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Insurance industry market grows to a record level in 2016

Insurers have grown their market share by almost 30% to almost $1 trillion, according to new data released on Wednesday.

The number of insurance companies in the US grew by 27% to 2.5 million, up from 1.7 million in 2016, the Federal Trade Commission said in a release.

Insurers have been working to make up for the losses of 2017, when the market was hit by a record-breaking flu pandemic.

“This is an incredible time to be an insurer,” said Dan Reis, chief executive of reinsurance and investment firm Reis Advisors.

“We are in a better place to capitalize on the opportunities we have now and the opportunities to build on in the future.”

Insurers reported a record $7.3 trillion in premiums in the third quarter, a record number for the year and up 8.4% from a year ago.