How Much Money Do Insurance Companies Make?
I’ve given a lot of attention in these guides to the insurance industry. The careful reader will note a common thread, well known to Baltimore personal injury and accident lawyers- insurance companies make an enormous amount of money. I’ve highlighted the specific recent financial gains of the some nation’s 10 largest property casualty insurers in separate guides. What I tend to see in some commentators and analysts is a detailed discussion of how the profit is generated an how the reality might differ from the perception- not that amazing amount of money made itself.
Here is a staggering statistic about the industry as a whole. According to the Insurance Information Institute1
The insurance industry takes in 1 trillion dollars in net premiums annually.
Let’s put that in perspective. According to the American Association for Justice, if the insurance industry were a separate country, it would have a bigger economy than every other country on the planet, except the two largest, the U.S and Japan.2
-This Article was updated by Eric Kirk on 12/2/19.
If you are locked in personal injury claims dispute with an insurance company, you are well aware of the resources pitted against you. If you have been injured, and have not yet locked horns with the Insurance company- you soon will. In either instance, I can help you. I have spent the bulk of my career battling insurance companies inside of courtrooms and out. I offer all of my clients a complimentary case analysis and legal opinion. Feel free to contact me today.
FN2 It is likely that by 2018 China has the world's second largest economy, https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?most_recent_value_desc=true, and by some measures perhaps the larges.