How much profit did insurance companies make in 2007 and 2008?
Does anyone know how much profit did insurance companies make in 2007 and 2008? Or from where I can get this info.
I need these stats for a project I am working on and would like to thank you in advance.
Here’s for the health insurance companies for 2008:
"The top five earning insurance companies averaged profits of $1.56 billion in 2008 and reported spending an average of “more than 18 percent of their revenues on marketing, administration, and profits.” That year, CEO compensation for these companies ranged from $3 million to $24 million.”
There’s a chart at:
http://wonkroom.thinkprogress.org/2009/08/05/are-health-insurers-making-too-much-money/
For 2007:
"The study estimates that retained earnings, or surplus, for the entire industry was $687 billion at the end of 2007." (This is for all insurance companies)
http://nofaultparadise.blogspot.com/2008/01/insurance-companies-maintain-record.html#
October 31st, 2009 at 2:52 am
If you can get your hands on some copies of Best’s Review, that’s the insurance industry publication that gives nice, round numbers like that.
HOWEVER, the numbers I’ve seen, are broken up by line of business – ie, life, auto, homeowners, commercial property, workers comp, health, etc.
They’re also much more accurate when broken up by state. And most of the time, you’re only going to get the LOSS RATIOS (percentage of each dollar paid in, paid out in claims) or combined ratios (how much of every premium dollar got paid out in both claim dollar plus administrative cost).
The REAL profits, are made from the investing of their reserves. Those actual numbers should be available in the SEC filings with each publicly traded insurance company (www.sec.gov).
Now, I just pulled out my Best Supplemental from 2008, but the numbers in it are from 2006. And clearly, if you list by 50 different lines of business, it’s going to be massivly huge. But maybe if you narrow down your question, like by one company (so you can look it up on the SEC website) or one line of business, it will be easier to get the info.
References :
October 31st, 2009 at 3:10 am
you will get this information from the website of International Financial Services, London IFSL ie. http://www.ifsl.org.uk/output/ ……………… i am 100% sure my information is correct and i just found a sample information for you from this site in REPORTS link …………………. Net worldwide premium income of the UK insurance market reached £262.6bn in 2007, up a fifth on the previous year according to a new edition of IFSL’s Insurance report. Long-term insurance premiums increased by a quarter during the year to £218.9bn, a result of strong growth in pension and life insurance premiums. General insurance premiums increased by a fifth to £43.7bn. Gross premiums on the London Market were conservatively estimated at £24.5bn in 2007, up slightly on the previuos year’s total……………………..many more reports are there on the site.
References :
i am student of Chartered Insurance Institute…… i read the site in my book.
October 31st, 2009 at 3:21 am
Here’s for the health insurance companies for 2008:
"The top five earning insurance companies averaged profits of $1.56 billion in 2008 and reported spending an average of “more than 18 percent of their revenues on marketing, administration, and profits.” That year, CEO compensation for these companies ranged from $3 million to $24 million.”
There’s a chart at:
http://wonkroom.thinkprogress.org/2009/08/05/are-health-insurers-making-too-much-money/
For 2007:
"The study estimates that retained earnings, or surplus, for the entire industry was $687 billion at the end of 2007." (This is for all insurance companies)
http://nofaultparadise.blogspot.com/2008/01/insurance-companies-maintain-record.html#
References :