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.
Losses incurred by insurance companies have been increasing in recent years, which means that insurers have paid out more money in claims than they used to. This trend has affected auto insurance and homeowners insurance providers. The U.S. property and casualty sector employed about 650 thousand people in 2019. This number has fluctuated over the past decade, but appears to be on the rise since 2014.
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In the following 6 chapters, you will quickly find the 35 most important statistics relating to "Property and casualty insurance in the United States".