Annuities Aggregators: TAM
Little preexisting statistics for the annuities aggregators market exist in order to find an exact estimate for the total addressable market. However, we have found a number of statistics and insights that may shed light on the market reach for annuities aggregators.
- According to the Insurance Information Institute, the annuities industry market size in 2018 was $233.8 billion.
- In 2019, annuity sales reached $241.7 billion, the largest in 11 years.
- According to a 2019 press release, Blueprint Income, an annuity aggregator, has over 1.5 million users.
- Of all consumers of annuities and life insurance policies, 45 percent reported finding company websites and annuities aggregators to be the "most useful online destinations."
- As of 2018, there are 312 million internet users in the U.S.
- According to a 2013 Gallup and Committee of Annuity Insurers survey, "There is a great deal of stability in the demographics and attitudes of individual annuity owners."
- The Gallup and Committee of Annuity Insurers survey found that non-qualified annuity owners are 51 years old on average at the time of their first purchase, with nearly 40 percent being younger than 50.
- According to a LIMRA study, half of all annuity purchasers are under the age of 60.
- The majority of current annuity owners are women: 51 percent versus 49 percent male.
- The majority (58 percent) of annuity owners are married.
- Annuity purchasers' median annual household income is $64,000, with 80 percent of incomes below $100,000.
- According to the Insurance Information Institute, annuity sales rose by 14.9 percent from 2017 to 2018. However, from 2016 to 2017, sales decreased 8.4 percent. Sales also decreased 5.8 percent from 2015 to 2016.
- On December 20, 2019, the SECURE (Setting Every Community Up for Retirement Enhancement) Act was signed into law. This act is predicted to increase consumer access to annuities within the context of employer retirement plans.
To find information directly related to the total addressable market size of annuities aggregators, we researched examples of specific platforms and marketplaces where consumers receive service and information about annuities, news articles about these aggregators, and their company websites. We were able to conclude that the users of annuities aggregators would have access to the internet and would fall under the general target demographics of those purchasing annuities. However, due to the limited information available on the market size, revenue, and marketing demographics of annuity aggregators in the US, we then collected information on the annuities industry market size, the demographics of those purchasing annuities, and predictions for growth or decline in the annuities industry.