10 Fascinating Facts about Insurance Across the Americas
Insurance is a global concept. Where there are people, there is usually a need for some form of security contract to protect goods and livelihoods in the event of an incident.
From the ancient Chinese and Babylonian traders in 3,000BC, to the first official insurance contract in 1347 in Italy, via the famous Lloyd’s coffee shop in London opened in 1686 and the San Francisco earthquake of 1906, as society has evolved, so has insurance.
The Americas has become notable for the size of its insurance industry, and some of the largest insurance and insurance broking firms can be found across the two great continents, but how much do you know about insurance across the Americas? Read through our fascinating facts below!
1. In 2021, the U.S. Insurance industry’s net premiums written totalled US $1.4 trillion.
2. The three largest Latam insurance markets by written premium are Brazil, Mexico and Argentina which combined cover 70% of all premiums. Brazil dominates the region, making up 40% of the Latam market.
3. Lloyd’s of London’s reputation in the US was cemented in 1906 following the great San Francisco earthquake, when pioneering underwriter Cuthbert Heath chose to pay all claims, regardless of circumstance
4. The U.S. Insurance industry alone employs 2.86 million employees.
5. The life insurance segment dominates the Latam insurance industry, accounting for around 50% of the total insurance premiums written in the region. Latam’s total life and non-life premium volume is worth US $150 million.
6. The U.S. Insurance industry contributes 3.1% of the country’s total GDP.
7. Canada’s three largest insurance companies write a combined total of US $113 billion in gross premiums
8. The most expensive insurance policy in the world belongs to the American director Steven Spielberg, his life was insured for US $ 1.2 billion.
9. Last year’s Hurricane Ian cost insurers almost $12.6 billion in claims, the second costliest natural catastrophe to hit the US, after Hurricane Katrina in 2005
10. In 1987, the UFO Abduction Insurance Company in Altamonte Springs, Florida, began offering abduction insurance – 2 claims have been recorded to date…
