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 Posted: Sun May 10, 2009 3:20 pm Post subject: Impact of recession on Insurance premium? |
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| Do you think that Insurance company can think to reduce premium as a good strategy in present secenarion of recession? |
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anilyps
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| Posted: Sun May 10, 2009 3:29 pm Post subject: |
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I differ with you that in this recession insurance companies are doing well and thus they do not need to reduce their premium.
anilyps ,
Can you support your quote with some evidence? |
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BellyAdams
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| Posted: Sun May 10, 2009 5:52 pm Post subject: |
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Well Belly, anilyps hasnt mentioned here if she thinks insurance companies are doin good or not.....
| Quote: | | Do you think that Insurance company can think to reduce premium as a good strategy in present secenarion of recession? |
anilyps do clarify what exactly do u mean..
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gnp
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| Posted: Sun May 10, 2009 6:24 pm Post subject: |
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Hi all
Anil here is trying to say if insurance co. can reduce the preimum as a good strategy in the current recession.
As in it will be benificial for both the parties .. the insurance cc's can expect more clients and the clients can benifit from a low preimun.
As a strategy i guess its should be taken up.. wat say Anil..
it will work well
Thanks
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DJ
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| Posted: Sun May 10, 2009 6:44 pm Post subject: |
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First of all, insurance companies are NOT doing well right now, as a matter of fact, they're doing horribly for the most part.
Claims normally increase during recessionary periods, and this is no different. If an insurer were to decrease premiums right now, they would be signing their own death warrants in most cases.
Assuming you all understand the intricasies of this economy, how could you possibly think that an insurer would consider lowering premium costs right now? Hmmmmm...
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InsTeacher
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| Posted: Mon May 11, 2009 7:39 am Post subject: |
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| If anything, they are increasing premiums at this time. |
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CrazedEpidemic
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| Posted: Mon May 11, 2009 9:45 am Post subject: |
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| Quote: | | Claims normally increase during recessionary periods, and this is no different. |
So, there is a positive correlation between claims and recessions. I guess most of the claims filed are fraudulent because technically recession wouldn't increase the number of disasters, right? |
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kelvin
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| Posted: Tue May 12, 2009 1:33 am Post subject: |
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| Quote: | | So, there is a positive correlation between claims and recessions. I guess most of the claims filed are fraudulent because technically recession wouldn't increase the number of disasters, right? |
Not quite sure how you came to that conclusion. No, it has nothing to do with fraud. During recessionary times, people are more likely to file a claim compared to non-recessionary economic times not because of fraud, but because claims that would not normally be filed, say a small loss that barely exceeds the deductible will now be claimed, because any money in the pocket these days is better than no money in the pocket.
As well, don't think that all claims have something to do with a "disaster." Could be a minor burglary out of a car or something.
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InsTeacher
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| Posted: Tue May 12, 2009 5:18 am Post subject: |
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Hi Teacher,
| Quote: | | Not quite sure how you came to that conclusion. |
Well, the got the idea from your following comment.
| Quote: | | Claims normally increase during recessionary periods, and this is no different. |
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kelvin
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| Posted: Wed May 13, 2009 1:53 am Post subject: |
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Kelvin, I was referring to the "fraud" part of your comment, not the recessionary part.
InsTeacher |
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InsTeacher
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