Commercial Lines
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Property/casualty insurance can be broken down into two major categories: commercial lines or types of insurance and personal lines. Personal lines, as the term suggests, includes coverages for individuals –- auto and homeowners insurance. Commercial lines, which accounts for more than half of U.S. property/casualty insurance industry premium, includes the many kinds of insurance products designed for businesses.
Commercial insurance performs a critical role in the world economy. Without it, the economy could not function. Insurers essentially protect the economic system from failure by assuming the risks inherent in the production of goods and services. For further information on commercial lines see the Commercial Insurance Web Site ( http://www.commerciallines.org ).
There are over seven million small businesses in the U.S., ranging from construction firms to grocery stores to home-based businesses. All have one thing in common: Without the right insurance coverage, each could be wiped out by a disaster or a lawsuit. In addition, almost all businesses are accountable for the safety of their workers and bear responsibility for injuries suffered on the job. The I.I.I.’s Insuring Your Business Web Site provides information on what coverages businesses should consider as well as what business owners should know about risk management and loss control. See http://www.iii.org/smallbusiness .
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PREMIUMS WRITTEN BY LINE, PROPERTY/CASUALTY INSURANCE, 2007
($ billions)
(1) After reinsurance transactions, excluding state funds.
(2) Before reinsurance transactions, excluding state funds. May not match total premiums shown elsewhere in this book because of the use of different exhibits from Highline Data LLC.
(3) Includes international and miscellaneous coverages.
(4) Premiums from certain insurers that write health insurance but file financial statements with state regulators on a property/casualty basis.
(5) Only includes nonproportional reinsurance, an arrangement in which a reinsurer makes payments to an insurer whose losses exceed a predetermined amount.
(6) Coverages protecting against legal liability resulting from negligence, carelessness, or failure to act.
Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC.
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NET PREMIUMS WRITTEN, PERSONAL AND COMMERCIAL LINES, 2007
Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC.
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TOP TEN WRITERS OF COMMERCIAL LINES INSURANCE
BY DIRECT PREMIUMS WRITTEN, 2007
($000)
Rank |
Group |
Direct premiums written (1) |
Market share |
| 1 | American International Group (AIG) | $24,785,951 | 10.6% |
| 2 | Zurich Insurance Group | 14,646,359 | 6.3 |
| 3 | Travelers Group | 14,411,799 | 6.2 |
| 4 | Liberty Mutual Insurance Group | 12,694,617 | 5.5 |
| 5 | CNA Insurance Group | 7,498,600 | 3.2 |
| 6 | Hartford Fire & Casualty Group | 7,329,624 | 3.1 |
| 7 | ACE Ltd. Group | 7,256,408 | 3.1 |
| 8 | Chubb & Son Group | 6,712,247 | 2.9 |
| 9 | Nationwide Corp. Group | 5,491,012 | 2.4 |
| 10 | State Farm Group | 4,627,420 | 2.0 |
| (1) Before reinsurance transactions, excluding state funds. Includes all lines except private passenger auto and homeowners.
Source: National Association of Insurance Commissioners (NAIC) Annual Statement Database, via Highline Data, LLC. Copyrighted information. No portion of this work may be copied or redistributed without the express written permission of Highline Data, LLC. |
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