Background on: Terrorism risk and insurance

THE TOPIC

In addition to the risk of natural disasters, the insurance industry faces the threat of terrorist attacks. Losses stemming from the destruction of the World Trade Center and other buildings by terrorists on September 11, 2001, totaled about $31.6 billion, including commercial liability and group life insurance claims—not adjusted for inflation—or $42.9 billion in 2016 dollars. About two thirds of these losses were paid for by reinsurers, companies that provide insurance for insurers.

Background on: Crop Insurance

The Topic

The government has supported agriculture financially since the 1930s to help maintain the viability of farming and ensure the stability of the nation’s food supply. However, due to the success of crop insurance, farmers today are increasingly more self-sufficient than in the past. Had the 2012 drought occurred in 2000, the cost to the public would have been much greater.

Facts + Statistics: Aviation and drones

World Aviation Accidents

Facts + Statistics: Hurricanes

The official Atlantic hurricane season runs from June through November, but occasionally storms form outside those months. September is the most common month for hurricanes making landfall in the U.S., followed by August and October, according to an analysis of 1851 to 2015 data by the National Oceanic and Atmospheric Administration. No hurricanes made U.S. landfall before June and after November during the period studied.

Facts + Statistics: Commercial Lines

The Commercial Insurance Market

Property/casualty insurance can be broken down into two major categories: commercial lines or types of insurance and personal lines. Personal lines, as the term suggests, includes coverages for individuals—auto and homeowners insurance. Commercial lines, which accounts for about half of U.S. property/casualty insurance industry premium, includes the many kinds of insurance products designed for businesses.

Facts + Statistics: Marine Accidents

Marine accidents killed 1,596 people and caused $2.5 billion in insured losses in 2016. In 2016, three maritime disasters made the top ten disasters of 2016 in terms of victims. In March, two boats carrying migrants capsized, one in Greece (Mediterranean Sea) resulting in 358 deaths and one in Libyan Arab Jamahiriya causing 240 deaths. In addition, in September a boat carrying migrants capsized in Egypt, killing  178 people. In 2012, 30 people were killed when the Costa Concordia cruise ship carrying 4,200 passengers went aground off the coast of Italy.