Increase in Insurance Market in the United States
Over the recent year, the financial sector has experienced changes. One aspect of the financial sector that has been characterized by significant changes in the insurance sector. In the United States, the insurance sector has witnessed an ever-growing trend. The increasing trend can be attributed to a number of factors among them being increasing market conditions that have made it possible for more individuals to take up insurance covers. According to reports by the Federal Insurance Office (FIO) in the United States, there has been a relatively growing number of insurance policies from the period between 2013 and 2018.
A closer examination of the FIO report in 2013 indicates that the future of insurance in the US is set to increase. The increase in insurance policies was recommended after a closer examination of factors that could lead to the increasing trend. One of the factors recommended in the 2013 report was the changing demographics in the US. With the decreasing fertility rates and ageing of the generation, insurance providers were set to provide their customers with alternative solutions for their insurance needs (Federal Insurance Office 49).
Based on the recommendations of the FIO 2003 report, it can be said that the changes were put into consideration. The 2018 FIO report indicated an increase in premiums in the US especially with Life and Health insurance as well as Property …
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