According to study, “Strategic Market Intelligence: General Insurance in the US – 2017” some of the major companies that are currently working in the general insurance in the U.S. are State Farm Grp, Berkshire Hathaway Grp, Liberty MutGrp, Allstate Ins Grp, Progressive Grp, Travelers Grp, Chubb Ltd Grp, Nationwide Corp Grp, Farmers Ins Grp, United Serv Automobile.
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the U.S.
The U.S. has the world's largest and most mature general insurance segment. It enables to minimize the effect of unexpected and often unwelcome future events and helps to organize personal and business life with greater confidence. It covers properly against fire, burglary, theft, flood storm and earthquake. It also covers machinery against breakdown, motor vehicles against damages and hull of ships etc. It is important for many reasons: to get financial security, to get peace of mind against risk, to avoid burden of loss and to avoid accidents etc.
General insurance is classified in two types: commercial lines and personal lines. Commercial lines products are usually designed for relatively small legal entities: it includes public liability, product liability, commercial fleet and other general insurance products, which are sold in a relatively standard fashion to many organizations.
Some types of general insurance are included car or auto insurance, liability insurance, marine insurance, fire insurance, engineering insurance and burglary insurance. Car or auto insurance is a contract between user and the insurance company that protects against financial loss in the event of an accident or theft: it provides protection against third party liability and physical damages from fire, riots, flood, cyclones, burglary and theft etc. Liability insurance is purchased to protect an individual or a business: it covers legal pay-outs and costs for which the person insured is responsible. Marine insurance refers to coverage provided for the loss or even damage that has been caused to cargo, ships, terminals between their points of origin and final destination. Fire insurance covers any damage to property as a result of a fire: it goes beyond property insurance and covers the cost of reconstruction, the cost of replacement and the cost of repair etc. Health insurance offers a way to reduce such costs to more reasonable, affordable amounts. Engineering insurance provides coverage for damage to machinery, business interruption, stock deterioration, stock deterioration and computers & electronic equipment etc. additionally, burglary insurance provides financial compensation against loss or damage to property contained in premises by acts of burglary.
Some characteristics of general insurance are involved payment of fortuitous losses, risk transfer, pooling of losses and indemnification etc. Some latest trends of general insurance such as digital, block-chain, customer focus, new accounting standards, conduct & mis-selling, data analytics, cyber insurance, artificial intelligence and insurtech etc.
In 2017, in U.S., the percentage of people with health insurance coverage was 91.2 %. As well as private health insurance coverage continued to be more prevalent than government coverage, at 67.2 % and 37.7 %, respectively. Health insurance reduces costs to more reasonable, affordable amounts. It provide many benefits such as emergency services hospitalization, laboratory tests, maternity and newborn care, mental health and substance-abuse treatment, outpatient care, pediatric services, prescription drugs, preventive services & management of chronic diseases and rehabilitation services etc.
In 2017, private health insurance coverage continued to be more prevalent than government coverage, at 67.2 % and 37.7 %, respectively. Of the subtypes of health insurance coverage, employer-based insurance was the most common, covering 56.0 % of the population for some or all of the calendar year, followed by Medicaid, Medicare, direct-purchase coverage, and military coverage.
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