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
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Profit
x.x%lock
Employment
16,060
Businesses
240
Market Share of Companies

Industry Threats & Opportunities

  • Demand for industry operators’ services is expected to continue to rise as a result of the aging population in Massachusetts

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    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

    Industry Products

    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

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    • 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
  • 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

    • Products & Markets

    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

    Competitive Landscape

    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

    Major Companies

    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

    • Operating Conditions

    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

    Key Statistics

    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

    Jargon & Glossary

    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.

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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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