Every single day, personals and businesses face a variety of potentially high risk and trouble. Property casualty insurance is able to provide personal and professional protection to manage trouble and loss. Insurance makes businesses and personal more aware the risks they face and motivation to prevent losses.
Most clients have to borrow money to buy homes and cars; lenders require insurance to secure the loans that they make for these purchases. Without insurance, they could obtain an auto loan or home mortgage. The property and casualty Insurance can protect business transactions, without insurance, most businesses would find that they could not operate.
The property and casualty insurance provide recovery from catastrophes hurricanes, winter storms, fires, and other disasters can cause sudden loss to many people all at once. The property and casualty insurance also coverage for businesses to replace inventories and reconstruct buildings, and allows homeowners to repair and rebuild homes and replace personal property.
In 2001, the property and casualty insurance industry has a $7.9 billion net loss. According to the Insurance Services Office, Inc. (ISO) and the National Association of Independent Insurers (NAII), this insurance loss is the first time ever. The September 11 also gives negatively impacted to the property and casualty insurance industry. The September 11 has been reported related to property and casualty insurance loss. It is also caused the decline of the stock market added the descending progress in the property and casualty insurance industry.
As a result, many property and casualty insurance companies are reducing. They first step is to avoid adding any new policies into their property and casualty insurance. They also intentionally not resume their existing property and casualty insurance policies. But this day, the property and casualty insurance coverage more than $400 billion annually in policy benefits.