Property and casualty insurance in the United States - statistics & facts
Property and casualty insurance is a type of insurance which covers risks related to loss or damage of property. This type of insurance has two major areas: protection of physical objects and protection against legal liability. The first area offers protection for physical objects, such as houses, cars or valuable personal belongings. Protection against legal liability covers damage caused to someone else’s property. Property insurance is referred as “first-party” coverage, considering that it is related to the policyholder’s property, while casualty insurance can be defined as “third-party” coverage. In total, the value of gross premiums written by the U.S. property and casualty insurance sector amounted to approximately 729 billion U.S. dollars in 2020. In 2020, 37 percent of the U.S. P&C premiums were written by private passenger auto insurance companies.
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