Insurance: Leading through disruption

This presentation, given by Insurance Information Institute CEO Sean Kevelighan, Chief Economist Steven Weisbart and Chief Actuary Jim Lynch, to the U.S. Department of the Treasury Federal Advisory Committee on Insurance (FACI), discusses the unique and strong position the insurance industry plays as a leader in the U.S. economy.

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Background on: Buying Insurance

 

The topic

Insurance is generally bought directly through an insurer (through its captive agents, the web or other direct channels) or through independent agents and commercial brokers who provide access to the products of several insurers. Direct writers dominate auto and homeowners insurance sales, accounting for 72.4 and 68.4 percent, respectively, of net premiums written in 2015, according to A.M. Best.

Facts + Statistics: Distribution channels

Life insurance distribution channels

Facts + Statistics: Insurance company rankings

 

Top 10 Writers Of Property/Casualty Insurance By Direct Premiums Written, 2016

Facts + Statistics: Corporate social responsibility

Property/casualty (P/C) and life/health insurance companies contribute to our economy far beyond their core function of helping to manage risk. Insurers contributed $450.3 billion, or 2.6 percent, to the nation’s gross domestic product in 2014. The taxes they pay include special levies on insurance premiums, which amounted to $19.2 billion in 2015, or 2.1 percent of all taxes collected by the states. Insurance companies invested $748.9 billion in state and local municipal bonds and loans in 2015, helping to fund the building of roads, schools and other public projects.