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Number of property/casualty insurance companies in the U.S.
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“According to the NAIC, in the year 2000, there were over 3,200
property-casualty insurance companies licensed in the U.S.”
Statement of Tony Nicely Chairman, President & Chief Executive Officer
GEICO Insurance Companies on behalf of the National Association of
Independent Insurers before the House Financial Services Capital
Markets, Insurance and Government Sponsored Enterprises Subcommittee
June 11, 2002
Source: House Committee on Financial Services
http://financialservices.house.gov/media/pdf/061102tn.pdf
“. . . there are of approximately 3,800 property/casualty insurance
companies nationwide.”
RECEIVERSHIP OF INSOLVENT INSURANCE COMPANIES FINAL REPORT OF THE TORT
AND INSURANCE PRACTICE SECTION TASK FORCE ON INSURER INSOLVENCY
MAY, 2000 as Updated January, 2003
“Historically, the number of property/casualty insurer company
failures has been small by almost any measure. From 1969 through
2000, approximately 400 property/casualty companies failed. In the
worst year, 1985, there were 49 new insolvencies and between
1986-1990, the average number of failures per year was approximately
30 companies. Given that there are of approximately 3,800
property/casualty insurance companies nationwide, this means that less
than 1 percent of the property/casualty industry becomes insolvent in
a given year.”
Source: American Bar Association
http://www.abanet.org/tips/tipstaskforce.doc
“There were 3,402 property/casualty insurance companies in the US in
1999. Many were part of larger entities.”
Ohio Insurance Institute: 2002 Ohio Insurance Facts
http://www.ohioinsurancefactbook.org/2002/chapter7/chapter7_e.shtml
“There are 3366 property / casualty insurance companies in the U.S.”
Source: Florida Association of Insurance Agents
http://www.faia.com/education/edlibrary/Turnkey.pdf
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The insurance industry is divided into two groups, life/health and
property/casualty. http://www.financialservicesfacts.org/financial2/insurance/insurance/over/
From the Financial Services Factbook:
PROPERTY/CASUALTY INSURANCE
“Property/casualty insurance covers the property and liability losses
of businesses and individuals. These losses range from damage and
injuries resulting from car accidents to the cost of lawsuits stemming
from faulty products and professional misconduct. In terms of premiums
written, private auto insurance is by far the largest single line of
business, nearly four times greater than the next largest line,
homeowners. Property/casualty insurance companies tend to specialize
in commercial or personal insurance but some sell both and a number of
companies are expanding into other financial services sectors,
including personal banking and mutual funds.”
ASSETS AND LIABILITIES 1997 AND 2001
1997 2001
Total financial assets $843.5 $881.1 ($ billions)
Total liabilities 535.7 596.1
There are a number of detailed tables, charts and graphs:
PROPERTY/CASUALTY INSURANCE INDUSTRY INCOME STATEMENTS 1997-2001
OPERATING RESULTS, PROPERTY/CASUALTY INSURANCE, 1980-2001
PROPERTY/CASUALTY INSURER ADMITTED ASSET DISTRIBUTION, YEAR-END 2001
You may view all the above here:
http://www.financialservicesfacts.org/financial2/insurance/pc/findata/
Here is a 13 publication regarding the overall economic performance of
the property/casualty insurance industry, the industry’s rate of
return and to contrast that performance to other industries. This
testimony includes excellent graphs.
Robert P. Hartwig, Ph.D., Cpcu Senior Vice President & Chief Economist
Insurance Information Institute New York
April 10, 2003
Source: House Committee on Financial Services
http://financialservices.house.gov/media/pdf/041003rh.pdf
New York Society of Security Analysts:
“The insurance industry is well into a rebound from the terrorist
attacks of September 11, 2001, which cost a record $40 billion.
Premiums have been increasing aggressively for more than a year:
Raymond James projects that total premiums written by the U.S.
Property/Casualty Insurance industry will rise 15% in 2002 and another
13% in 2003.
(..)
“As a result, the U.S. Property/Casualty Insurance industry earned
$4.6 billion in the first half of 2002, up 66.4% from the $2.8 billion
in 2001.”
(..)
“Concurrently, the industry is lobbying for limits to the industry's
total liability for damages from any future terrorist attacks at $12
billion in 2002, $23 billion in 2003 and $36 billion in 2004.”
Source: New York Society of Security Analysts
http://www.nyssa.org/events/conference-insurance-012703.html
Additional information that may interest you:
Here is a short excerpt of an article from the Insurance Information
Institute:
“Jan. 14, 2003 -- Leaders of the property/casualty insurance industry
expect an improvement in profitability for 2003 compared with last
year, according to a survey conducted by the Insurance Information
Institute (I.I.I.) at its seventh annual Property/Casualty Insurance
Joint Industry Forum”
You may view the complete article at the Insurance Information
Institute: http://www.iii.org/media/met/2003jif/
“According to the Insurance Services Office, Inc. (ISO) and the
National Association of Independent Insurers (NAII), the
property/casualty insurance industry posted a $7.9 billion net loss in
2001, its first-ever net loss. Its statutory rate of return was a
negative 2.7, down 6.5 percent from the year 2000. In the first
quarter of 2002, the rate of return was 6.9, down from 7.4 during the
first quarter of 2001, but a significant improvement over the full
year results. Net written premium rose 10.3 percent. Net income after
taxes dropped 7.3 percent to $5.1 billion in the first quarter from
$5.5 billion in the first quarter 2001.”
http://www.realtor.org/GAPublic.nsf/Pages/propcasporblems?OpenDocument
From an ISO Press Release 2002:
“The U.S. property/casualty industry's net income after taxes rose
66.4 percent to $4.6 billion in first-half 2002 from $2.8 billion in
first-half 2001, primarily because of improved underwriting results.
But the industry's surplus, or net worth, fell 2.3 percent to $282.9
billion at June 30 from $289.6 billion at year-end 2001, because of
capital losses on investments, according to Insurance Services Office,
Inc. (ISO) and the National Association of Independent Insurers
(NAII).”
“The industry's net loss on underwriting decreased 38.8 percent in
first-half 2002 to $11.9 billion from $19.4 billion in first-half
2001, with acceleration in premium growth and lower catastrophe losses
contributing to the improvement in underwriting results. Surplus
declined in first-half 2002 largely because of $8.6 billion in
unrealized capital losses on investments as a result of declines in
stock markets. Those unrealized losses more than offset additions to
surplus including the industry's $4.6 billion in net income.”
“Net written premiums climbed $19.6 billion to $182.4 billion in
first-half 2002, as premium growth accelerated versus year-ago levels
to 12 percent from 9.9 percent in first-half 2001 and 4.3 percent in
first-half 2000. The 12 percent increase in written premiums in the
first half of 2002 is the largest first-half increase in premiums
since 1987, when premiums rose 13 percent versus year-ago levels.”
http://www.iso.com/press_releases/2002/09_25_02.html
From an ISO Press Release 2003:
“U.S. property/casualty insurers are expected to pay an estimated $5.8
billion in insured property-loss claims from catastrophes last year,
making 2002 the fourth-lowest year in losses in the last 10, according
to preliminary estimates by Insurance Services Office, Inc.'s (ISO)
Property Claim Services (PCS) unit.”
http://www.iso.com/press_releases/2003/02_13_03.html
Financial Services Factbook Tables:
TOP TEN U.S. PROPERTY/CASUALTY COMPANIES, BY TOTAL ADMITTED ASSETS,
2001
http://www.financialservicesfacts.org/financial2/insurance/pc/toptencos/
TOP TEN U.S. PROPERTY/CASUALTY COMPANIES, BY NET PREMIUMS WRITTEN,
2001
http://www.financialservicesfacts.org/financial2/insurance/pc/toptencos/
NET PREMIUMS WRITTEN BY LINE, PROPERTY/CASUALTY INSURANCE, 1997 AND
2001
http://www.financialservicesfacts.org/financial2/insurance/pc/pby/
PROPERTY/CASUALTY INSURANCE INDUSTRY CONCENTRATION
“The property/casualty insurance market is highly competitive despite
the trend toward greater concentration in most product lines over the
past few years. Data from the Insurance Services Office, Inc. indicate
that concentration in the property/casualty insurance sector increased
from 229 in 1980 to 307 in 2001 on the Herfindahl scale used to
measure market concentration.”
You may view the graph here:
http://www.financialservicesfacts.org/financial2/insurance/pc/concentr/
The Aon 2003 US Property Report:
“This Aon 2003 US Property Report is intended to provide a snapshot
view of the US property insurance market from the perspective of
insurers, insurance buyers and Aon as we enter the second quarter of
2003.”
“The current economic conditions have severely depleted insurers’
capital positions. The combination of investment writedowns, reserve
strengthening and incurred losses are estimated to have removed around
US$240 billion from the industry over the last two to three years. Set
against this, the estimated US$30 billion of capital that has been
raised since September 11, 2001 is paltry, particularly as only around
US$12 billion has come in as new, unencumbered capital for start-up
companies while the majority has been used to repair balance sheets.”
http://www.aon.com/uk/en/pdfs/rims.pdf
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Bobbie7-ga |
