Insurance Spending — Hitting $3.8 Trillion in 2024

We are buying more insurance these days than in the past. The market analytics company, Stocklytics.com has analyzed data and found insurance spending his gone up by 44% since 2017.

That has added $1.2 trillion to what we spend on commercial, personal lines, health, life and other insurance products and that spending is expected to hit $3.8 trillion by the end of 2024.

Projections from another data firm, Statista says insurance purchasing in the U.S. will hit $4.5 trillion by 2029. That’s a jump of 20% over this year’s high.    

Consumers in the United States purchase more insurance than people in other countries. That includes China, Japan, Germany and the United Kingdom. Don’t expect that gap to narrow anytime soon.

Consumers in the U.S. are expected to spend about $650 billion more than other countries by 2029.

Stocklytics says one reason we spend more on insurance than other countries is because of more privatized insurers. This is especially true about health insurance. Many other nations have public rather than private healthcare.

We’re also a bit wealthier than most other countries and that drives demand.

Breaking it down, the average spent on insurance in the U.S. is expected to hit $12,800 per person by 2029. Europeans spend about six times less. In Asia that figure is 27 times.

Source link: Insurance Business America — https://bit.ly/4fBiFw7