PPB September 2019

by Audrey Sellers I nsur ance I ndus t r y Stake Your Claim In the insurance market, promotional products can help companies achieve premium profits. I t’s only natural to protect and safeguard what matters. One can insure everything from the traditional, such as a person’s home and health, to the downright zany, such as mustaches or fantasy sports wagers. With an insurance policy, you stand ready for whatever may come your way in life—no matter how unlikely it may seem. That said, it’s easy to understand why the industry is such a consistent and reliable marketplace in which to find new clients and develop existing clients. After all, the concept of insurance dates back to the merchants of Babylon as early as 4000-3000 BC. Modern property and liability insurance began in England around 1711 and in the U.S., Benjamin Franklin organized the first American insurance company, Philadelphia Contributionship, in 1752. Fast forward 265 years and the options for insurance abound. In 2017, there were nearly 6,000 insurance companies in the United States, according to the National Association of Insurance Commissioners. Net premiums written that year topped $1.2 trillion, with premiums recorded by life/health insurers accounting for more than half (52 percent) and premiums by property/casualty insurers accounting for 48 percent, according to S&P Global Market Intelligence. The global insurance industry continues to expand each year. In 2017, the industry grew by more than four percent, according to McKinsey, which is the same level as its compound annual growth from 2010 to 2016. Life insurance accounted for nearly half (46 percent) of global premiums, while health insurance remained the fastest-growing segment, achieving five percent year-over-year growth in 2017. The insurance field is also one of the country’s top employers, boasting a workforce more than 2.7 million employees strong. The U.S. Department of Labor reports that 58 | SEPTEMBER 2019 | GROW