Casualty Insurance in USA: Top Casualty Insurance Companies, and the...
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Casualty Insurance in USA – Top Casualty Insurance Companies and benefits

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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. 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 in USA

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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.

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).

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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 Insurance?

Insurance is a means of protection from financial loss. It is a form of risk management, primarily used to hedge against the risk of a contingent or uncertain loss. An entity which provides insurance is known as an insurer, an insurance company, an insurance carrier or an underwriter. An arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium.

Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools clients’ risks to make payments more affordable for the insured.

Its aim is to reduce financial uncertainty and make accidental loss manageable. It does this substituting payment of a small, known fee—an insurance premium—to a professional insurer in exchange for the assumption of the risk a large loss, and a promise to pay in the event of such a loss.

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.

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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

In total, the value of gross premiums written by the U.S. property and casualty insurance sector amounted to approximately 709 billion U.S. dollars in 2019. This trend has affected auto insurance and homeowners insurance providers. The U.S. property and casualty sector employed about 650 thousand people in 2019.

Below are the 25 listing of the top property and casualty insurance companies in the United States:

1. State Farm

Direct Premiums Written: $66.1 billion
Market Share:
9.12%

2. Berkshire Hathaway

Direct Premiums Written: $46.1 billion
Market Share:
6.37%

3. Progressive Group

Direct Premiums Written: $41.7 billion
Market Share:
5.75%

4. Liberty Mutual

Direct Premiums Written: $36.1 billion
Market Share:
4.99%

5. Allstate

Direct Premiums Written: $34.3 billion
Market Share:
4.73%

6. Travelers Group

Direct Written Premiums: $28.7 billion
Market Share:
3.97%

7. USAA

Direct Written Premiums: $24.6 billion
Market Share:
3.39%

8. Chubb

Direct Written Premiums: $24 billion
Market Share:
3.32%

9. Farmers Insurance

Direct Written Premiums: $20 billion
Market Share:
2.77%

10. Nationwide

Direct Written Premiums: $18.5 billion
Market Share:
2.55%

11. Zurich

Direct Written Premiums: $13.6 billion
Market Share:
1.88%

12. AIG

Direct Written Premiums: $13.4 billion
Market Share:
1.85%

13. The Hartford

Direct Written Premiums: $12.4 billion
Market Share:
1.71%

14. CNA

Direct Written Premiums: $11.7 billion
Market Share:
1.62%

15. American Family Insurance

Direct Written Premiums: $11.3 billion
Market Share:
1.56%

16. Auto-Owners Group

Direct Written Premiums: $9.3 billion
Market Share:
1.28%

17. Assurant

Direct Written Premiums: $8.3 billion
Market Share: 1.14%

18. Tokio Marine

Direct Written Premiums: $7.7 billion
Market Share:
1.06%

19. Erie Insurance

Direct Written Premiums: $7.6 billion
Market Share: 1.05%

20. Fairfax Financial

Direct Written Premiums: $7.6 billion
Market Share:
1.05%

21. AXA

Direct Written Premiums: $7 billion
Market Share: 0.97%

22. WR Berkley

Direct Written Premiums: $6.8 billion
Market Share:
0.94%

23. American Financial Group

Direct Written Premiums: $6.7 billion
Market Share:
0.92%

24. Markel Corporation

Direct Written Premiums: $6 billion
Market Share:
0.83%

25. Cincinnati Financial

Direct Written Premiums: $5.5 billion
Market Share: 0.77%

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.

In Conclusion

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