☰ ˟
Contact Us Today / 478.453.9496
Bobby Brown Insurance Agency

“When you think about insurance, see us!”

  • Home
  • Get A Quote
  • Coverages
    • Auto Insurance
    • Business & Commercial Insurance
    • Flood Insurance
    • Homeowners Insurance
    • Motorcycle Insurance
    • Recreational Vehicle Insurance
    • Watercraft & Boat Insurance
  • Customer Service
  • Claims
    • Auto Accident Claim
    • Commercial Auto Accident Claim
    • Flood Property Loss Claim Form
    • Motorcycle Accident Claim
    • Property Loss Claim Form
    • Watercraft Accident Claim
  • Blog
  • Make A Payment
  • Resources
    • Secure Area
    • Refer a Friend
    • Important Links
    • Calculators
    • Free Reports
    • Insurance Glossary
  • About Us
    • About Bobby Brown Insurance Agency
    • Location Map
    • Employee Directory
    • Partners
    • Customer Testimonials
    • Privacy Policy
  • Contact
    • Contact Us
    • Join our Newsletter

What type of coverage do you need?
Home > Blog > Insurance Tidbits of Known and Little-Known Information
FRIDAY, SEPTEMBER 6, 2013

Insurance Tidbits of Known and Little-Known Information

Ever wondered how modern-day fire departments began? Or why agents buy E&O coverage? What about when the first business owners policy launched?

Insurance Industry by Numbers

  • Property/casualty industry’s net premiums written total $426 billion
  • 2,689 P/C insurance companies in U.S.
  • U.S. insurance industry employs 2.2 million people
  • Insurance industry paid $15.8 billion in premium taxes in 2010
  • Of 23 top P/C insurers, 12 had 100+ combined ratio in latest quarter
  • Insurers’ 2011 nine-month profit down 60 percent from last year

B-BOPs

The business owners policy (BOP) was first introduced in 1976. This was the first time commercial risks were offered property and liability coverage in the same coverage form without the need to piecemeal the parts together in a package.

Renters’ Premium

The average renters insurance policy premium is about $173 a year, according to the National Association of Insurance Commissioners (NAIC). Still, only 43 percent of renters buy renters insurance, according to the Insurance Research Council. More than 96 percent of homeowners have insurance on their home.

Independent Agents’ E&O

The vast majority of agency owners (86.5 percent) say they buy agency E&O coverage to protect the assets of their agency, according to Insurance Journal‘s 2011 Agency E&O Survey.

Home Claims

In 2009, 6 percent of insured homes had a claim, according to ISO. About 95 percent of those claims were for property damage, including theft.

Revenue per Employee

Revenue per agency employee remained flat in 2010 with the average for agencies under $5 million in revenues just over $150,000 and agencies with more than $5 million at $172,000, according to the Insurance Agents & Brokers of America’s 2011 Best Practices Study.

Backbone of U.S. Economy

The insurance industry continues to be a major sector in the American economy, in terms of the business it generates, the number of people it employs, and the amount of tax it pays to Uncle Sam. P/C and life/health insurance companies paid $15.8 billion in premium taxes in 2010, or $51 for every person living in the United States

Insurance carriers and related activities accounted for $425 billion, or 3.0 percent of U.S. gross domestic product in 2009, according to the Insurance Information Institute.

The U.S. insurance industry’s net premiums totaled $1.0 trillion in 2010, with premiums recorded by life/health insurers accounting for 58 percent and premiums by P/C insurers accounting for 42 percent. Net premiums written totaled $426 billion in 2010, according to SNL Financial.

Read More: Source

Posted 12:53 PM

Tags: insurance
Share |


No Comments


Post a Comment
Required
Required (Not Displayed)
Required


All comments are moderated and stripped of HTML.

NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2019
  • 2018
  • 2016
  • 2015
  • 2013

  • insurance(42)
  • auto(16)
  • car(12)
  • home(9)
  • life(9)
  • tips(8)
  • bobby brown insurance agency(6)
  • house(6)
  • health(6)
  • money(5)
  • life insurance(5)
  • insurance tips(4)
  • homeowners(4)
  • rates(4)
  • claim(4)
  • safety(4)
  • halloween(3)
  • car insurance(3)
  • auto insurance(3)
  • homeowners insurance(3)
  • business(2)
  • holiday(2)
  • family(2)
  • claims(2)
  • homeowners tips(2)
  • healthcare(2)
  • finance(2)
  • trusted choice(2)
  • myths(2)
  • disability(2)
  • teen(2)
  • mistakes(2)
  • planning(2)
  • renters(2)
  • save(2)
  • vehicle(2)
  • value(2)
  • homeowner(2)
  • business insurance(2)
  • theft(2)
  • winter insurance tips(2)
  • rental(2)
  • marriage(1)
  • labor day(1)
  • young(1)
  • safety insurance(1)
  • family insurance(1)
  • permanent(1)
  • hospital(1)
  • rental insurance(1)

View Mobile Version

Our Customer Feedback

Read More

Our latest blogs

  • State Auto
  • Grange
  • Southern Mutual
  • The Hartford
  • Utica National
  • Southern Trust
  • GBE
Bobby Brown Insurance Agency
1531 North Columbia Street
Milledgeville, GA 31061
Our mission is to work with clients to tailor insurance specific to their needs and back it up with quality personal service.
We're here for you
Home Page/ About Us/ Contact Us/ Our Blog/ Reviews/ Join Our Newsletter/ Refer A Friend
Quick Help Links
Quote Forms/ Service Forms/ File a Claim/ Make a Payment/ Insurance Glossary/ FAQs
About Us Team
Contact Blog Search
Facebook Twitter LinkedIn Instagram
© Copyright 2019. All rights reserved. Powered by Insurance Website Builder