Corporate insurance products are important for the financial health of companies. Medical professional liability insurance, product liability insurance, directors and officers liability insurance are popular examples of coverage taken out by businesses. These types of coverage protect them from losing money in the case of a medical error, product recall or lawsuit. The market capacity for the global liability insurance industry has fluctuated considerably in the last twenty years, peaking at 3.3 billion U.S. dollars in 2017. In the United States, 22 percent of corporate loss claims involved fire or explosions between July 2013 and July 2018; while in Canada, 23 percent of claims were caused by fire or explosions.
Another form of corporate insurance is product liability insurance, which as the name suggests, protects a manufacturer from liability in case their product is harmful in some way. The value of net premiums written by product liability insurance in the United States amounted to 2.79 trillion U.S. dollars in 2018, up from 2.69 trillion the year before. The majority of product liability insurance claims worldwide are from automotive or industrial suppliers, followed by food and beverage industries. Automotive and industrial recall claims also make up a 71 percent share of the value of claims for the product recall insurance market.
