TRENDS IN THE DEVELOPMENT OF THE US INSURANCE MARKET
IN THE CONTEXT OF GLOBAL CHANGES

Olena NOVOSIОLOVA

Kherson National Technical University, Khmelnytskyi

https://orcid.org/0000-0002-5225-6353

DOI: http://doi.org/10.34025/2310-8185-2025-2.98.05

Keywords: US insurance market, insurance companies, insurance regulation, insurance penetration, insurance premiums, insurance management.

Summary

The insurance market of the United States is recognized as the largest and one of the most advanced in the world, playing a pivotal role in the country's financial system and exerting a significant influence on global insurance trends. While various aspects of foreign insurance systems have been studied in Ukrainian academic literature, comprehensive analysis of the structural and functional specifics of the U.S. insurance market remains limited. This study addresses that gap by focusing on the decentralized regulatory model, the diversity of insurers, market segmentation, employment trends, and the market’s responsiveness to economic and societal shifts.

The purpose of the research is to statistically evaluate the key indicators of the U.S. insurance market and to identify the main features of its functioning that contribute to its global leadership. The methodological framework involves quantitative analysis of data from the National Association of Insurance Commissioners, the Federal Insurance Office, the OECD, and the Insurance Information Institute.

The study applies comparative and systemic approaches, evaluates premium volumes, insurance penetration relative to GDP, the number and types of insurance companies, and employment levels in the sector. Findings indicate steady growth in direct and gross insurance premiums, with over $3.18 trillion recorded in 2023 and more than 5,900 licensed insurers operating in the country. The U.S. insurance sector employs over 3 million people, reflecting its critical role in the national economy. Regulatory authority is predominantly held by state governments, while national coordination is facilitated by the NAIC. External factors such as climate change, demographic aging, digitalization, and the COVID-19 pandemic are actively shaping market responses and product offerings. These insights are of practical significance for policymakers and researchers seeking to enhance insurance sector resilience and can serve as a foundation for reforming emerging insurance markets, including that of Ukraine.

Biographies of authors:

Olena NOVOSIОLOVA,

Kherson National Technical University

Candidate of Economic Sciences, Associate Professor of

the Department of Finance, Accounting and Taxation

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