The P&C insurance industry reached $ 2.3 trillion in 2020, according to Duck Creek Technologies.
This amount consists of the gross dollar value of the total premiums paid to insurers by policyholders (DWP). A key measure of scale for the general insurance industry.
Also known as damages insurance, this type of insurance helps protect people and property.
For example, it covers things that a person owns, such as his home or her car.
In addition to being one of the world’s largest industries, Duck Creek Technologies estimates it to be one of the most resilient.
For most businesses and consumers, insurance is a necessity rather than a convenience.
As a result, overall spending on insurance products has continued to grow steadily over the long term, even in periods of economic volatility.
The general insurance industry is fragmented by the geographies in which carriers operate, the lines of insurance they underwrite, the customers they target, their distribution strategies, and the total amount of DWP they generate.
General insurance companies sell products that protect policyholders from property loss, bodily injury, litigation, and other liabilities.
Also, large carriers often have global operations and offer a wide range of insurance products.
They are also required to organize and present financial information by country and sometimes by state or province within a country.
This creates a large portfolio of insurance products with various regulatory requirements.
Smaller carriers typically have a more limited geographic focus and offer a more limited set of insurance products, but they often still require sophisticated technical capabilities to run their businesses.
Duck Creek Suite meets the most complex and sophisticated technology needs of the largest operators and can also be scaled to cost-effectively meet the needs of the smallest operators.
The Duck Creek Suite meets the most complex and sophisticated technology needs of the largest carriers, and can also be scaled to cost-effectively serve the needs of smaller carriers.