Statistical data showing changes in the insurance sector
*In 2007, insurance premiums totaled approximately USD$4.061 trillion. This figure escalated to USD$4.270 trillion in 2008, an increase of 6.3%. This is the figure obtained worldwide.
*As many as 2.31 million people were employed by the insurance industry in 2008 in United States
*Life insurance companies in US held assets valued at USD$4.51 trillion in 2008
*The insurance gross premiums were USD$1.13 trillion in US, making the nation the largest insurance market worldwide.
*In Caribbean as well as Latin America, insurance premium volume totaled USD$104.9 billion
However, the biggest change the insurance industry is expected to undergo is in the health care sector. The Obama Administration is planning to introduce health care reform that is anticipated to offer better options to the Americans as they are currently at the mercy of the health insurance plans that are thrust upon them by the private health insurance providers.
