John Nilan, assistant vice president of the American Mutual Liability Insurance Company, wrote a pamphlet in 1945 entitled “Casualty Insurance.” Mr. Nilan pointed out that, "the growth of the casualty insurance business in the United States - now an industry having assets of approximately $3,000,000,000 and doing an annual business in excess of $1,629,777,000 and providing protection in one form or another, directly or indirectly, for practically every man, woman and child in the country - relates closely to basic economic developments."
Mr. Nilan reported that in 1943, the leading stock casualty companies based on premium income were:
Travelers Insurance Company
Hartford Accident & Indemnity
Aetna Casualty & Surety
United States Fidelity & Guaranty
Fidelity & Casualty of New York
Continental Casualty
Maryland Casualty
Indemnity Insurance Company of North America
Other notable leading stock insurance companies include Pacific Indemnity and Travelers Indemnity.
As for mutual casualty companies, the largest in 1943 were Liberty Mutual and American Mutual Liability. Liberty Mutual was also the largest mutual casualty company ten years earlier in 1933.
Mr. Nilan stated that there are four basic and specialized functions common to all casualty insurance companies:
"Underwriting. To develop proper insurance contracts, to make the
selection of policyholders and to determine the rates at which protection will
be provided.
Acquisition or Sales. To secure new policyholders and provide present
policyholders with proper and necessary protection and to serve as field
underwriters.
Claims. To see that all losses, as stipulated in the insurance contract, are
paid fairly and promptly and, where injuries are involved, to see that proper
medical attention is available.
Engineering. To assist policyholders in the prevention and minimizing of
accidents and losses."
Mr. Nilan wrote that the safety engineering function has the following number of duties to perform:
"1. To study, analyze and determine the causes of accidents and losses,
and develop practical, economical ways and means of either eliminating or
minimizing such causes.
2. To survey policyholders' plants or establishments to determine all possible
hazards which could result in accidents.
3. To assist the policyholder in developing sound safety programs, safeguard
all known hazards and educate employees on safe practices and co-operation with
safety programs and measures.
4. To maintain a regular contact with policyholders so that safety programs and
measures could be kept up to date, in keeping with changes or additions to
plant operations, equipment or materials."
