Industry Overview
Insurance is sold primarily by agents who are either independent or work for the insurance companies. They sell life insurance, auto insurance, property and casualty insurance and many other types. Health and accident insurance represents approximately 70% Americans covered by insurance. Property and Casualty insurance is primarily for businesses, individuals and others who need protection against property loss by a third party.
According to the Insurance Information Institute there was an increase in 2009 in the second quarter by $25.9 billion or 5.9 percent to $463.0 billion up from $437.1 billion at the end of the first quarter. Insurance industry leaders found that the Property/Casualty insurance is what has brought about the upturn.
Insurance claims in New York are mostly auto and property and casualty. Las Vegas insurance claims are property loss for damages in the casinos/hotels and gambling liability. Hotels are major insurance carriers because of the number of hotel rooms and thefts that can take place. Service of claims is handled the same way in both cities, with reports completed by the insured and submitted to the claims department.
Current Conditions
Mergers and acquisitions in the insurance industry have created vast global companies that mean more expansion and more investment overseas by the U.S. while there is more expansion and investment in the U.S. by foreign investors.
World markets are opening in Latin America and Asia as they enter the world markets. Service centers in many cities in these areas are opening or are already opened to service the populace.
Brand Names
The Hartford Insurance Company, Metropolitan Life, Blue Cross/Blue Shield, Progressive Auto and Geico are among the top insurers in the country in a wide variety of coverage. Find local branch offices in the yellow pages or check with the Chamber of Commerce.