Finance and Insurance Trends 2024

Close-up of a financial graph.

Finance and Insurance Sector Trends

As the economy continues to recover from the COVID-19 pandemic, interest rates are expected to rise and the demand for loans is projected to increase. Both of these factors (higher interest rates and increased access to credit) combined with current, worldwide economic gains indicate that the finance and insurance sector is projected to see growth in the coming years.

When analyzing the finance and insurance industry’s key indicators, the sector’s remarkable profit margin and market value suggest that the finance and insurance sector is exceptionally lucrative. As long as current business trends continue to show overall growth in the global economy, it’s likely that the finance and insurance industry will continue to remain highly profitable.

Recommended: Visit our Business Trends page to explore interactive data for other industries.

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Key Sector Indicators

Market Revenue: $5.3 Trillion
Profit: $1.4 Trillion
Profit Margin: 26.8%
Number of Businesses: 983,000
Employment: 8 Million

Sector Revenue Trend

The following graph shows the finance and insurance industry’s revenue since 2002. Additionally, a projection for the sector’s future revenue through 2027 is given. Market revenue is an important key indicator for understanding how much money is coming into a sector. 

Hover over the graph to see the sector’s total revenue for a particular year.

(This graph is interactive!)

Sector Profit Trend

The following graph shows the finance and insurance industry’s profit since 2002. Additionally, a projection for the sector’s future profits through 2027 is given. Profit is an important key indicator for understanding how much net money can be made after factoring in expenses. 

Hover over the graph to see the sector’s total profit for a particular year.

(This graph is interactive!)

Major Players and Industry Competition

Major players in the finance and insurance industry make up roughly 11% of the sector’s total market. UnitedHealth Group Inc, the largest player in the industry, contains over 5% of the finance and insurance market. This indicates that small businesses and new businesses may have to work harder to establish themselves in the finance and insurance industry.

(These graphs are interactive!)

Finance and Insurance Business Formations Trends 2018–2020

Total business applications in this sector:

2018: 214,529

2019: 161,944

2020: 186,915

This graph shows the number of business formation applications each month within the finance and insurance sector since 2018. Business formation applications measure the number of small businesses and companies entering the industry. 

Click on years in the upper-left corner to toggle view.

(These graphs are interactive!)

Business Concentration in the US

Finance and insurance businesses are found at higher volumes in Colorado as well as states throughout the Midwest, such as Pennsylvania, Ohio, and Illinois

The four most populous states, California, Texas, Florida, and New York, contain 32% of the finance and insurance sector’s businesses. However, these numbers correlate with the larger populations of these states.

(This map is interactive!)

TRUiC's Most Popular Business Ideas in This Sector

Here are our most sought-after business pages related to this industry:

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References