Property/Casualty Insurance Carriers Industry Profile

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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 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), PICC (China), Tokio Marine (Japan), and Zurich Insurance (Switzerland).

Global nonlife insurance premiums written total about $2.4 trillion annually, according to Swiss Re. Demand for insurance products is growing in emerging markets in Asia, the Middle East, Latin America, and Central and Eastern Europe, 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 $555 billion. Insurance agents and brokers are covered in a separate industry profile.


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 ...

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