1.How does the insurance industry work?
Companies can plan for assuming the risks from failed business strategies, non-payment from customers or poor management decisions, but they can’t plan for assuming the costs of natural disasters, fire at their facilities or accidents resulting in liability. For that, they buy insurance.
Insurance companies assess the risk and charge premiums for various types of insurance coverage. If an insured event occurs and you suffer damages, the insurance companies pay you up to the agreed amount of the insurance policy. The way insurance companies work, they can pay this and still make a profit.
2.Which type of insurance is most important?
Life Insurance or Personal Insurance
The greatest benefits of life insurance include the ability to cover your funeral expenses and provide for those you leave behind. This is especially important if you have a family that is dependent on your salary to pay the bills. Industry experts suggest a life insurance policy that covers 10 times your yearly income. But that’s a number not everyone can afford.
Term life, on the other hand, is a policy that covers you for a set amount of time. There are other considerable differences between the two types of insurance, so you may want to seek the advice of a financial expert before you decide which is best for you. Factors to consider include your age, occupation, and number of dependent children.
Health Insurance
Statistically, you and your family are just one serious illness away from bankruptcy, according to a study published by the American Journal of Public Health in 2019. In the Journal’s survey of more than 900 Americans who filed for personal bankruptcy between 2013 and 2016, medical problems—from bills, income loss due to illness, or both—contributed to two out of three bankruptcies.
Auto Insurance
If you drive without auto insurance and have an accident, fines will probably be the least of your financial burden. If you, a passenger, or the other driver is injured in the accident, auto insurance will cover the expenses and help guard you against any litigation that might result from the accident. Auto insurance also protects your vehicle against theft, vandalism or a natural disaster, such as a hurricane or other weather-related incidents.
Again, as with all insurance, your individual circumstances will determine the cost of auto insurance. To make sure you get the right insurance for you, compare several rate quotes and the coverage provided, and check periodically to see if you qualify for lower rates based on your age, driving record, or the area where you live.
Long-Term Disability Coverage
This is the one type of insurance most of us think we will never need. Yet, according to statistics from the Social Security Administration, one in four workers entering the workforce will become disabled and will be unable to work before they reach the age of retirement.
According to Source: Types of insurance everyone need
3. Who has the best insurance companies?
Allstate Insurance Company
The Allstate Corporation (NYSE: ALL) protects people from life’s uncertainties with more than 113 million proprietary policies. Allstate offers a broad array of protection products through multiple brands and diverse distribution channels, including auto, home, life and other insurance offered through its Allstate, Esurance, Encompass, SquareTrade and Answer Financial brands. Allstate is widely known from the slogan “You’re in Good Hands with Allstate.”
Allstate is probably best known for its car insurance policies, but the one of the giant companies that offers a variety of financial services. With its massive reach, a wide range of products, and many local agents, it’s a good choice for consumers who want an accessible one-stop company.
Branch: Australia
Revenue: 1M-5M
Prudential Insurance Company
For more than 140 years, Prudential Financial has provided individual and institutional customers with financial opportunities. A financial wellness leader and premier active global investment manager with more than $1.5 trillion in assets under management as of December 31, 2019 with operations in the United States, Asia, Europe, and Latin America, we offer a wide array of financial products and services, including life insurance, annuities, retirement-related products and services, mutual funds and investment management.
Prudential is committed to providing customers with high-quality life insurance services with high-quality talents, high-quality products and services, and implements the company’s philosophy of “love and care” and “caring for people”.
Branch: Singapore
New York Life Insurance Company
New York Life ranks no.11 on our Best Life Insurance company ranking. It offers term, whole, universal, and variable universal life insurance policies to its customers. Each type of life insurance offers its own selection of riders (add-ons to a life insurance policy) from a Living Benefits option with a term policy to a Guaranteed Minimum Accumulation Benefit on a variable universal life policy. These riders allow consumers to better customize a policy to fit their needs.
Branch in Country: South Korea
Revenue: 10M – 100M
Transamerica Insurance Company
The Transamerica Corporation is an American holding company for various life insurance companies and investment firms operating primarily in the United States, offering life and supplemental health insurance, investments, and retirement services
When preparing for your family’s future, it’s important to cover your bases. Protection can be an important key to success.
At Transamerica, we’re dedicated to serving clients and their families with the solutions and support to help them with their long-term wellness. That’s why we offer a range of flexible products to suit personal needs.
Branch in Country: Australia
Revenue: 1M-5M
4. Conclusion
Is the insurance industry growing?
Dramatic changes are reshaping how the insurance industry works, and forward-looking insurers aren’t just sitting on their hands. Instead, they’re making bold decisions and investing in becoming more customer-centric while increasing operational efficiency.
However, with stakes being so high and change coming at such a rapid pace, what are the right areas to focus on?
As the latest insurance industry outlook report shows, the following three issues should be on every insurance company’s radar: Cloud computing, Blockchain, Cybersecurity.
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