Haris Ashley
CNA Financial Corporation is a financial services company that provides property and casualty insurance for businesses and professionals in the US, Canada, and Europe. CNA is one of the largest commercial insurers in the US, offering a range of standard and specialised insurance products. In 1999, CNA sold its personal insurance division to Allstate, and in 2002, it exited the life, group, and reinsurance business. While CNA currently focuses on commercial insurance, it has a history of providing homeowners' insurance. In the 1920s, CNA's principal subsidiary, Continental Casualty Company (CCC), created the first co-insurance clause on homeowners' policies. Today, CNA continues to offer insurance for community associations, including homeowner associations, condominiums, and townhomes.
| Characteristics | Values |
|---|---|
| Type of company | Financial Corporation |
| Location | Chicago, Illinois, United States |
| Year founded | 1897 |
| Type of insurance | Property and casualty insurance |
| Area served | Businesses and professionals in the U.S., Canada, and Europe |
| Customer service options | Customers can file claims over the phone or online, 24/7 |
| Discounts | Not readily available on the CNA public website |
| Sale of personal insurance division | Sold to Allstate in 1999 |
| Current parent company | Loews Corporation (90% ownership) |
| CNA rating | A (Stable) from AM Best, A+ (Stable) from S&P Global, and A+ from the BBB |
| Insurance for homeowners | Provides insurance for community associations, including homeowner associations, condominiums, and townhomes |
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What You'll Learn
CNA's history of selling personal insurance
CNA Financial Corporation is a financial corporation based in Chicago, Illinois, United States. Its principal subsidiary, Continental Casualty Company (CCC), was founded in 1897, and The Continental Insurance Company (CIC) was organised in 1853. CNA, the current parent company, was incorporated in 1967. CNA is the seventh-largest commercial insurer in the United States as of 2018.
CNA provides property and casualty insurance products and services for businesses and professionals in the US, Canada, and Europe. The company has a long history of selling personal insurance, dating back to the late 1800s. In 1897, the Continental Assurance Company of North America was founded in Detroit to provide accident and health insurance to railroad industry employees. In 1915, CCC offered the first workers' compensation insurance, and in the 1920s, it was the first to create a co-insurance clause on homeowners' policies.
In the 1930s, Continental Casualty created a new subsidiary, Transportation Insurance Company, to provide personal property and inland marine insurance. In 1941, Continental established a division to provide accident, health, and hospitalization insurance for people in high-risk occupations and older age groups. In 1944, it started offering hospital and surgical benefits on a group basis at wholesale rates. In the 1950s, CCC offered the industry's first comprehensive group dental insurance, and in the 1960s, CNA introduced long-term care to the industry.
However, in the late 1990s, CNA began to move away from personal insurance. In 1999, CNA sold the bulk of its personal lines, including its auto and homeowners' insurance lines, to the Allstate Corporation. In 2000, CNA announced that it was exploring the sale of its life insurance and life reinsurance businesses. On January 1, 2004, CNA sold its Group Benefits division to The Hartford, ending its long history as a multi-line insurer. Today, CNA primarily focuses on commercial insurance and provides a range of business insurance solutions, including commercial property insurance and worker safety solutions.
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CNA's current business insurance offerings
CNA Financial Corporation is a financial services company that provides property and casualty insurance to businesses and professionals in the US, Canada, and Europe. CNA is the seventh-largest commercial insurer in the US as of 2018 and is 90% owned by the holding company, Loews Corporation.
CNA offers a range of standard and specialized insurance products and services, including commercial property insurance and business insurance solutions tailored to meet specific needs. Their business insurance solutions include a commitment to worker safety and expertise in the manufacturing industry, helping businesses prepare for hurricane season and address risks associated with advances in manufacturing technology.
CNA's commercial property insurance provides coverage for losses to property owned by a business and the legal liability resulting from damage to the property of others that is in the care, custody, or control of the business. Their specialized Underwriting, Risk Control, and Claims teams work together to respond to unique business property insurance needs worldwide. CNA's Risk Control professionals provide property protection services such as sprinkler reviews and business continuity planning, emphasizing emergency preparedness procedures and risk mitigation techniques.
In addition to their current business insurance offerings, CNA has a history of innovation in the insurance industry. In the 1920s, CNA's predecessor, the Continental Casualty Company (CCC), was the first to create a co-insurance clause on homeowners' policies. Over the years, CNA has introduced long-term care, comprehensive group dental insurance, and various other insurance solutions. However, CNA exited the personal insurance business in 1999 and sold its Group Benefits division in 2004, ending its role as a multi-line insurer.
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CNA's commercial property insurance
CNA Financial Corporation is a financial services company based in Chicago, Illinois. It is the seventh-largest commercial insurer in the United States as of 2018. CNA provides property and casualty insurance products and services for businesses and professionals in the U.S., Canada, and Europe.
CNAs commercial property insurance provides coverage for losses to property owned by a business and the legal liability resulting from damage to the property of others that is in the care, custody, or control of a business. Their specialized Underwriting, Risk Control, and Claims teams work together to respond to unique business property insurance needs worldwide. Their Risk Control professionals provide property protection services, such as sprinkler reviews and business continuity planning, which emphasize emergency preparedness procedures and risk mitigation techniques to help avoid a claim before it happens.
CNAs commercial property insurance offers flexible solutions and a tailored experience that commercial property owners can rely on. Their business property insurance combines specialized underwriting talent and tools, Risk Control solutions, and dedicated Claims services to deliver distinctive commercial property insurance solutions.
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CNA's insurance for community associations and homeowner associations
CNA Financial Corporation is a financial services company based in Chicago, Illinois, in the United States. CNA is an acronym formed from the first letters of the original companies that merged to form the Continental National American Group: the Continental Casualty Company (CCC) and the American Casualty Company. CNA provides property and casualty insurance products and services for businesses and professionals in the US, Canada, and Europe.
In 1999, CNA sold its personal insurance division to Allstate, and in 2002, CNA exited the life, group, and reinsurance business. CNA is the seventh-largest commercial insurer in the United States as of 2018. CNA offers commercial property insurance solutions with specialised underwriting, risk control, and claims teams that work together to respond to unique business property insurance needs worldwide.
CNA provides leading insurance solutions for community and homeowners associations. Their Directors and Officers Liability and Crime program is endorsed by the Community Associations Institute (CAI) and available to not-for-profit Ian H. Graham community associations, including homeowners associations, condominiums, townhomes, cooperatives, timeshares, master associations, and commercial associations. CNA's program offers broad coverage, including property manager coverage, defence breach of contract, network risk and privacy event expense coverage, and supplementary coverage like mediation credit and public relations event expense.
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CNA's financial ratings and customer feedback
CNA Insurance is a commercial insurance company that provides a wide range of insurance products to businesses and organisations. It has been in the insurance industry for more than 120 years. CNA receives high ratings from financial ratings agencies such as AM Best and S&P Global. AM Best has rated CNA as A (Excellent), indicating that the company has a strong financial position and is likely to meet its financial obligations. Meanwhile, S&P Global has given CNA an A+ (Stable) rating.
CNA offers business insurance nationwide, making it accessible to businesses across the country. It provides property insurance, liability insurance, professional liability insurance, and workers' compensation insurance. The company also offers separate phone lines for general customer inquiries and claims inquiries. Additionally, CNA has a social media presence on Facebook, LinkedIn, and Twitter, along with a mobile app for smartphone users. The app allows customers to manage their insurance policies, access policy documents, make payments, and file claims conveniently.
Customer feedback for CNA Insurance is mixed. While some customers have expressed satisfaction with the company's fair and prompt claim settlements, others have left negative reviews. Some customers have complained about issues with information acknowledgement, delayed responses, and increased premiums.
CNA is not BBB-accredited but holds an A+ rating from the organisation. There are several BBB complaints against the company. Overall, while CNA Insurance has a strong financial standing, the mixed customer feedback suggests that there may be room for improvement in certain areas of their customer service.
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Frequently asked questions
CNA provides property and casualty insurance products and services for businesses and professionals in the U.S., Canada, and Europe. CNA introduced the first co-insurance clause on homeowners' policies in the 1920s. The company also provides insurance for community associations and homeowner associations, including townhomes, condominiums, and cooperatives.
CNA Financial Corporation is a financial corporation based in Chicago, Illinois, United States. Its principal subsidiary, Continental Casualty Company (CCC), was founded in 1897, and The Continental Insurance Company (CIC) was organised in 1853. CNA itself was incorporated in 1967 and is now the seventh-largest commercial insurer in the United States.
CNA offers a broad range of standard and specialised insurance products and services for businesses, including commercial property insurance, business insurance, and casualty insurance. The company also provides risk control solutions and dedicated claims services to help businesses manage their unique risks and challenges.
