Facts You Need to Know about Insurance Claims

Insurance companies have been a huge part of America’s economy.  For the past years, millions of claimants and employees depend on this multi-billion industry. From one of your most trusted public adjusters, here are some facts you might need to know about one of the industries that is behind the country’s progress.

• Property and Casualty insurance is an estimated $420 billion industry.
• Insurance carriers and related activities totaled 3% of the 2009 GDP.
• In 2009, Property & Casualty Insurance companies reached 2,737 while Life or Health Insurances reached 1,106.
• In 2010, an estimated 2.2 million people worked in the insurance industry.
• On the 2010 Fortune 500 annual ranking of America’s largest corporations, 20 Property and Casualty insurance companies are listed.
• Based on statistics, paying semi-annually or annually for insurance can save you a great deal on money.
• Credit scores can actually affect the rate of your insurance.
• Insurance companies may raise everyone’s rates after a disaster. However, your personal rate increase is paying for everyone else’s damage—except yours—by not filing your claim.
• Insurance companies see certain occupations as a reflection of the claimant. Thus, your job affects your insurance rates.
• As of late September 2013 insured losses from fire were estimated at $217 million. This is around four times higher than 2002 which resulted in $46.1 million.
• In 2010, an estimated $7.9 billion went to the insured catastrophe losses. This is $0.2 billion higher compared to that of 2009.
• In 2009, ISO reported that a total of $10.6 billion in property losses related to catastrophes were paid by insurers. This is less than half of the $27 billion paid in 2008. Mainly, this is because there were only 28 catastrophes in 2009, down from 37 in 2008.
• As of 2010, there were 5,613,040 federal flood insurance policies in force. This represents more than $3.3 billion in premium.