Companies offering a variety of personal, business, and industrial insurance policies.
 
 


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  • Allstate

    Allstate sells 13 major lines of insurance, including auto insurance, home insurance, life insurance, and commercial insurance. Allstate also offers retirement and investment products, and banking services.

  • Farmers Insurance Group

    The Farmers Insurance Group of Companies is a personal lines property and casualty insurance group providing homeowners insurance, auto insurance, life insurance, and financial services in the United States. It is the third largest insurance group in the US servicing over 10 million households in 41 states. While Farmers Group Inc. is a wholly owned subsidiary of Zurich Financial Services, it is locally headquartered in Los Angeles, California.

  • GEICO

    The Government Employees Insurance Company, usually known by the acronym GEICO, is an American auto insurance company. GEICO is a wholly owned subsidiary of Berkshire Hathaway that as of 2007 provided coverage for more than 10 million motor vehicles owned by more than 9 million policy holders. GEICO writes private passenger automobile insurance in the District of Columbia and in all 50 U.S. states. The company is notable for its copious television advertising, with several prominent campaigns running simultaneously in national markets. Its mascot is a gecko that originally had an American accent but for marketing reasons was changed to a Cockney accent.

  • Insurance Bureau of Canada

    Insurance Bureau of Canada is the national industry association representing Canada’s private home, car and business insurers. Its member companies represent nearly 95% of the property and casualty (P&C) insurance market in Canada.

  • Insurance Information Institute

    The Insurance Information Institute ("i.i.i.") is a U.S. industry organization which exists "to improve public understanding of insurance -- what it does and how it works." The I.I.I. web site provides information for consumers, the media, researchers and the general public on a wide range of topics, including automobile insurance, homeowners insurance, life insurance, annuities, health insurance, long-term care insurance and disability insurance.

  • Insurance Institute

    The Insurance Institute, with its network of 21 provincial Institutes and local Chapters, is the educational arm of the property and casualty insurance industry, representing 35,000 individuals across Canada. Of those members, 20,000 are students and more than 15,000 are graduates who have earned the Chartered Insurance Professional (CIP) designation or Fellow Chartered Insurance Professional (FCIP) designation.

  • Nationwide Mutual Insurance Company

    Nationwide Mutual Insurance Company & Affiliated Companies is a group of large U.S. insurance and financial services companies based in Columbus, Ohio. The company also operates regional headquarters in Des Moines, Iowa and San Antonio, Texas.

  • Progressive Corporation

    The Progressive Corporation (NYSE: PGR), known as the Progressive Casualty Insurance Company through its subsidiaries, provides personal automobile insurance, and other specialty property-casualty insurance and related services in the United States.

  • State Farm Insurance

    State Farm Insurance is a group of insurance and financial services companies. It is the largest automobile insurer in the United States continuously since 1942 and insures more cars and homes in the United States than any other insurer. The group's main company is State Farm Mutual Automobile Insurance Company, a mutual insurance firm that also owns the other State Farm companies. The corporate headquarters are in Bloomington, Illinois.



 
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Insurance :



 

Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent, uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment. An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

The transaction involves the insured assuming a guaranteed and known relatively small loss in the form of payment to the insurer in exchange for the insurer's promise to compensate (indemnify) the insured in the case of a large, possibly devastating loss. The insured receives a contract called the insurance policy which details the conditions and circumstances under which the insured will be compensated.

Insurance involves pooling funds from many insured entities (known as exposures) in order to pay for relatively uncommon but severely devastating losses which can occur to these entities. The insured entities are therefore protected from risk for a fee, with the fee being dependent upon the frequency and severity of the event occurring. In order to be insurable, the risk insured against must meet certain characteristics in order to be an insurable risk. Insurance is a commercial enterprise and a major part of the financial services industry, but individual entities can also self-insure through saving money for possible future losses.

Global insurance premiums grew by 3.4% in 2008 to reach $4.3 trillion. For the first time in the past three decades, premium income declined in inflation-adjusted terms, with non-life premiums falling by 0.8% and life premiums falling by 3.5%. The insurance industry is exposed to the global economic downturn on the assets side by the decline in returns on investments and on the liabilities side by a rise in claims. So far the extent of losses on both sides has been limited although investment returns fell sharply following the bankruptcy of Lehman Brothers and bailout of AIG in September 2008. The financial crisis has shown that the insurance sector is sufficiently capitalised. The vast majority of insurance companies had enough capital to absorb losses and only a small number turned to government for support.

Advanced economies account for the bulk of global insurance. With premium income of $1,753bn, Europe was the most important region in 2008, followed by North America $1,346bn and Asia $933bn. The top four countries generated more than a half of premiums. The US and Japan alone accounted for 40% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums. Their markets are however growing at a quicker pace.


 




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