Property/Casualty Insurance Carriers Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 10/16/2017
SIC Codes: 6331, 6351
NAICS Codes: 524126
Chapters Include:
Industry Overview Trends & Challenges Industry Forecast
Quarterly Industry Update Call Prep Questions Website & Media Links
Business Challenges Financial Information Glossary & Acronyms
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Excerpt from Property/Casualty Insurance Carriers Industry Profile

Companies in this industry underwrite insurance policies such as homeowners and automotive insurance to protect consumers and businesses against loss and liability. Major companies include State Farm, Nationwide Mutual, and the property/casualty arms of AIG and The Hartford Financial Services Group (all based in the US), and Allianz (Germany), AXA (France), PICC (China), Tokio Marine (Japan), and Zurich Insurance (Switzerland).

The global insurance industry should see the highest growth rates in Asia and Latin America. Demand for insurance products is expected to grow fastest in emerging markets such as China, India, and Brazil, where urban middle-class populations are rising. However, other areas of the world still face economic uncertainty due to the struggling global economy, which may impact sales of insurance products.

The US property/casualty (P/C) insurance carriers industry consists of about 13,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $450 billion. Insurance agents and brokers are covered in a separate industry profile.

COMPETITIVE LANDSCAPE

Demand is driven by demographics and commercial transactions, as well as by legal or financial requirements affecting customers. Consumers are usually required by states to buy auto insurance and by lenders to buy homeowners insurance, for example. The profitability of individual companies depends on effective marketing and on the ability to accurately estimate future payments. Large companies benefit from economies of scale in administration and in access to capital, as well ...

 
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