Property/casualty insurance is a cornerstone of personal financial well-being. Insurance allows consumers to finance their homes and arrange credit for other big-ticket items such as automobiles. Insurance protection also helps policyholders avoid the possibility of financial ruin if they were sued or involved in serious accidents.
More broadly, property/casualty insurance is also the foundation for worldwide commerce. Much of the American economy would grind to a halt without insurance because factories, stores, and offices could not face the risk of operating without the security of insurance coverage. Property/casualty insurers, including both mutual and stock companies, are among the most highly regulated industries in the country, accountable to a robust and time-tested state regulatory system.
The impact of property/casualty insurance is widespread:
