29 Insurance Industry Facts You Probably Never Heard Of

Fun Insurance Facts you probably never have heard

InsuranceFiles has gathered some hidden, little known and fun facts about the
insurance industry. Some are statistics while others tell a funny story. We hope all of
them shed a little light on the industry and maybe even bring a smile to your face.
1.Travelers is known to write the first liability car insurance policy in 1897.
2.The first known car insurance policy was written in the UK in 1895.
3.Prior to 1997 car insurance was pricier because people could not access the internet
for better rates and had to rely on their local brokers.
4.The Internet changed everything on how people shop for insurance.
5.At first, every person was paying almost the same for insurance. Then companies
made changes to the $ they pay depending how they drive and this way they can get
more customers by lowering their rates because they are better drivers.
6.Farmers only sold car insurance to farmers for quite some time before branching out
to other kinds of auto insurance.
7.Insurance generates more than $1 trillion.
8.Property and Casualty (P&C) insurance is a $420+ billion industry.
9.Personal auto insurance is a $160 billion industry sector.
10.Life/health (L/H) insurance is a $500+ billion industry.
11.In 2009, insurance carriers and related activities totaled 3% of the GDP.
12.In 2009, there were 2,737 P&C and 1,106 L/H insurance companies.
13.In 2010, more than 2.2 million people worked in the insurance industry.
14.Twenty P&C insurance companies are listed on the 2010 Fortune 500 annual
ranking of Americas largest corporations.
15.There are over 3,000,000 new drivers a year, in the United States.
16.Paying Semi-Annually or annualy for insurance rather than monthly can save you a
great deal on money.
17.Higher deductable lowers your premium.
18.Your credit score can affect the rate for your insurance.
19.15% of husbands and 28% of wives in America have no life insurance.
20.Statistics show that married drivers average fewer accidents than the rest of the
population so policy owners who are married often receive lower premiums than single
persons.
21.Some companies have lower premiums for people who drive less and can provide
annual milage reports.
22.If your car has a GPS than you can receive a discount from many insurance

companies.
23.Rates may increase for senior drivers over the age of 65.
24.The top executives at the five largest for-profit health insurance companies in the
United States combined to receive nearly $200 million in total compensation in 2009.
25.The chairman of Aetna, the third largest health insurance company in the United
States, brought in a staggering $68.7 million during 2010.
26.Over the last decade, the number of Americans without health insurance has risen
from about 38 million to about 52 million.
27.According to one survey, approximately 1 out of every 4 Californians under the age
of 65 has absolutely no health insurance.
28.After a disaster, insurance companies may raise every ones rates. By not filing your
claim, your personal rate increase is paying for every one elses damage except yours.
29.Most states prohibit insurance companies from cancelling policies for filing claims
arising from severe weather related events.