Professional Indemnity Insurance – Managing Risk F

Author: Alston Ballkcombr
Source: isnare.combr
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Select your next home wisely. Your cost for insurance is impacted by the zip code you live in.

The state you live in, the town, even the zip code can be impactful. It might help or hurt you when it comes to the rating for different types of insurance policies. Factors such as population density, theft statistics and the amount of snowfall may very well affect the number of claims your insurance provider expects to pay. Because of that these factors might make a huge difference in the amount you pay for your insurance plans.

The types of coverage most affected by your location include:

Auto and Truck insurance

Real estate insurance

Renters insurance

Health Care insurance

Car and Truck Insurance

As a general rule there are more vehicle accidents in towns where there are more vehicles and people per square mile. More cars and trucks, means more cars and trucks, to hit you and more vehicles, that could crash into you. What this means is the car and truck insurer has to write more checks for claims and the rest of us pay more for our plans. The crime rate, including the rate of vandalism and auto thefts per capita also has an impact. Severe weather, means more automobile accidents and higher insurance costs also.

House insurance

House coverage is also affected by the weather. People who live in areas that are in hurricane zones are really hurt by this. Other weather events have an impact on insurance prices as well. Snow, wind and high temperatures cause more claims and also higher costs for coverage.

The cost of construction in a given neighborhood is yet another factor that makes prices for insurance go upward or downward. If building materials have higher prices or the cost of labor is higher in your town when compared to the one next door, your prices may be much higher.

Apartment insurance

The crime rate could make a huge difference in what we pay to cover our rented homes. Theft is one of the major things that an apartment renters insurance policy protects us against and therefore if there are more break-ins in your town your apartment renters insurer may pass those higher prices on to you and other policy holders.

Medical insurance

The location of your home has less to do with the frequency of hospital or doctor visits than it has to do with the cost of that treatment. The cost to set a leg in a small hamlet in Oregon will be much lower than the cost to set the same broken bone in Los Angeles, California. When physicians and hospitals cost more, insurance companys charge more and we pay more to the carriers. We can expect that insurers will charge the residents of the pricier city a much higher rate because of this.

What to Do?

Of course no one expects you to move solely based on the size of your insurance premiums. However, when youre looking for a new place to residence, you should take this into account along with the other issues you and your spouse would generally consider about when selecting your next home.

Tell your story to an agent who works with people in an town that you are considering moving to and ask him or her to estimate costs for different insurance plans. The insurance lines ones that are most affected by geography are vehicle, homeowners, renters and health insurance.

Usually, a more expensive home will be associated with lower insurance premiums. This can mean that you can afford the overall costs of a live in a better area.br
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Author: Marilyn Katz
Source: ezinearticles.com

Why Shop For Car Insurance?

A lot of us are loyal to the same insurer for years. We pay our premium, sigh at rate notices, and just go on with our lives. But the market is changing just like our lives are changing. Experts advise us to comparison shop for rates and plans every year or so.

Did You Buy a Home?

An auto and home insurance discount is a very common way to save money, but not all companies can offer it. Some famous insurers do not cover homes, and even though they may discount home owners, it is not the same thing. If you have purchased a home, it is a good time to see if you can make a better deal on your home and auto policy!

Did You Buy a New Car?

If you purchased a different car, or even if you are thinking about it, please take a few minutes to check premiums. A different auto will affect your premiums, and it is good to know that when you are figuring out your monthly budget for a different vehicle. That great deal on an auto loan may not work out that well when your insurance premiums go up. Conversely, some new cars, with safety features and anti-theft devices, may actually lower your rates.

Do You Have Another Driver in Your Family?

I can hear the groans now. There is nothing like covering a teen driver, is there? But he or she needs to be covered as much, or more, than you do. When I had to cover a teen driver, I found that another highly rated insurer gave me a much better deal than my current company. Your own loyalty to your old insurer may not be rewarded when you have to add another driver to your policy.

The new company had discounts for a driver’s education class, alcohol awareness class, and good grades. The old company did not offer any of this.

Have You Had A Few Birthdays?

Of course, this probably seems like a silly question. But age is one factor that insurers use to set rates. Another company may be friendlier to a driver of your age. As you get older, and so does everybody else in your family, you may need to check around.

How is Your Credit?

It may seem like it should not matter, but many top insurers use credit ratings as a criteria for placing drivers in one price band or another. A very good driver, with a poor credit rating, may never get a good deal with some auto insurance companies. If you have had some financial issues, do not add your premiums to the list!

Is Your Deductible Too Low?

If you still think your premiums are too high, you may save quite a bit if you can afford to raise your deductible a bit. Of course, you if you do have to collect on your policy, you will have to pay that amount. So try to balance the premium difference with your ability to pay an extra deductible amount every year.

Shop Around the 21st Century Way

You can comparison shop for car insurance by using a convenient online quote form. You simply have to enter the basic details about your cars and drivers. Then submit the form and get competitive quotes returned to you. This has saved many drivers time and money!

We want to help you comparison shop for auto insurance with our convenient online quote forms.

http://www.bestinsuranceus.com/

Author: Dana F
Source: articleage.com

Arab Insurance Market Review

There is little information on the arab insurance market due to
the developing natures of their economies. This is what
arabicinsurance has found so far.

“As a market Insurance premiums in the Middle East are about
US$5.3 billion last year – that’s less than 1% of the global
total, but it’s up 12% on the year before and growth is expected
to continue in the near future: some predict that Middle East
insurance premiums will hit US$44 billion by 2010. Growing
populations and incomes, more stringent and sophisticated
regulation, increasing public awareness, and more and more
insurance products geared specifically to Muslim customers, are
all expected to help propel the industry forward during the
coming decade.”

“Premiums per capita even more pointedly illustrate how much
room there is for growth: Insurance premiums in the UAE averaged
US$310 per person in 2003, US$149 per person in Kuwait and just
US$41 per person in Saudi Arabia. That’s a fraction of the
premiums paid by policyholders in Taiwan, who shelled out an
average of US$1,433 in insurance premiums last year, and in
Singapore, where the per capita average was US$1,620 – not to
mention the premiums earned in highly developed insurance
markets, such as the UK, where the average person paid more than
US$4,000 in premiums last year.”

Currently, the UAE is the biggest insurance market in the GCC,
with US$971 million in premiums last year. But countries such as
Singapore and Taiwan, which have a GDP per capita at about the
same level as the UAE, enjoy much higher insurance premium
levels – US$9 billion and US$32 billion, respectively. With an
insurance penetration rate of just 1.1% of GDP, the Emirates
still have a long way to go to catch up with Singapore’s 7.6%
and Taiwan’s 11.3% penetration.- http://www.itp.net Arab Life
Insurance Market

Experts believe that life insurers in the region should remain
optimistic, in part because of the usual dynamics of increasing
affluence. Swiss Re noted in a recent study that the “demand for
insurance to cover the risks of old age and death increases in
tandem with rising per-capita income,” and the Middle East,
particularly the Gulf countries, have witnessed strong economic
growth during the past few years: from 1998 to 2002, for
example, the UAE saw GDP per capita rise almost 60%; Kuwait,
37%; Oman, about 34%; Bahrain, 26%; and Saudi Arabia, 8%.

The local life insurance industries have risen in parallel in
some of these markets. In Kuwait, for example, life insurance
premiums more than doubled from 1998 to 2002; in the UAE,
premiums rose 45% during that same time period; and in Bahrain
they went up 28%. However, in Saudi Arabia and Oman, life
premiums declined, 4% and 6%, respectively.

In the UAE, where life premiums totalled US$226 million last
year, insurance companies see much room for growth and are
designing products to try to capture the market. The big
insurers are stepping in to help fill that gap: Zurich
International Life, one of the UAE’s biggest life insurers,
recently launched a product here geared specifically towards
high-income expatriates. Some regional players are also making
moves in the same direction. In October, Oman Insurance Company,
another major local player, launched a new capital-guaranteed
savings product in cooperation with Soci?t? G?n?rale and said it
would also offer it in other markets in the region. Arab
Insurance Market Growth

The Arab Insurance Market review, an annual study published by
Bahrain-based Arab Insurance Group (AIG), noted in its most
recent report that GDP in the Middle East and North Africa is
expected to grow by an average of 3.6% annually until 2010,
while the population in the region is estimated to reach 330
million during the next six years, from 282 million last year.

There is huge potential in Saudi Arabia which currently has the
lowest insurance penetration of any market in the world, at just
0.5% of GDP. The world average is 3.8%, while its GCC neighbours
have penetration rates that are more than double Saudi’s: 1.1%
in the UAE, for example, and 1.2% in Oman. The average spending
per person on insurance in Saudi Arabia last year was just
US$41.20 – Premiums per person in Lithuania and Argentina, which
have a GDP per capita close to Saudi Arabia’s, were almost twice
that level.

General insurance accounted for 96% of insurance spending in
Saudi Arabia last year, whereas the average spent on life
insurance was a measly US$1.70 per person. This breakdown
between general and life insurance is particularly dramatic in
Saudi Arabia, but it reflects the larger situation in the
region, where general insurance massively overshadows the life
market. General insurance premiums in the five GCC countries for
which 2003 data is available totalled US$2.2 billion; life
insurance premiums were only US$416 million.