Joined August 2017
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Apr 30
in 1990s, film makers in hollywood were seeking ways to cover losses that they would incur were they to make a film that turned out to be a total failure; so, they approached the lloyd's of london for coverage🧵
#WhyInsurersAvoidSpeculativeRisks
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Jun 10
many insurance companies have outsourced front-end operations of customer experience to agents; digital disrupters seek to address problems that have developed as a result
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Jun 10
although ordinarily the conduct of one parties in a joint policy affects both, in mortgage insurance it's different; violation of policy terms by mortgagor does not affect mortgagee's interests
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Jun 10
insurance consumers get confused after holding cover for several years without a claim; many often resolve the confusion by dropping the cover
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Jun 10
life expectancy has made massive increases worldwide since 1950; the average life expectancy has moved from 46 years up to 73 years in 2020
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Jun 10
although artificial intelligence (ai) has potential of transforming insurance sector by presenting opportunities of improved efficiency, it is also likely to amplify an insurer's exposure to risk
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Jun 9
partial loss in a fire policy is deducted from the sum insured under the cover; reduced sum insured become the new sum insured for subsequent losses
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Jun 9
arson caused by company employees as a result of labour dispute is covered by insurance; however, arson activity caused by rioters is excluded
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Jun 9
policyholder is entitled to insurance cover of their legitimate expectations despite policy provisions; an insurer cannot enforce policy limitations that are against reasonable expectations
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Jun 9
mortality rates have been constantly declining at all ages, from infants to the elderly; thanks to economic progress leading to improved well being, habits, nutrition and healthcare
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Jun 9
if an insurer settles a claim knowing it is not liable under the policy i.e, 'ex gratia' payment; it cannot exercise subrogation against the wrongdoer
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Jun 9
supplier is insured against legal costs associated with supply of defective products; however, costs of recalling, repairing and replacing are excluded
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Jun 8
empirical study conducted in canada on recreational gamblers indicated that; gambling reduces stress and the likelihood of a stroke and stomach ulcers, compared to the non gamblers
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Jun 8
individuals with health insurance seek medical attention more frequently than the uninsured; therefore, health insurance influences the utilization of the medical personnel and facilities
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Jun 8
the united states and china are the 1st and 2nd largest insurance markets in the world respectively; combined, they underwrite $5 trillion in total premium
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Jun 8
upon theft of insured vehicle, insurer appoints an investigator with specific terms of reference; if there are no signs of recovery, claim is admitted at expiry of 90days from the date of loss
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Jun 8
motor vehicle insurance accounts for 50% of all the premiums generated by insurance companies in japan
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Jun 8
surveys conducted by association of british insurers shows, general public view insurance fraud as a victimless crime; about 50% did not see anything wrong in overstating the claim value
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Jun 8
the 'proximate cause' is normally the unbroken chain of events that leads to a loss; where loss is caused by concurrent events, the predominant is considered as the proximate cause
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Jun 7
the adequacy of premiums charged by insurers is complicated by the fact that insurer does not know her costs until after expiration of policy period
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Jun 7
research shows people with medical cover seek medical attention more than uninsured; however, insurance does not encourage unhealthy habits such as smoking and unhealthy eating
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