We Bet You Didn’t Know THIS About Insurance Companies

We Bet You Didn’t Know THIS About Insurance Companies

Much of what many know about insurance companies is what we see and hear on television. We learn about insurance companies from a talking lizard, a gal in a white apron and some guy with a bandaged head who wreaks havoc wherever he goes. As interesting as all these characters are, the facts behind the insurance industry are often much more interesting.

  • As of 2017, there were 5,954 insurance companies in the United States, over half of which were property/casualty insurance companies. There were 852 companies offering life/annuity insurance.
  • The average face value of a life insurance policy in the U.S. is about $160,000.
  • Research indicates that over 12% of drivers in the U.S. do not have auto insurance. That means that if you are involved in an automobile accident, there is a one in eight chance the other driver will not have car insurance. That alone is a good reason to consider uninsured motorist’s coverage.
  • While there is no such thing as “hurricane insurance”, most homeowners insurance policies cover high winds, including hurricanes. Many coastal states, however, may require separate windstorm coverage.
  • Generally, a standard homeowners’ insurance policy does not cover flooding. Flood insurance coverage is sold separately through select insurance companies under a FEMA sponsored program.
  • The five largest insurance payment claims were for Hurricane Sandy ($36 billion), 9/11 ($40 billion), The Lehman Brothers ($100 billion), Hurricanes Katrina, Rita and Wilma ($130 billion) and the 2008 Financial Crisis ($21 trillion).
  • It is estimated that there is over $1 billion in unclaimed life insurance policy benefits. The odds you are owed money from a life insurance policy are about 1 in 600.
  • Insurance agents generally fall into one of two categories, captive or independent. Captive agents represent a specific company’s products while independent agents can represent you.

You can get the most from your insurance budget by allowing our independent insurance agents to go to work for you. We compare rates from multiple insurance providers to get you affordable coverage you deserve. For auto, home, life insurance and more, contact us today for your complimentary insurance review.

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