Industry Facts

Auto insurance is a multi-billion dollar industry.

We're glad you're learning about our ever-changing and competitive industry. You can research even more about insurance, by visiting our new resources page.

What is insurance?

Insurance is a system in which groups of people who have similar chances of suffering a loss transfer their risk of loss to an insurer who pools the risk of many people together. In exchange for payment of premium, the insurer promises to reimburse the person for their covered losses.

What is auto insurance?

It is an agreement between you and your insurer in which you pay the insurance company a certain amount of money and, in return, the company will protect you from major financial losses due to an accident for a given period of time.

U.S. Insurance Industry Facts

  • Insurance generates more than $1 trillion.
  • Property and Casualty (P&C) insurance is a $420+ billion industry.
  • Personal auto insurance is a $160 billion industry sector.
  • Life/health (L/H) insurance is a $500+ billion industry.
  • In 2009, insurance carriers and related activities totaled 3% of the GDP.
  • In 2009, there were 2,737 P&C and 1,106 L/H insurance companies.
  • In 2010, more than 2.2 million people worked in the insurance industry.
  • Twenty P&C insurance companies are listed on the 2010 Fortune 500 annual ranking of America's largest corporations.

Sources: Insurance Information Institute, Bureau of Labor Statistics and Highline Data, LLC.

What does that mean?
Visit our insurance terms page.

Thinking about working in insurance?
Read the BLS Career Guide to Industries.

Information current as of July 2011

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