According to study, “Strategic Market Intelligence:
General Insurance in the US – 2017” some of the
major companies that are currently working in the general insurance in the U.S.
are State Farm Grp, Berkshire Hathaway Grp, Liberty MutGrp, Allstate Ins Grp, Progressive
Grp, Travelers Grp, Chubb Ltd Grp, Nationwide Corp Grp, Farmers Ins Grp, United
Serv Automobile.
General insurance or non-life
insurance policies, including automobile and homeowners policies, provide
payments depending on the loss from a particular financial event. General insurance
is typically defined as any insurance that is not determined to be life
insurance. It is called property and casualty insurance in the U.S.
The U.S. has the world's largest
and most mature general insurance segment. It enables to minimize the effect of
unexpected and often unwelcome future events and helps to organize personal and
business life with greater confidence. It covers properly against fire,
burglary, theft, flood storm and earthquake. It also covers machinery against
breakdown, motor vehicles against damages and hull of ships etc. It is
important for many reasons: to get financial security, to get peace of mind
against risk, to avoid burden of loss and to avoid accidents etc.
General insurance is classified in
two types: commercial lines and personal lines. Commercial lines products are
usually designed for relatively small legal entities: it includes public
liability, product liability, commercial fleet and other general insurance
products, which are sold in a relatively standard fashion to many organizations.
Some types of general insurance
are included car or auto insurance, liability insurance, marine insurance, fire
insurance, engineering insurance and burglary insurance. Car or auto insurance
is a contract between user and the insurance company that protects against
financial loss in the event of an accident or theft: it provides protection
against third party liability and physical damages from fire, riots, flood,
cyclones, burglary and theft etc. Liability insurance is purchased to protect
an individual or a business: it covers legal pay-outs and costs for which the
person insured is responsible. Marine insurance refers to coverage provided for the loss or
even damage that has been caused to cargo, ships, terminals between their
points of origin and final destination. Fire insurance covers any damage to
property as a result of a fire: it goes beyond property insurance and covers
the cost of reconstruction, the cost of replacement and the cost of repair etc.
Health insurance offers a way to reduce such costs to more reasonable,
affordable amounts. Engineering insurance provides coverage for damage to
machinery, business interruption, stock deterioration, stock deterioration and
computers & electronic equipment etc. additionally, burglary insurance provides
financial compensation against loss or damage to property contained in premises
by acts of burglary.
Some characteristics of general
insurance are involved payment of fortuitous losses, risk transfer, pooling of
losses and indemnification etc. Some latest trends of general insurance such as
digital, block-chain, customer focus, new accounting standards, conduct & mis-selling,
data analytics, cyber insurance, artificial intelligence and insurtech etc.
In 2017, in U.S., the percentage
of people with health insurance coverage was 91.2 %. As well as private health
insurance coverage continued to be more prevalent than government coverage, at
67.2 % and 37.7 %, respectively. Health insurance reduces costs to more
reasonable, affordable amounts. It provide many benefits such as emergency
services hospitalization, laboratory tests, maternity and newborn care, mental
health and substance-abuse treatment, outpatient care, pediatric services, prescription
drugs, preventive services &
management of chronic diseases and rehabilitation services etc.
In 2017, private health insurance
coverage continued to be more prevalent than government coverage, at 67.2 % and
37.7 %, respectively. Of the subtypes of health insurance coverage,
employer-based insurance was the most common, covering 56.0 % of the population
for some or all of the calendar year, followed by Medicaid, Medicare,
direct-purchase coverage, and military coverage.
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