US Insurance industry is today perhaps one of the most important revenue earning industries of the United States of America. Due to its excellent service, it is not only one of the best service providers in the United States of America but also across the globe. The US Insurance industry is controlled by the National Association of Insurance Commissioners established in 1871, which looks after and controls the overall functioning of all agencies.
US Insurance agencies are basically segregated into two broad sub heads according to the products and services they offer namely life and General Insurance. The General Insurance available may include Disability, Property, Accident and Expatriate Insurance. Renter, General Liability, Travel, Health , Workers Compensation, Pet, Automobile, Home, Software System and Global Student Insurance amongst some others.
The US Insurance industry is so large that the premiums paid in a year is often close to 1,170,200 million US dollars according to a research done in 2006. Premiums paid on life insurances amounted to US$ 533,649 million and almost US$ 636,452 million was paid to those who provided General Insurance policies as premiums. This includes the annuities providers too. There are close to 5000 agencies in the whole of US today providing insurance related products and services. The health and medical insurance sector is the largest growing service in recent times as health care and hospitalization are really one of the most expensive services that are almost a necessity in once daily life and must be covered by insurance agencies to meet the high cost of medicines, doctors and medical services mostly in cases of hospitalization. Annuities and long term insurance plans are also in demand at US agencies. Next to medical, auto and liabilities related insurance policies are popular. Long term insurance policies are also doing well enough.
Article By: harinadhroy