The world is fast changing and many things have to be in place to help safeguard the life of the human being and also help the world to become a better place, therefore casualty insurance in USA is one of the categories of insurance that helps to protect the human activities. There are many things to learn via this post on casualty insurance. Most times the property insurance is attributed the same with casualty insurance so don’t be surprised when you see them link up together.
Casualty insurance is a problematically defined term which broadly encompasses insurance not directly concerned with life insurance, health insurance, or property insurance.
One of the most common kinds of casualty insurance is automobile insurance which insurance provides liability coverage in the event that a driver is found “at fault” in an accident.
However, a policy would no longer be a casualty insurance policy if coverage were extended to cover damage to one’s own vehicle or against theft.
Casualty insurance is mainly liability coverage of an individual or organization for negligent acts or forgetful acts that can cost a lot.
We can still attribute the casualty insurance to property insurance, aviation insurance, boiler and machinery insurance, and glass and crime insurance.
Also it may include marine insurance, surety insurance, earthquake insurance, political risk insurance, terrorism insurance.
This insurance can cover medical expenses of individuals involved in the accident as well as restitution or repair of damaged property. (Casualty Insurance in USA)…
Taking up a Casualty Insurance
The NAIC (National Association of Insurance Commissioners (NAIC) has ranked insurers in descending order based on direct premiums written in 2019 for all lines of property/casualty insurance.
NAIC observes the private passenger auto accounts for about 36% of all reported written premiums, more than any other line of property/casualty insurance.
The property/casualty ranking does not include premiums generated from life insurance policies. They further note that the 10 largest insurers on the list have a cumulative market share of 49.03%.
The lines of insurance included in the ranking are personal auto, commercial auto, workers’ compensation, medical professional liability, homeowners, and other liability (excluding auto liability).
What Is Casualty Insurance? (Casualty Insurance in USA)
Firstly, casualty insurance is an umbrella term traditionally used to describe many other types of insurance, including aviation, workers’ compensation etc.
On a more clearer note, Casualty insurance includes vehicle insurance, liability insurance, and theft insurance. Its coverage includes for individuals, employers, and businesses against loss of property, damage, or other liabilities.
Therefore, car owners should know that is very important to have casualty insurance as damage can end up being a large expense.
Casualty Insurance and Business
If you own a business, you should consider a few different types of casualty insurance, depending on what you do.
Most business owners need to have casualty insurance coverage because, if you produce something, the possibility exists that it may end up harming someone.
If you do business online, check if your policies cover your website however if you depend on computers to run your business, you might want to insure the computers in a separate policy.
It’s a good idea to carry insurance that is specific to your line of work but you should have insurance that covers a situation in which a repair comes up.
One important type of casualty insurance for businesses is workers’ compensation insurance, which protects a company from liabilities.
The Property and Casualty insurance in USA (Casualty Insurance in USA)
Below are the listing the top property and casualty insurance companies in the United States…
|Ranking||P/C insurance company name||2019 Net premiums written (US $ 000)||% change from previous year|
|1||State Farm Group||65,100,455||-0.6|
|2||Berkshire Hathaway Ins||53,754,763||7.9|
|3||Progressive Ins Group||37,578,689||15.2|
|4||Allstate Ins Group||34,036,467||5.4|
|5||Liberty Mutual Ins Cos||32,268,379||1.4|
|8||Chubb INA Group||18,249,079||-6.7|
|10||American Intl Group (AIG)||14,826,888||1.5|
|11||Farmers Ins Group||14,493,557||3.3|
|12||Hartford Ins Group||11,871,251||3.2|
|13||Amer Family/Main Street America Grp||11,841,650||4.3|
|14||Auto-Owners Ins Group||8,585,830||7.4|
|15||Fairfax Financial (USA) Group||7,632,626||9.8|
|16||Erie Ins Group||7,478,390||5.5|
|17||Tokio Marine US PC Group||7,083,699||5.2|
|18||CNA Ins Cos||6,953,530||5.9|
|19||Munich-American Hldg Corp Cos||6,639,450||-2.5|
|20||W. R. Berkley Ins Group||6,131,338||7.1|
|21||Everest Re US Group||5,797,634||14.8|
|22||Cincinnati Ins Cos||5,379,896||6.9|
|23||Alleghany Ins Holdings Group||5,344,634||14.5|
|24||Great Amer P & C Ins Grp||4,689,656||7.9|
|25||The Hanover Ins Grp Prop & Cas Cos||4,580,867||4.2|
|26||Auto Club Enterprises Ins Group||4,546,591||5.3|
|27||Allianz of America Companies||4,091,021||53.6|
|28||Kemper PC Companies||4,042,228||8.5|
|29||CSAA Ins Group||4,031,220||1.5|
|30||FM Global Group||4,007,616||10.4|
|31||Markel Corp Group||3,809,277||21.6|
|32||MetLife Auto & Home Group||3,797,476||2|
|33||Mercury Gen Group||3,690,508||6.7|
|34||Zurich Finl Svcs NA Group||3,657,532||-6.7|
|35||Assurant P&C Group||3,000,087||-6.7|
|36||QBE Americas Group||2,937,088||4.8|
|37||Arch Ins Group||2,908,209||-0.2|
|38||Selective Ins Group||2,679,424||6.6|
|39||Old Republic Ins Group||2,670,167||-1.0|
|40||COUNTRY Financial PC Group||2,564,827||6.9|
|41||Natl Gen Companies||2,494,927||11.3|
|42||Auto Club Group||2,473,773||3|
|43||AXA U.S. Group||2,441,804||-30.3|
|44||Sentry Ins Group||2,440,418||6.7|
|45||Amica Mutual Group||2,294,966||-3.3|
|46||Sompo Hldgs US Group||2,264,197||-1.9|
|47||PartnerRe US Group||2,142,127||35.6|
|49||State Auto Ins Cos||2,027,918||8.9|
|50||Swiss Reinsurance Group||2,023,929||-72.2|
|51||NJM Ins Group||2,006,683||1.6|
|52||State Ins Fund WC Fund||1,996,372||-11.5|
|53||AXIS US Operations||1,932,319||-14.8|
|54||EMC Ins Cos||1,910,680||1.5|
|55||Shelter Ins Cos||1,907,802||4.1|
|56||MAPFRE North America Group||1,863,845||-16.2|
|57||Scor US Group||1,848,964||28.9|
|58||Starr Intl Group||1,806,920||36|
|60||Federated Mutual Group||1,649,373||11.5|
Activities carried out by property or casualty insurance
- Property and casualty insurance consists primarily of auto, homeowners and commercial insurance. Net premiums written for the sector totaled $637.7 billion in 2019.
- Property and Casualty and life/annuity insurance companies paid $24.7 billion in premium taxes in 2020, or $75 for every person living in the United States, according to the U.S. Department of Commerce.
- Property and Casualty insurers paid out $39.2 billion in property losses related to natural catastrophes in 2019 according to Aon, down from $60.4 billion in 2018 and $130.8 billion in 2017, including losses from the National Flood Insurance Program.
- Total Property and Casualty cash and invested assets were $1.9 trillion in 2019, according to S&P Global Market Intelligence.
- U.S. insurance industry net premiums written totaled $1.32 trillion in 2019, with premiums recorded by property/casualty (P/C) insurers accounting for 48 percent.