There are nearly 400 companies that
offer property-casualty insurance in New York State. The reason there
are many is that no single organization is capable of acquiring the
required expertise in all varieties of insurance.
Most insurance companies acquire enough
expertise to offer a few lines of insurance efficiently, but modern day
risk is exceedingly complex and constantly changing. For example, before
9/11, no one thought that widespread death and damages from terrorism
was a risk that needed addressing in the continental United States. In
the aftermath of the attack, government intervention was required to
provide any sort of insurance for this new peril. No one yet knew how to
charge premiums and efficiently spread the risk for the unknown
financial impact of future terrorist attacks.
To effectively address all of today’s
insurance needs, our economy has encouraged a wide variety of insurance
companies to serve the many-faceted aspects of risk in our society. This
is one of the key reasons why Americans have been able to create the
most successful economy in the world.
Dryden Mutual is one of approximately
national and domestic organizations that have acquired some expertise in
transferring risks for families and businesses in New York State. Since
there are roughly 3,500 property-casualty insurance companies in the
United States, this means that less than 1 out of 10 American insurance
companies does business in New York. This fact is a reflection on how
complicated the insurance mechanism really is in America.
Although Dryden Mutual offers products that
directly compete with those offered by large national insurance groups,
we also offer coverage for risks that are ignored, avoided or
misunderstood by many of our competitors. The nearly impossible
complexity of modern risk is why a Dryden Mutual still exists in the 21st
century, to better serve the needs of our entire society.
Dryden Mutual is a relatively small “domestic”
company that only focuses on New York State with property and general
liability offerings. However, we still rank in the top 100 of the nearly
insurance organizations writing property-casualty business in the state.
This high market ranking for Dryden Mutual would indicate that our
products are well-received and serve many purposes. We have evolved from
an obscure 1860 county insurance mutual into a significant part of the
overall New York State economy!