Let's look at the insurance industry property/casualty division. According to a report from A.M. Best Co. Inc., property/casualty insurers hold more than $870 billion in assets with approximately $276 billion in premium receipts written in 1997. It's big business.

According to the U.S. Bureau of Labor Statistics, property/casualty insurance companies employed approximately 610,000 persons in 1997. Non property/casualty insurance companies employed another 926,000 persons.

The leading writers of property/casualty insurance include State Farm Group with more than $34 billion in direct premiums written in 1997, an increase of 12.3 percent from 1996. Allstate Insurance Group trailed with $18.5 billion in direct premiums written. The leading writer of total auto insurance in 1997 was State Farm Group with slightly more than $24 billion in direct premiums written, 18.1 percent market share. Following closely behind is Allstate with approximately $14.5 billion direct premiums; giving Allstate 10.9 percent of the share.

Of the $276 billion in premiums written, slightly more than $18 billion was generated from the commercial auto, liability, and collision and comprehensive areas. Private passenger auto liability, and collision and comprehensive generated $113.5 billion in 1997, making the total premiums combined $131.5 billion. This is according to A.M. Best Co Inc., Best's Aggregates and Averages, 1998 edition.

The $113.5 billion generated from private passenger auto insurance breaks down into liability at $70.5 billion, and collision and comprehensive at $43 billion. The commercial automobile insurance generates $12.7 billion in liability premiums written and $5.3 in collision and comprehensive premiums written.

If you are interested in more details concerning the insurance industry and where the premium money is being placed, contact Denise Caspersen at (800) 272-7467, ext. 236.

Stat Corner is written by Denise Caspersen, ASA's research management specialist. She can be reached at (800) 272-7467, ext. 236.

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