Property/Casualty Insurance Carriers Industry Profile

Report Page Length: 10-12
Last Quarterly Update: 10/7/2024
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
View Full Sample Add To Cart

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 Nationwide Mutual, State Farm, and the property/casualty arms of AIG and The Hartford Financial Services Group (all based in the US), and Allianz (Germany), AXA (France), People's Insurance Group of China Co. (China), Tokio Marine (Japan), and Zurich Insurance (Switzerland).

The global insurance market and demand is expected to reach about $1 trillion between 2023 to 2028 period, according to Statista. Although global premiums remain the same as, emerging markets were able to stay afloat, as a result of the strong demand in China.

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 $555 billion. Insurance agents and brokers are covered in a separate industry profile.

COMPETITIVE LANDSCAPE

Demand is driven by demographics, consumer spending, 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 claim payments and maintain adequate reserves. Large companies benefit from economies of scale in administration and in access to capital, as well as advertising and marketing. Small ...

 
View Full Sample Add To Cart Return to the Industry Profile Menu

Related Profiles

Here are a few profiles related to Property/Casualty Insurance Carriers that you also might be interested in viewing:

Would you or your company benefit from having unlimited access to First Research's industry intelligence tools?

Learn More About Subscription Options