Insurance industry in USA

Almost since moment when the United States gained independence from Great Britain, an industrial boom began in this country. The rapid growth of the economy and fast accumulation of capital created all conditions for development of other industries, including the insurance institution.

Of course, like in any other country, there were not only ups, but also downs. The insurance system, which directly depends on the economy and welfare of citizens, is an indicator of the overall financial state of country. So rapid growth of services and companies in insurance market in early twentieth century gave way to a recession and stagnation during the Great Depression, which caused the closure of most of them. After resuscitation of the economy in the mid of thirties, an insurance system also acquired a second wind and is still developing and improving to now days.

Insurance agencies in the US, as in all other states, have 5 main, but different in their direction, functions: risky, investment, precautionary, savings and control. There are a large number of different companies that are engaged in the execution of these functions.

A prime example is the largest company American International Group, Inc. It ranks 1st in the United States for life insurance, and 2nd for real estate insurance, yachts, phones, diamonds and even dogs. In addition to its, AIG is involved in financing of pension and social funds throughout the country. One of the first places a corporation takes in the field of car insurance.

In addition to great part of insurance market, American International Group is a large employer. The company employs 92,000 employees, which serve about 50 million customers. The total equity of corporation is over 100 billion US dollars. However, we can not fail to mention that during the last global crisis in 2008, AIG suffered significant financial losses, than company lost about $10 billion.

Among other things, the United States is the first country to have a bank deposit insurance system (insurance of bank deposits against the threat of bankruptcy). This system became necessary during the Great Depression. Initially, the amount of deposit, which could be insured, was equivalent to five thousand US dollars. Over time, this amount has constantly growing and now is 250 thousand.

Federal Deposit Insurance Corporation (FDIC) operates the entire system. This state insurance agency was created by the United States government in 1933, to insure deposit deposits that were on the accounts of American banks. It has become one of the key tools for the country's exit from a protracted economic crisis.

Insurance of population also plays an important role in the entire structure. In addition to life insurance, medical insurance is compulsory. This rule applies to citizens of the United States and tourists.

The leading role in market of medical insurance is played by Aetna Inc. This diversified company specializes only in health insurance and serves almost a third of the country's population.

If Aetna Inc is undisputed leader in medicine insurance, MetLife is the leading international insurance and financial management company that provides individual and corporate clients with a wide range of products and services. MetLife Corporation was founded in 1868. Its main offices are in New York in center of Manhattan. MetLife brand serves about 90 million people, including large banks and brokers, which operates in more than 60 countries.

Insurance policy in the US is guarantee of security for each individual citizen and the entire state as a whole. Therefore, the government of the United States is providing all possible support to population in this matter. These policies are paid for people who have lost their jobs or have health problems.