Insurance Companies

Hi there!

I'm starting a new blog... It will be dedicated to insurance industry and its separate representatives - insurance companies. Little overview of the industry's activity and fund flows won't be odd. 

Insurance and risk management make up an immense global industry. According to a survey conducted by a leading global insurance firm, Swiss Re, worldwide insurance premiums totaled $4.270 trillion in 2008 (the latest data available), up about 6.3% from $4.061 trillion in 2007.

And now look at the American insurance industry rate in the light of global figures and data. In the USA the insurance industry’s net premiums written totaled $1.1 trillion in 2008, with premiums recorded by life/health (L/H) insurers accounting for 59 percent and premiums by property/casualty (P/C) insurers accounting for 41 percent, according to Highline Data, LLC.

P/C insurance consists primarily of auto, home and commercial insurance. Net premiums written for the sector totaled $441 billion in 2008.

The L/H insurance sector consists primarily of annuities and life insurance. Net premiums written for the sector totaled $628 billion in 2008.
Private health insurance is generally considered separately. It accounted for $609.2 billion in premiums in 2008, according to the National Association of Insurance Commissioners. This includes premiums from health insurers as well as smaller amounts from L/H and P/C insurers.

There were 2,741 P/C insurance companies and 1,128 L/H insurance companies in the United States in 2008.

The U.S. insurance industry employed 2.3 million people in 2008. Of those, 1.4 million worked for insurance companies, including life, health and medical insurers (804,200 workers) P/C insurers (569,200 workers) and reinsurers (28,400 workers). The remaining 907,000 worked for insurance agencies, brokers and other insurance related enterprises.

As a result of globalization, deregulation and terrorist attacks, the insurance industry has gone through a tremendous transformation over the past decade. Massive sources of insurance company earnings come from the sale of annuities and other retirement and investment products, along with profits (or losses) that insurance underwriters earn on their own assets and reserves.

Insurance companies seem to be of great help and benefit whenever a policy holder needs money in critical situation. However, it is not always the case that insurance companies treat their customers fairly.