Property & Casualty Insurance Agency Management Statistics 2024 – Everything You Need to Know

Steve Bennett
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Are you looking to add Property & Casualty Insurance Agency Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Property & Casualty Insurance Agency Management statistics of 2024.

My team and I scanned the entire web and collected all the most useful Property & Casualty Insurance Agency Management stats on this page. You don’t need to check any other resource on the web for any Property & Casualty Insurance Agency Management statistics. All are here only 🙂

How much of an impact will Property & Casualty Insurance Agency Management have on your day-to-day? or the day-to-day of your business? Should you invest in Property & Casualty Insurance Agency Management? We will answer all your Property & Casualty Insurance Agency Management related questions here.

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Best Property & Casualty Insurance Agency Management Statistics

☰ Use “CTRL+F” to quickly find statistics. There are total 69 Property & Casualty Insurance Agency Management Statistics on this page 🙂

Property & Casualty Insurance Agency Management Market Statistics

  • Propertyandcasualty insurance Propertyand casualty insurance grew by 4.7 percent from 2018 to 2019 while increasing its market share to 31 percent of global premiums. [0]
  • The mature markets North America, Western Europe, and developed APAC contributed 61 percent to the absolute growth in P&C premiums in this time frame. [0]
  • The emerging markets of Latin America, developing APAC, and Africa registered the fastest growth rates of 13 percent, 9 percent, and 8 percent, respectively. [0]
  • North America is the largest private health market by premium volume and has been consistently driving the global growth of health premiums, with growth of 5 percent in 2019. [0]
  • The developed markets in Western Europe and developed APAC grew at 4 percent in 2019. [0]
  • The global health insurance market’s average combined ratio remained steady at around 98 percent from 2015 to 2019. [0]
  • It is unlikely that private insurance markets would ever have the capacity to manage the losses sulting from a pandemic on the scale of COVID. [1]

Property & Casualty Insurance Agency Management Latest Statistics

  • Net premiums written $534.0 $558.4 $618.3 $639.5 $655.5 Percent change 2.6% 4.6% 10.7% 3.4% 2.5%. [2]
  • 1 State Farm $70,311,695 8.9%. [2]
  • MetLife Inc. $97,860,893 11.3% 2 Equitable Holdings 83,179,735 9.6 3 Prudential Financial Inc. 59,387,003 6.9 4. [2]
  • Revenue Life insurance premiums $115.0 $137.1 $145.1 $151.0 $143.1 5.3% Annuity premiums and deposits 318.5 287.2 269.7. [2]
  • Total premiums, consideration and deposits $599.9 $597.1 $603.2 $679.4 $625.7. [2]
  • Total expenses $766.6 $759.4 $839.7 $842.8 $825.2. [2]
  • $44.7 $22.1 50.5% Pre tax operating income 67.1 63.0 46.0. [2]
  • Employment of insurance sales agents is projected to grow 7 percent from 2020 to 2030, about as fast as the average for all occupations. [3]
  • Overall employment of claims adjusters, appraisers, examiners, and investigators is projected to decline 3 percent from 2020 to 2030. [4]
  • Playing with heat source0.3% Totals may not equal 100% due to rounding. [5]
  • Residential is the leading property type for fire deaths (72.2%), fire injuries (76.4%) and fire dollar loss (46.4%). [5]
  • There were an estimated 29,705 fire departments (all career 10%; mostly career 8%; mostly volunteer 18%; all volunteer 64%). [5]
  • There were an estimated 1,115,000 firefighters. [5]
  • 23,825 firefighters (39%). [5]
  • Overall, the global insurance industry witnessed moderate growth of 4.9 percent in 2019 over 2018, a slightly higher level than its CAGR from 2010 to 2018 of 3 percent, and total premiums reached €5 trillion. [0]
  • At the regional level, the Americas had the highest premium growth rate of 6 percent from 2018 to 2019, followed by Asia–Pacific with 5 percent. [0]
  • Europe, the Middle East, and Africa recorded 3 percent growth. [0]
  • Please email us at North America and developing APAC contributed 41 and 27 percent, respectively, of the growth in total insurance premiums from 2010 to 2018. [0]
  • Considering a more recent time frame of 2015 to 2018, the share of the total contribution from developing APAC increased to about 36 percent, while regions such as Western European and developed APAC saw their share decrease during this period. [0]
  • Why micromobility is here to stay Life insurance accounted for 45 percent of global premiums in 2019, with 4.4 percent growth from 2018 to 2019 consistent with growth in recent years. [0]
  • Global life insurance gross premiums increased at a stable 4 percent in 2019, keeping in line with the trend in 2017 and 2018. [0]
  • Developing economies in APAC saw the fastest premium growth in the world, at 10 percent in 2019. [0]
  • Annuities are followed by group products, then endowment and unit linked products, with term life rounding out the final 9 percent of the product mix. [0]
  • The largest contributor to the absolute growth in P&C premiums from 2018 to 2019 was the United States , primarily driven by growth in motor insurance premiums. [0]
  • China contributed 20 percent of the absolute growth. [0]
  • Accounting for 45 percent of global P&C premiums in 2019, motor insurance continued to drive the overall growth in the P&C industry. [0]
  • However, growth in this product line slowed down from the 6 percent CAGR registered from 2013 to 2018 to 4 percent from 2018 to 2019. [0]
  • Global underwriting profitability reached 99 percent in 2017 a year that saw claims payouts reach a historic high due to the occurrences of natural catastrophes around the world, particularly in the United States. [0]
  • The net combined ratio improved slightly to 96 percent in 2018 and 97 percent in 2019. [0]
  • Health insurance Health insurance continued to be the fastest growing segment it achieved 6.9 and 5.9 percent growth in 2018 and 2019, respectively, and made up about 26 percent of global insurance premiums in 2019. [0]
  • Top performing regions by way of contribution to the €69 billion absolute growth in total health premiums in 2019 were North America, at 63 percent, and developing APAC, at 22 percent. [0]
  • Net claims ratios in most Western European nations, including France, Germany, Italy, Spain, and the United Kingdom, remained stable in the range of 70 to 85 percent from 2015 to 2019. [0]
  • The net claims ratio for the United States was also stable at 86 percent in that period. [0]
  • However, net claims ratios declined in some developing nations such as India, which saw a decrease from 102 percent in 2015 to 93 percent in 2019. [0]
  • The United States and Western European nations recorded some of the lowest net expense ratios from 2015 to 2019 notably 13 percent in the United States. [0]
  • The penetration of direct channels which, in addition to telephone and internet sales, include premiums generated at insurance company head offices remained limited at 6 to 7 percent of insurance premiums. [0]
  • In P&C, the direct channel saw slightly more penetration at 10 to 11 percent during the same period. [0]
  • Bancassurance played a minor role with just 2 percent of P&C insurance distribution over that period. [0]
  • Meanwhile, demand for private health insurance is likely to see an uptick from 2020 onward, particularly in geographies where the product is not compulsory, such as India. [0]
  • Claims adjusters earn a median annual income of $68,130, according to the Bureau of Labor Statistics. [6]
  • However, due to increased automation in this sector, claims adjuster jobs are expected to decline 3% in the next 10 years.2. [6]
  • The median annual income for insurance sales agents is $52,180, according to the Bureau of Labor Statistics.3. [6]
  • In 2018, 39 percent of the U.S. [7]
  • The 28 countries included account for approximately 93% of OECD country GDP. [1]
  • In the United States, one estimate suggests that the overall decline in business revenues among small businesses reached 38.2% as of 30 April 2020. [1]
  • which is higher than the overall estimate for Canadian businesses (25.5%). [1]
  • In May 2020, it was estimated that 72% of businesses faced a reduction in revenues which is comparable to the figure for the Canadian sample for April (70.2%). [1]
  • In the United States , less than 2% of closed claims for business interruption losses submitted to insurers were paid4. [1]
  • In the United States, for example, approximately 30% of businesses have acquired coverage for business interruption. [1]
  • In France, the Fédération française de lâassurance estimates that approximately 50% of SMEs have business interruption coverage (relative to 100% that have coverage for property damage). [1]
  • The magnitude of business interruption losses that are likely to be incurred as a result of COVID 19 is much higher than the losses incurred as a result of any recent single catastrophe event. [1]
  • As noted in Box 1, businesses across OECD countries faced an estimated USD 1.7 trillion in revenue losses for one month of strict confinement measures. [1]
  • The premium requirements were calculated for a coverage of 50% of one month of revenue losses and incorporate a loss ratio of approximately 65%.Source OECD calculations as outlined in Figure 1. [1]
  • and are considering applying various exclusions in other lines of business where some exposure is likely ). [1]
  • Insurers would be required to offer this coverage but can choose to cede 90%, 95% or 100% of the risk to government. [1]
  • Since 2000, approximately 40% of all economic losses due to flood, storms and earthquakes in OECD countries have been incurred in countries covered by catastrophe risk insurance programmes.13 Overview of catastrophe risk insurance. [1]
  • , Percent Change in Small Business Revenue, Opportunity Insights Economic Tracker, https//tracktherecovery.org/ . [1]
  • Just under 13% of the 210 454 claims submitted remained open as of November 2020 .â 5. [1]
  • However, it should be noted that the establishment of a single pool for all risk also creates an accumulated exposure which would likely increase the need for public. [1]
  • ,ÂOpen URLPercent Change in Small Business Revenue, Opportunity Insights Economic Tracker,https//tracktherecovery.org/(accessed on 9 November ). [1]
  • The premium requirements were calculated for a coverage of 50% of one month of revenue losses and incorporate a loss ratio of approximately 65%. [1]
  • Given the recent experience with COVID 19, it is likely that insurers will be reluctant to provide broad coverage for business interruption in the near future. [1]

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Reference


  1. mckinsey – https://www.mckinsey.com/industries/financial-services/our-insights/global-insurance-pools-statistics-and-trends-an-overview-of-life-p-and-c-and-health-insurance.
  2. oecd – https://www.oecd.org/coronavirus/policy-responses/responding-to-the-covid-19-and-pandemic-protection-gap-in-insurance-35e74736/.
  3. iii – https://www.iii.org/fact-statistic/facts-statistics-industry-overview.
  4. bls – https://www.bls.gov/ooh/sales/insurance-sales-agents.htm.
  5. bls – https://www.bls.gov/ooh/business-and-financial/claims-adjusters-appraisers-examiners-and-investigators.htm.
  6. fema – https://www.usfa.fema.gov/data/statistics/.
  7. thebalancecareers – https://www.thebalancecareers.com/insurance-job-titles-2061497.
  8. statista – https://www.statista.com/topics/2832/property-and-casualty-insurance-in-the-united-states/.

How Useful is Property Casualty Insurance Agency Management

One of the primary advantages of proficient property casualty insurance agency management is the ability to efficiently handle claims. Insurance agencies deal with a vast array of claims on a daily basis, and managing these claims effectively is essential to ensure satisfactory customer experiences. With proper management systems in place, agencies can streamline the claims process, reducing errors and delays. This leads to quicker resolutions and increased customer satisfaction.

Additionally, efficient agency management helps in maintaining accurate and up-to-date records. Insurance agencies deal with a vast amount of data, ranging from customer information to policy details. To effectively navigate through this torrent of information, agency management systems provide the necessary tools to organize and store data securely. This aids in accessing critical information quickly and accurately which is crucial in assessing risks, developing appropriate policies, and making informed decisions.

Effective property casualty insurance agency management also facilitates better communication between agencies and their clients. Communication is the cornerstone of any successful relationship, and insurance agencies are no exception. With proper management, active engagement with clients becomes easier and more personalized. Agencies can utilize tools and software to track interactions with clients, answer queries promptly, and provide necessary updates. This not only fosters trust but also enhances the overall customer experiences and increases retention rates.

Furthermore, agency management contributes to increased efficiency and productivity within an organization. Insurance agencies have multiple departments that regularly coordinate with each other. Efficient management systems enable effective collaboration, breaking down barriers and improving workflow between departments. For instance, seamless communication between underwriting and claims departments reduces duplication of efforts and ensures a smoother operation. By eliminating redundant tasks and automating processes, valuable time can be saved and redirected towards more productive activities.

The usefulness of property casualty insurance agency management is also evident in its role in risk assessment and mitigation. Insurance policies are primarily designed to protect individuals and organizations against various risks. Effective management systems aid agencies in evaluating and analyzing risks accurately, enabling the development of tailored policies that adequately cover potential liabilities. Additionally, management tools provide access to historical data and analytics, enabling agencies to detect emerging trends and respond proactively to risk management challenges.

In conclusion, property casualty insurance agency management is essential in optimizing operations within insurance agencies. It offers numerous benefits, including efficient claims processing, accurate record-keeping, improved communication, increased efficiency, and effective risk assessment. With all these advantages, it is clear that a well-implemented agency management system is a valuable asset to insurance agencies, allowing them to provide superior service and stay ahead in a competitive industry.

In Conclusion

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