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Background on: Crop Insurance

Overview

Agricultural production is subject to many uncertainties, including natural disasters. Adverse weather, insect infestations and plant diseases can severely reduce the yield or quality of a crop, wiping out a farmer's profits for the whole year in a bad season.

Crop insurance is purchased by agricultural producers, including farmers, ranchers and others to protect against either the loss of their crops due to natural disasters, or the loss of revenue due to declines in the prices of agricultural commodities.

Facts + Statistics: Marine Accidents

There were 26 large ships totally lost in 2023, a decline from 41 in 2022, according to latest data from Allianz. Safety & Shipping Review 2024 reports improvements in maritime safety have been significant over the past 10 years.

The region encompassing South China, Indochina, Indonesia and the Philippines had the largest number of shipping losses in 2023 with a total of 8. The region has ranked first in shipping losses over the past decade. 

Facts + Statistics: Aviation and drones

World Aviation Accidents

In the United States, the National Transportation Safety Board (NTSB) compiles data on aviation flight hours, accidents and fatalities for commercial and general aviation, which is private transport and recreational flying.

Facts + Statistics: Workplace Safety/Workers Comp

Workers Compensation Insurance

Workers compensation insurance provides for the cost of medical care and rehabilitation for injured workers and lost wages and death benefits for the dependents of persons killed in work-related accidents. Workers compensation systems vary from state to state. Workers compensation combined ratios are expressed in two ways. Calendar year results reflect claim payments and changes in reserves for accidents that happened in that year or earlier. Accident year results only include losses from a particular year.

Facts + Statistics: Product liability

Product liability insurance

Product liability insurance protects the manufacturer, distributor, or seller of a product from legal liability resulting from a defective condition that caused personal injury or damage associated with the use of the product. Product recall insurance, a specialty product designed to cover the costs associated with recalls, is also available from some insurers.

Facts + Statistics: Commercial Lines

The Commercial Insurance Market

Property/casualty insurance can be broken down into two major categories: commercial lines or types of insurance and personal lines. Personal lines, as the term suggests, include coverages for individuals—auto and homeowners insurance. Commercial lines, which account for about half of U.S. property/casualty insurance industry premium, include the many kinds of insurance products designed for businesses.

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