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.