Fire insurance in America is
considered one of the important products that play a role in preserving
citizens, their property and their responsibilities towards others. The
American Insurance Federation issued an informational bulletin today about fire
insurance and its importance, and this is the most important information about
it:
When did fire insurance appear in America?
The emergence of fire insurance
in Britain and central Europe during the sixteenth and seventeenth centuries
began with the emergence of craftsmen and the formation of their own
associations.
Where fire insurance at that stage was limited to assisting the owner of
the craft who wanted to protect his property from the fire from the damage it
incurred, and in the wake of the industrial revolution and the emergence of new
inventions and the transformation of industry from manual to automatic, and its
need to protect against all damages, the demand for insurance against fire risk
increased.
What types of fire insurance policies in America?
Fire risk insurance in America has more than one form in the documents
issued by companies, there are documents for insurance against fire risk first,
which is the general fire document.
It is issued to all property, whether factory, house, shop or office,
and covers damages resulting from the effects of fire. The second of these
documents is a fire and additional risks document, and the third, which
includes the risk of fire, is the family protection document.
Berkshire
The American “Berkshire Hathaway” insurance company ranked second in
property and liability insurance activity in 2018, among the top 10 American
insurance companies in property and liability activity, and its premiums
amounted to $43.9 billion in 2018, with a market share of property insurance
activity globally 6.5%.
The American “Liberty Mutual” company ranked third among the top 10
property insurance companies in 2018, with a premium volume of $34.6 billion,
with a market share of 5.1%.
In fourth place, the American “Progressive Corp” company specialized in
property and liability insurance, especially auto, marine and credit insurance,
and its premiums in 2018 amounted to about $33.8 billion, with a market share
of 5%.
In fifth place among the top 10 American insurance companies in the
property and liability insurance activity, came the American “Allstate Corp”
company, which was established in 1931, and the number of insurance policies
has 113 million policies worldwide, and it works in the property and life
insurance activities, and the volume of its premiums in 2018 about $33.3
billion, with a market share of 4.9% in property and liability activity.
The American "Travelers Companies Inc" ranked sixth in the
property and liability insurance activity, with a volume of premiums of $26.2
billion in 2018, with a market share of 3.9%.
USAA Insurance Group
The American “USAA Insurance Group” ranked eighth in the property and
liability insurance activity, with a volume of premiums of $21.9 billion, and a
market share of 3.2%.
In the seventh place came the “Chubb” Insurance Company, which works in
the activities of property, liability, life and medical insurance, and its
premiums amounted to $22.1 billion in 2018, with a market share of 3.3%.
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