

Industry Statistics & Market Size
Revenue
$28bn
Annual Growth 13-18
0.5%
Forecast Growth 18-23
Profit
Employment
16,060
Businesses
240

Industry Threats & Opportunities

  • Demand for industry operators’ services is expected to continue to rise as a result of the aging population in Massachusetts
  • Industry Report - Industry Key Buyers Chapter

    • The four largest operators in the industry in Massachusetts account for 18.3% of industry revenue in 2018. This represents a low level of concentration.• The concentration of the industry in Massachusetts is slightly higher than the national level of concentration as a result of large operators in the state.• Despite a higher level of concentration, the average operators in Massachusetts is estimated to employ 321 workers in 2018, compared with the national average of 523 workers per enterprise.• Geographic proximity to clients helps build an understanding of their needs and helps operators gain their business, but also limits the level of market share concentration...purchase to read more.

    Additional Insights for the Life Insurance & Annuities in Massachusetts Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Life Insurance & Annuities in Massachusetts 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 50 and older in Massachusetts and Per capita disposable income in Massachusetts in the Life Insurance & Annuities in Massachusetts industry impact industry performance..

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    What's in this report

    What is the Life Insurance & Annuities in Massachusetts Industry?

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

    Industry Products
  • Annuities
  • Life insurance
  • 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
  • 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
  • Life Insurance & Annuities 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
  • 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 50 and older in Massachusetts
  • Per capita disposable income in Massachusetts
  • Number of businesses in Massachusetts
  • Unemployment rate in Massachusetts

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Life Insurance & Annuities in Massachusetts 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
  • Life insurance
  • Annuities
  • Other
  • Chart: Life Insurance & Annuities in Massachusetts Industry Products and Services Segmentation

  • Major Markets
  • 50-64
  • 30-49 years old
  • 65 years and older
  • Under 30 years old
  • Chart: Major Market Segmentation for the Life Insurance & Annuities in Massachusetts Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Life Insurance & Annuities in Massachusetts

  • Basis of Competition
    Barriers to Entry
    Massachusetts Mutual Life Insurance Company, Metropolitan Life Insurance Company, New York Life Insurance Company,
  • Table: Massachusetts Mutual Life Insurance Company - financial performance
  • Table: Metropolitan Life Insurance Company - financial performance
  • Table: New York Life Insurance Company - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Life Insurance & Annuities in Massachusetts 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 Massachusetts Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • MA - Number of adults aged 50 and older in Massachusetts (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    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.
  • 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?

    IBISWorld’s Life Insurance & Annuities in Massachusetts Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    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 Massachusetts:
    • 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 Massachusetts 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 Massachusetts, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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