We Bet You Didn’t Know THIS About Insurance Companies

We Bet You Didn’t Know THIS About Insurance Companies

Much of what many know about insurance companies is what we see and hear on television. We learn about insurance companies from a talking lizard, a gal in a white apron and some guy with a bandaged head who wreaks havoc wherever he goes. As interesting as all these characters are, the facts behind the insurance industry are often much more interesting.

  • As of 2017, there were 5,954 insurance companies in the United States, over half of which were property/casualty insurance companies. There were 852 companies offering life/annuity insurance.
  • The average face value of a life insurance policy in the U.S. is about $160,000.
  • Research indicates that over 12% of drivers in the U.S. do not have auto insurance. That means that if you are involved in an automobile accident, there is a one in eight chance the other driver will not have car insurance. That alone is a good reason to consider uninsured motorist’s coverage.
  • While there is no such thing as “hurricane insurance”, most homeowners insurance policies cover high winds, including hurricanes. Many coastal states, however, may require separate windstorm coverage.
  • Generally, a standard homeowners’ insurance policy does not cover flooding. Flood insurance coverage is sold separately through select insurance companies under a FEMA sponsored program.
  • The five largest insurance payment claims were for Hurricane Sandy ($36 billion), 9/11 ($40 billion), The Lehman Brothers ($100 billion), Hurricanes Katrina, Rita and Wilma ($130 billion) and the 2008 Financial Crisis ($21 trillion).
  • It is estimated that there is over $1 billion in unclaimed life insurance policy benefits. The odds you are owed money from a life insurance policy are about 1 in 600.
  • Insurance agents generally fall into one of two categories, captive or independent. Captive agents represent a specific company’s products while independent agents can represent you.

You can get the most from your insurance budget by allowing our independent insurance agents to go to work for you. We compare rates from multiple insurance providers to get you affordable coverage you deserve. For auto, home, life insurance and more, contact us today for your complimentary insurance review.


Do you have questions about your insurance? Find an insurance agent near you with our Agent Finder

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Search All Blogs

Generic filters

Buzz Your
Insurance Agent

Search for a local agent with our agent finder map.

Agent Finder

Want to learn more about
our blog writer?

Read more about KayLynn's background.

Search All Blogs

Generic filters

Read More Insurance Blogs

Finding Your Financial Foundation: Understanding the Minimum Life Insurance You Need

What’s the minimum life insurance you really need? Learn about covering final expenses, debts, and providing immediate financial relief for your family.

Declutter Your Life: Beyond the Physical to a More Streamlined Existence

Tired of clutter? Discover actionable tips to declutter not just your belongings, but also your finances and digital life for a more streamlined and stress-free life.

Your Life Insurance Journey: Start Small, Dream Big, Build Security

Don’t wait for the perfect policy. Discover how starting small with life insurance is the key to building long-term financial security for your family.

Small Steps, Big Impact: Achieving a Healthier Lifestyle Without Radical Overhaul

Forget extreme diets and intense workouts. Learn how simple, everyday choices can add up to a healthier lifestyle.

Weaving Family History: The Power and Importance of a Family Timeline

More than just dates: Crafting a family timeline to connect generations and preserve memories.

Family Fitness Adventures for Lasting Memories

Ditch the couch: Active family fun for a healthier, happier life.

Beyond Upfront Payments: Pre-Planning Your Final Arrangements with Peace of Mind

Pre-planning your farewell: Affordable options and peace of mind.

Life Insurance: Investment or Protection? Decoding Cash Value Policies

Is life insurance an investment? Understanding cash value policies.

From Picky Eaters to Healthy Habits: Nurturing Lifelong Wellness in Children

Beyond the clean plate: Fostering healthy eating habits that last a lifetime.

Embracing the New Era of Celebrations of Life

Discover the growing trend of celebrations of life and how they are transforming the way we say goodbye to our loved ones. Learn about the unique aspects of these celebrations and the role of life insurance in ensuring financial peace of mind.