Fire insurance in America is considered one of the important products that play a role in preserving citizens, their property and their responsibilities towards others. The American Insurance Federation issued an informational bulletin today about fire insurance and its importance, and this is the most important information about it:
When did fire insurance appear in America?
The emergence of fire insurance in Britain and central Europe during the sixteenth and seventeenth centuries began with the emergence of craftsmen and the formation of their own associations.
Where fire insurance at that stage was limited to assisting the owner of the craft who wanted to protect his property from the fire from the damage it incurred, and in the wake of the industrial revolution and the emergence of new inventions and the transformation of industry from manual to automatic, and its need to protect against all damages, the demand for insurance against fire risk increased.
What types of fire insurance policies in America?
Fire risk insurance in America has more than one form in the documents issued by companies, there are documents for insurance against fire risk first, which is the general fire document.
It is issued to all property, whether factory, house, shop or office, and covers damages resulting from the effects of fire. The second of these documents is a fire and additional risks document, and the third, which includes the risk of fire, is the family protection document.
Berkshire
The American “Berkshire Hathaway” insurance company ranked second in property and liability insurance activity in 2018, among the top 10 American insurance companies in property and liability activity, and its premiums amounted to $43.9 billion in 2018, with a market share of property insurance activity globally 6.5%.
The American “Liberty Mutual” company ranked third among the top 10 property insurance companies in 2018, with a premium volume of $34.6 billion, with a market share of 5.1%.
In fourth place, the American “Progressive Corp” company specialized in property and liability insurance, especially auto, marine and credit insurance, and its premiums in 2018 amounted to about $33.8 billion, with a market share of 5%.
In fifth place among the top 10 American insurance companies in the property and liability insurance activity, came the American “Allstate Corp” company, which was established in 1931, and the number of insurance policies has 113 million policies worldwide, and it works in the property and life insurance activities, and the volume of its premiums in 2018 about $33.3 billion, with a market share of 4.9% in property and liability activity.
The American "Travelers Companies Inc" ranked sixth in the property and liability insurance activity, with a volume of premiums of $26.2 billion in 2018, with a market share of 3.9%.
USAA Insurance Group
The American “USAA Insurance Group” ranked eighth in the property and liability insurance activity, with a volume of premiums of $21.9 billion, and a market share of 3.2%.
In the seventh place came the “Chubb” Insurance Company, which works in the activities of property, liability, life and medical insurance, and its premiums amounted to $22.1 billion in 2018, with a market share of 3.3%.