Property/casualty insurance is a cornerstone of personal financial well-being. Consumers would be unable to finance their homes and many would have difficulty arranging credit for other big-ticket items such as automobiles. Those who could would still face the possibility of financial ruin if they were sued or involved in serious accidents.
Property/casualty insurance is also the foundation for worldwide commerce. Much of the American economy would grind to a halt without insurance because factories, stores, and offices could not face the risk of operating without insurance.
In 2014, the property/casualty insurance and life/health insurance industries contributed $18.1* billion in premium taxes to state governments in the United States, or roughly $57 for every person living in the U.S. Insurers also made payments to states for licenses and fees, as well as income and property taxes, sales and use taxes, franchise taxes, and unemployment compensation taxes.
There are more than 2,500* property/casualty insurance companies involved in the business of auto, home, and business insurance in the U.S. Of those, more than 1,400 companies, are members of NAMIC.
The property/casualty insurance industry is a major national employer, with more than 3.1 million* people working for insurance companies, agencies, or brokerage firms in the U.S.
In 2014, the total insured claims paid by property/casualty insurance companies in the U.S. was $309,821,148*
The property/casualty insurance industry, including both mutual and stock companies, is one of the most highly regulated industries in the country, accountable to a robust and time-tested state regulatory system.
*Source: The Insurance Fact Book 2016, Insurance Information Institute