According to the classification of the American Insurance Information Institute, a list of the 10 largest American insurance companies in property and liability activity was issued during the year 2020, according to the volume of premiums of these companies, and their market shares.
Fire insurance companies in America
It is noteworthy that the property and liability insurance activity covers the risks of fire and burglary, and the motor and marine insurance branch includes goods and ship hulls, in addition to accident insurance, and professional and civil responsibilities by third parties.
As well as engineering insurance on projects, natural hazards insurance, agricultural insurance, credit insurance, as well as petroleum, electricity, energy, aviation insurance, and other branches of property and liability insurance.
The American “State Farm” company, which operates in several activities, including insurance, finance and investment, employs 19,000 employees worldwide, and serves 83 million customers worldwide, topped the American insurance companies.
Fire insurance in USA
Fire insurance in America in terms of the volume of premiums and market shares in the property and liability insurance activity. The company’s premiums in 2018 amounted to about $65.9 billion, while its market share in property and liability insurance globally reached 9.7%.
Fire insurance
It also topped the list of industries for which compensation for fire accidents was paid during the previous years, as follows:
Paper 15% and plastic by 14%, followed by foodstuffs by 12%, where electrical diamonds lead the causes of fire in those industries, followed by mechanical fire, then explosion and self-ignition.
There is no doubt that this requires the subscribers, before issuing the document, to ensure the availability of ventilation and electrical wires.
In addition to periodic maintenance, inspection and follow-up by industrial security, there is a general follow-up on cables and electricity connections, and the cooling of gas tanks.
The high degree of insurance awareness among individuals and the adoption of safety measures to preserve their property, especially after a number of them were exposed to fire accidents resulting from high temperatures or a short circuit.
Fire insurance companies
Insurance experts stressed the need for insurance companies to follow some of the inevitable recommendations to reduce the size of losses in the fire insurance branch during the coming period.
In addition to imposing a percentage of bearing on customers with bad results in the fire insurance branch, in addition to the pivotal role played by the risk management in insurance companies to study the possible results of insurance coverage for those industries, stressing the strictness of the reinsurers in accepting these documents.