Liability Insurance - Statistics and Facts

Published by Jennifer Rudden, Jan 18, 2019
Whether it’s knocking over a priceless piece of art or having a customer having a slip and fall in your business; all it can take is one mistake or misfortune and before you know it you’re on the hook for a fortune in damages. We have all imagined being in situations like this, which is why liability insurance exists. Liability insurance is a form of insurance to protect an individual or business from the risk of lawsuits and other claims. The market capacity for the global liability insurance industry has fluctuated considerably in the last twenty years, peaking at 3.3 billion U.S. dollars in 2017. Liability loss claims can be caused by vandalism or terrorism, environmental damage, fire damage, slips and falls, and collision, to name a few. In the Americas in 2016, 35 percent of liability loss claims involved collisions and crashes; while in Africa, 77 percent of claims were caused by human error.

One of the most important applications for liability insurance is in the practice of medicine. Doctors and surgeons make decisions that involve life and death probably more often than any other profession. In 2017, the direct losses of medical professional liability insurance amounted to 4.53 billion U.S. dollars in the United States and Canada. Berkshire Hathaway Group is the leading medical professional liability insurance company in North America, with over one billion U.S. dollars in direct premiums.

Another form of liability insurance involves product liability, which as the name suggests, protects a manufacturer from liability in case their product is harmful in some way. The value of net premiums written by product liability insurance in the United States amounted to 2.42 trillion U.S. dollars in 2016, down from 2.8 trillion the year before. The majority of product liability insurance claims worldwide are from automotive or industrial suppliers, followed by food and beverage industries. Automotive and industrial recall claims also make up a 71 percent share of the value of claims for the product recall insurance market.

Interesting statistics

In the following 4 chapters, you will quickly find the 22 most important statistics relating to "Liability Insurance ".

Liability insurance

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Important key figures

The most important key figures provide you with a compact summary of the topic of "Liability Insurance " and take you straight to the corresponding statistics.

Medical professional liability

Products liability

Directors and officers liability

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