Insurance assured: A growing number of businesses in Virginia will support revenue

The Property Casualty and Direct Insurance industry in Virginia provides crucial risk-management services to businesses in Virginia. The industry underwrites insurance policies such as homeowners' multiple peril, private passenger automobile and workers' compensation insurance that individuals and businesses need to purchase to legally operate businesses and assets. Over the five years to 2018, the industry in Virginia has benefited from a national price hardening cycle that was characterized by rising premium prices. This enabled operators to charge more for the premiums they provided to businesses and individuals during the period. Furthermore, the industry benefited from increased demand for their services as the number of businesses in Virginia increased an annualized 2.0%...purchase to read more.

Industry Statistics & Market Size
Revenue
$14bn
Annual Growth 13-18
1.5%
Forecast Growth 18-23
Profit
Employment
17,507
Businesses
367

Industry Threats & Opportunities

  • The industry benefited from increased demand for their services as the number of businesses in Virginia increased
  • Additional Insights for the Property, Casualty and Direct Insurance in Virginia Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Property, Casualty and Direct Insurance in Virginia Industry are

  • Ability to effectively manage risk
  • Offer a range of insurance products
  • Management of a high quality assets portfolio
  • IBISWorld analysts also discuss how external factors such as Housing starts in Virginia and Number of businesses in Virginia in the Property, Casualty and Direct Insurance in Virginia industry impact industry performance..

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    What's in this report

    What is the Property, Casualty and Direct Insurance in Virginia Industry?

    Operators in this industry are primarily engaged in underwriting insurance policies that protect individuals, businesses and agencies against losses that occur as a result of property damage, liability or other risks. Industry participants also protect real estate owners or creditors against losses sustained as a result of any title defect to real property. This industry does not include insurance coverage for life, disability, accidental death, dismemberment or health risks.

    Industry Products
  • Private passenger automobile insurance
  • Homeowners' multiple peril insurance
  • Commercial automobile insurance
  • Workers' compensation insurance
  • Industry Activities
  • Directly underwriting automobile insurance
  • Directly underwriting homeowners' insurance
  • Directly underwriting title insurance
  • Directly underwriting workers' compensation insurance
  • Directly underwriting medical malpractice insurance
  • Reinsuring policies from other insurance companies
  • Similar Industries
  • Life Insurance & Annuities
  • Health & Medical Insurance
  • Reinsurance Carriers
  • Workers' Compensation & Other Insurance Funds
  • Life Insurance & Annuities in California
  • Health & Medical Insurance in California
  • Property, Casualty & Direct Insurance in California
  • Life Insurance & Annuities in New York
  • Health & Medical Insurance in New York
  • Property, Casualty & Direct Insurance in New York
  • Property, Casualty and Direct Insurance in Illinois
  • Life Insurance & Annuities in Illinois
  • Health & Medical Insurance in Illinois
  • Property, Casualty and Direct Insurance in Texas
  • Property, Casualty and Direct Insurance in Florida
  • Health & Medical Insurance in Florida
  • Property, Casualty and Direct Insurance in Massachusetts
  • Life Insurance & Annuities in Massachusetts
  • Health & Medical Insurance in Massachusetts
  • Property, Casualty and Direct Insurance in Ohio
  • Health & Medical Insurance in Ohio
  • Property, Casualty and Direct Insurance in Pennsylvania
  • Life Insurance & Annuities in Pennsylvania
  • Health & Medical Insurance in Pennsylvania
  • Property, Casualty and Direct Insurance in New Jersey
  • Life Insurance & Annuities in New Jersey
  • Health & Medical Insurance in New Jersey
  • Property, Casualty and Direct Insurance in Georgia
  • Life Insurance & Annuities in Georgia
  • Health & Medical Insurance in Georgia
  • Property, Casualty and Direct Insurance in Michigan
  • Life Insurance & Annuities in Michigan
  • Health & Medical Insurance in Michigan
  • Property, Casualty and Direct Insurance in Wisconsin
  • Life Insurance & Annuities in Wisconsin
  • Health & Medical Insurance in Wisconsin
  • Property, Casualty and Direct Insurance in Washington
  • Life Insurance & Annuities in Washington
  • Health & Medical Insurance in Washington
  • Life Insurance & Annuities in Virginia
  • Health & Medical Insurance in Virginia
  • Property, Casualty and Direct Insurance in Tennessee
  • Life Insurance & Annuities in Tennessee
  • Health & Medical Insurance in Tennessee
  • Property, Casualty and Direct Insurance in Missouri
  • Life Insurance & Annuities in Missouri
  • Property, Casualty and Direct Insurance in North Carolina
  • Life Insurance & Annuities in North Carolina
  • Health & Medical Insurance in North Carolina
  • Property, Casualty and Direct Insurance in Minnesota
  • Life Insurance & Annuities in Minnesota
  • Health & Medical Insurance in Minnesota
  • Property, Casualty and Direct Insurance in Maryland
  • Life Insurance & Annuities in Maryland
  • Health & Medical Insurance in Maryland
  • Property, Casualty and Direct Insurance in Colorado
  • Life Insurance & Annuities in Colorado
  • Health & Medical Insurance in Colorado
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Housing starts in Virginia
  • Number of businesses in Virginia
  • Per capita disposable income in Virginia
  • Unemployment rate in Virginia

  • Current Performance
    Industry Outlook
    Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Property, Casualty and Direct Insurance in Virginia Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining
  • Wholesale Trade
  • Information
  • Educational Services
  • Consumers

  • Key Selling Industries
  • Insurance Brokers & Agencies
  • Reinsurance Carriers
  • Third-Party Administrators & Insurance Claims Adjusters

  • Products & Services
  • Private passenger automobile insurance
  • Other
  • Homeowners' multiple peril insurance
  • Workers' compensation insurance
  • Commercial automobile insurance
  • Chart: Property, Casualty and Direct Insurance in Virginia Industry Products and Services Segmentation

  • Major Markets
  • Private market
  • Commercial market
  • Other insurance carriers
  • Chart: Major Market Segmentation for the Property, Casualty and Direct Insurance in Virginia Industry

  • Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Property, Casualty and Direct Insurance in Virginia

  • Basis of Competition
    Barriers to Entry
    State Farm Mutual Automobile Insurance Company, Allstate Corporation, Nationwide Mutual Insurance Company, USAA,
  • Table: State Farm Mutual Automobile Insurance Company - financial performance
  • Table: Allstate Corporation - financial performance
  • Table: Nationwide Mutual Insurance Company - financial performance
  • Table: USAA - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Property, Casualty and Direct Insurance in Virginia Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Property, Casualty and Direct Insurance in Virginia Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Per capita disposable income in Virginia (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Capacity
  • The supply of insurance or the maximum amount of insurance a company or market can underwrite, which is determined by a firm's financial strength or surplus.
  • Cede
  • The action of an insurer passing risk to a reinsurer. The cedent purchases a contract, indemnifying them for specific losses realized in assuming liability through the issuance of insurance policies.
  • Combined Ratio
  • A measurement of a firm's underwriting performance and profitability; it equals the loss ratio plus the expense ratio.
  • Expense Ratio
  • Underwriting or operation expenses as a percentage of earned premiums, indicating the percentage of premium income that was consumed in writing insurance business.
  • Loss Ratio
  • The percentage of premiums earned that were paid out as claims; it equals loss-incurred and loss-adjusted expenses (LLAE) divided by earned premiums.
  • Policyholder Surplus
  • The difference between an insurer's liabilities and its assets and is the financial cushion that protects policyholders in case of unexpectedly high claims.
  • Title Insurance
  • Indemnity insurance that protects against financial loss from defects in title to real property and from invalidity of mortgage liens.
  • Underwriting
  • The process where insurers assess the risks to insure and decide how much to charge for those risks.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s industry research report on Property, Casualty and Direct Insurance in Virginia can be used to help you understand the industry’s market size, growth potential and major companies. Five-year forecasts provide insight into the industry’s prospects, so you can make decisions with confidence. This information is perfectly suited to informing your business plans, pitch books, benchmarking and SWOT analysis.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Property, Casualty and Direct Insurance in Virginia:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Property, Casualty and Direct Insurance in Virginia market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Property, Casualty and Direct Insurance in Virginia, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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