Saving up: Rising premiums and higher interest rates will improve industry revenue prospects

Over the past five years, the Property, Casualty and Direct Insurance industry's performance was hampered by a soft-pricing cycle, weak demand for title insurance and poor investment income. However, the stability of property and casualty (P&C) insurance, which is the industry's largest market segment, and its reliance on renewals rather than the generation of new business, tempered these negative trends. As a result, industry revenue is expected to increase modestly over the five years to 2016. In the coming years, technological changes, including systems upgrades and the increased use of cloud computing, will enable industry operators to decrease operational expenses and more effectively manage risk...purchase to read more.

Industry Statistics & Market Size
Revenue
$49bn
Annual Growth 12-17
2.4%
Forecast Growth 17-22
x.x%lock
Profit
x.x%lock
Employment
36,716
Businesses
807
Market Share of Companies

Industry Threats & Opportunities

  • Rising premiums and higher interest rates will significantly improve the industry’s revenue prospects
  • Consumers have not changed their consumption of insurance products despite their rising cost
  • Operators are expected to rotate into a softening price cycle

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    Industry Report - Industry Locations Chapter

    Establishments for insurance providers normally follow population distributions in any given state. The average industry operator looks to provide a specific geographic region with a one or a handful of lines of insurance. In order to provide these services to best fit their clients’ needs, industry operators will look to open establishments in areas where there is high population and business density. Unsurprisingly, this has lead industry operators in New York to place an overwhelming emphasis on New York City, which is home to 28.4% of the state’s industry establishments and 43.2% of its total population. On top of having a high concentration of businesses and consumers, New York City is a global financial epicenter. By ...purchase to read more.

    Additional Insights for the Property, Casualty & Direct Insurance in New York Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Property, Casualty & Direct Insurance in New York 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 Housing Starts in New York and Number of Businesses in New York in the Property, Casualty & Direct Insurance in New York industry impact industry performance..

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    What's in this report

    Industry Products

    What is the Property, Casualty & Direct Insurance in New York 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
  • Homeowners' multiple peril
  • Other liability
  • Workers' compensation
  • Commercial multiple peril
  • Commercial auto
  • Fire
    • 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

    • Related Reports

    Similar Industries
  • Life Insurance & Annuities
  • Health & Medical Insurance
  • Reinsurance Carriers
  • 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 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
  • 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

    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
  • Housing Starts in New York
  • Number of Businesses in New York
  • Per Capita Disposable Income in New York
  • Unemployment Rate in New York

    • Current Performance
  • Industry mechanics and trends
  • Industry landscape
  • Chart: Revenue Growth

    • Industry Outlook
  • Rotation in premium pricing
  • Industry landscape
  • Table: Property, Casualty & Direct Insurance in New York Industry Revenue Outlook

    • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Property, Casualty & Direct Insurance in New York 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
  • Workers' compensation
  • Homeowners' multiple peril
  • Commercial multiple peril
  • Commercial auto
  • Fire
  • Chart: Property, Casualty & Direct Insurance in New York Industry Products and Services Segmentation

    • Major Markets
  • Commercial market
  • Personal market
  • Other insurance carriers
  • Chart: Major Market Segmentation for the Property, Casualty & Direct Insurance in New York Industry

    • Business Locations
    Chart: Business Locations by State

    Competitive Landscape

    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Loss and loss adjustment expenses
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Property, Casualty & Direct Insurance in New York

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

    • Major Companies

    Allstate Insurance Company, Berkshire Hathaway Inc., New York State Insurance Fund, State Farm Mutual Automobile Insurance Company,
  • Table: Allstate Insurance Company - financial performance
  • Table: Berkshire Hathaway Inc. - financial performance
  • Table: New York State Insurance Fund - financial performance
  • Table: State Farm Mutual Automobile Insurance Company - financial performance

    • Operating Conditions

    Capital Intensity
  • Chart: Level of Capital Intensity for the Property, Casualty & Direct Insurance in New York 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 & Direct Insurance in New York Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • NY - Number of Businesses in New York (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; it equals 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 are paid out as claims; equal to loss-incurred and loss-adjusted expenses (LLAE) divided by earned premiums.
    • Policyholder Surplus
  • The financial cushion that protects policyholders in case of unexpectedly high claims, represented by the difference between an insurer’s liabilities and assets.
    • 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 by which insurers assess the risks to insure and decide how much to charge for those risks.
    • What Our Customers Say
    Why buy this report?

    IBISWorld’s industry research report on Property, Casualty & Direct Insurance in New York can be used to help you understand the industry’s market size, growth potential and major companies. Five-year forecasts provide insight into the industry’s prospects, so you can make decisions with confidence. This information is perfectly suited to informing your business plans, pitch books, benchmarking and SWOT analysis.

    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 & Direct Insurance in New York:
    • 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 & Direct Insurance in New York 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 & Direct Insurance in New York, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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