In the latest sign for insurance agents that their insurance marketing efforts have paid off, a new study finds just how much policyholders rely on coverage.
According to Insurance Information Institute economist and president Robert Hartwig, U.S. property and casualty insurers paid out nearly $410 billion in catastrophe claims to their auto, homeowners and business policyholders and leads over the past 20 years.
He added that after parts of the South experienced significant levels of twister damage, homeowners in the area may be particularly grateful for insurers.
"I am confident the residents of Tuscaloosa, Alabama and Joplin, Missouri, as well as other disaster-stricken communities, are glad their insurers had the resources last year to meet their financial commitments," said Hartwig. "Insurers remained solvent, met their financial commitments, and some even grew their businesses during one of the most challenging economic downturns since the Great Depression."
He added that insurers were up to the financial challenge and the results indicate the industry passed "with flying colors."
This is just the latest indication of how valuable insurers are to policyholders and the U.S.' ability in general to bounce back from crises.