Corporate insurance - statistics and facts
Corporate insurance products are important for the financial health of companies. Medical professional liability insurance, product liability insurance, directors and officers liability insurance are popular examples of coverage taken out by businesses. These types of coverage protect them from losing money in the case of a medical error, product recall or lawsuit. The market capacity for the global liability insurance industry has fluctuated considerably in the last twenty years, peaking at 3.3 billion U.S. dollars in 2017. In the United States, 22 percent of corporate loss claims involved fire or explosions between July 2013 and July 2018; while in Canada, 23 percent of claims were caused by fire or explosions.
One of the most important types of corporate insurance is in the practice of medicine. Doctors and surgeons make decisions that involve life and death probably more often than any other profession. In 2018, the direct losses of medical professional liability insurance amounted to 4.51 billion U.S. dollars in the United States and Canada. Berkshire Hathaway Group is the leading medical professional liability insurance company in North America, with 1.5 billion U.S. dollars in direct premiums.
Another form of corporate insurance is product liability insurance, which as the name suggests, protects a manufacturer from liability in case their product is harmful in some way. The value of net premiums written by product liability insurance in the United States amounted to 2.79 trillion U.S. dollars in 2018, up from 2.69 trillion the year before. The majority of product liability insurance claims worldwide are from automotive or industrial suppliers, followed by food and beverage industries. Automotive and industrial recall claims also make up a 71 percent share of the value of claims for the product recall insurance market.
One of the most important types of corporate insurance is in the practice of medicine. Doctors and surgeons make decisions that involve life and death probably more often than any other profession. In 2018, the direct losses of medical professional liability insurance amounted to 4.51 billion U.S. dollars in the United States and Canada. Berkshire Hathaway Group is the leading medical professional liability insurance company in North America, with 1.5 billion U.S. dollars in direct premiums.
Another form of corporate insurance is product liability insurance, which as the name suggests, protects a manufacturer from liability in case their product is harmful in some way. The value of net premiums written by product liability insurance in the United States amounted to 2.79 trillion U.S. dollars in 2018, up from 2.69 trillion the year before. The majority of product liability insurance claims worldwide are from automotive or industrial suppliers, followed by food and beverage industries. Automotive and industrial recall claims also make up a 71 percent share of the value of claims for the product recall insurance market.
