Market share of commercial lines insurance companies in the U.S. 2021, by premiums
The statistic shows the market share of leading commercial lines insurance companies in the United States in 2021, by direct premiums written. In that year, with direct commercial lines insurance premiums written amounting to 22.32 billion U.S. dollars, Chubb Ltd. had a market share of 5.6 percent.
Insurance and commercial lines insurance
The general definition of insurance is the transfer of a risk of a loss that could be incurred from one entity to another entity in exchange for payment. In the face of uncertain loss, insurance manages risk, ensuring some degree of financial security should an unforeseen event result in loss. The institution or individual that purchases the insurance from the company that offers it is known as the ‘insured’ or the ‘policy holder’. The amount of money charged to the insured is known as the premium. The premium is determined by the level of risk that is posed. If a catastrophic event such as a natural disaster was to occur and the insured suffered, as a result the insurer would have to pay out. In order that risk may be shared between companies, reinsurers often purchase insurance from the insurance company. This displacement of risk reduces expose and allows the insurer to take on more risk from other clients as a result.
Commercial lines insurance are insurance products designed for and bought by businesses. The major forms of coverage include machinery, general liability, fire, business interruption, product liability and workers compensation among many others. Most of the different forms of coverage can be purchased separately, with the exception of business interruption which must be purchased as part of the fire insurance policy.
Insurance and commercial lines insurance
The general definition of insurance is the transfer of a risk of a loss that could be incurred from one entity to another entity in exchange for payment. In the face of uncertain loss, insurance manages risk, ensuring some degree of financial security should an unforeseen event result in loss. The institution or individual that purchases the insurance from the company that offers it is known as the ‘insured’ or the ‘policy holder’. The amount of money charged to the insured is known as the premium. The premium is determined by the level of risk that is posed. If a catastrophic event such as a natural disaster was to occur and the insured suffered, as a result the insurer would have to pay out. In order that risk may be shared between companies, reinsurers often purchase insurance from the insurance company. This displacement of risk reduces expose and allows the insurer to take on more risk from other clients as a result.
Commercial lines insurance are insurance products designed for and bought by businesses. The major forms of coverage include machinery, general liability, fire, business interruption, product liability and workers compensation among many others. Most of the different forms of coverage can be purchased separately, with the exception of business interruption which must be purchased as part of the fire insurance policy.
