There are crashes every day from slight fender-benders to multiple death pileups. So insurance companies are willing to write life insurance policies on the lives of most people. This can be tweaked with information on past health and on risk factors such as smoking. We don’t know when anyone will die, but there is enough information available that one can estimate the likelihood of the average person dying in a given year. Costs and disappearing coverage already are hot political issues in traditionally disaster prone Florida and California, and will be joined on the public radar as changes ripple through to other states not historically impacted. State insurance regulators and legislators often seem overwhelmed in their searches, not just for solutions, but for temporary palliatives. Homeowners - and condo owners associations - scramble to get coverage that, if for no other reason, understandably is required by mortgage lenders.Ĭommercial property owners, including farmers, face the same price and coverage shocks. Longstanding policyholders suddenly find that firms with which they have done business for years are not just raising rates, but rather refusing entirely to renew coverage. Others are no longer serving large geographic markets. But the property and casualty part of the industry is in rough waters. Virtually every household and business buys insurance. The invention of insurance more than five centuries ago was at least as key to the development of modern economies as the steam engine.īeing able to spread risk from those engaging in an enterprising activity to others who were willing to absorb it for a fee facilitated greater trade and investment.
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