American Insurance Association - AIA

DEFINITION of 'American Insurance Association - AIA'

A property-casualty trade organization, representing primarily property and casualty insurers. The American Insurance Association (AIA) has roots dating back to the late 1800s in the form of the National Board of Fire Underwriters. Property and casualty insurance includes personal and commercial auto insurance, commercial property and liability coverage for small businesses, workers' compensation, homeowners' insurance, medical malpractice coverage and product liability insurance.

BREAKING DOWN 'American Insurance Association - AIA'

The property and casualty insurance industry is considered a part of the financial sector of the stock market and includes many large insurance companies. The S&P Insurance Index is also used as a benchmark for these equities.

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