Insurances have become more popular among people and businesses because of the increase in risk. Besides, the internet has also led to the popularity of the industry. People can search for the cheapest rates online and this increase in demand have also motivated the companies to merge together to get a global market.
Statistics
In the U.S the total assets of life insurance grew at the average rate of 12% from 2002 to 2004, much more than the slower growth of 3% from 2000 to 2002.
According to the U.S. Central Intelligence Agency, (economic/demo-graphic data) in the year 2003, the total premiums were at $ 1,055,498 million the total premium from life insurance were $480,919 U.S $ Million and from non life insurances it was $574,579 U.S $ Million.