OMG

15 Things You Didn’t Know About The Insurance Industry

Health is not new. Property is not new. And the truth is, it’s very difficult in modern society to get by without either. There’s a range of insurance companies for life insurance, health insurance, automobile insurance, and the list goes on and on. Furthermore, the insurance industry’s financial volume is expected to grow with inflation and population growth.

But let’s just dive in, shall we, and get a better look at the 15 things you didn’t know about the insurance industry. Number one, the highest earning insurance company in the world is MetLife, inc. MetLife inc. Falls into the life insurance category of insurance companies and happens to be the top earner with 13.3% of the life insurance market share. It out competes health insurance companies. In 2017, it wrote $86,621,636 in premiums. This means a lot of people will sleep easier knowing that if they die in their sleep, the future of their loved ones is in account.

Number two, the most expensive insurance premium is for a dodge viper. The most expensive insurance premium seems to be an auto insurance premium, and it’s that of a dodge viper, particularly in the state of Michigan. It’s premium is $4,048 per year due to the car’s ability to go from zero to 60 in about 3 seconds. The car is made for speed and speed is made for tickets and accidents. So the viper chimes in with a hefty price tag. In the insurance department, the car has a v ten engine and among 2300 models, were determined to be the most expensive to insure.

Number three, the highest life insurance policy is held by a private techie in silicon valley for $201,000,000. The highest life insurance policy is held by a private techie in silicon valley for $201,000,000. The previous world record for life insurance was held by an american entertainer for $100,000,000.01. May ask why an individual would purchase such a large sum of life insurance. Well, according to CNBC, it’s mostly for estate planning and financial reasons. The interesting fact here is that the policy is divided between 19 different companies and no one company holds more than $20 million in risk.

Number four, auto insurance in Detroit runs over $5,000 per year. In a city once known for manufacturing automobiles, a strange happening has arrived increased auto insurance premiums. The Detroit average is $7,415.04 times the national average and twice the state average. What’s worse, the city is designed for motor traffic and has a failing public transit system. So the expense is almost unavoidable. Many drive without insurance or register their addresses outside of the city. Number five the insurance industry is worth $5.2 trillion.

With a combination of health, life, and property insurances, it’s no wonder this industry has grown. In modern society, almost anything can be insured, and many items and health concerns are. When one reads of the insurance policy of the techie in silicon Valley, it’s not an unfair question to wonder, where is all of this going? Number six the first half of 2018 saw 247 mergers and acquisitions worth $28.6 billion. An increasing trend in the insurance industry is centralization. The value of mergers and acquisitions rose steeply in the last year alone. In the first half of 2017, there were 301 mergers and acquisitions worth $10.1 billion, and the value has doubled in this year alone.

The increasing dependence on insurance as a backup plan is driving insurance capital through the roof. Number seven the average person will spend $231,000 on health insurance alone during their lifetime. Adjusted for inflation and minor dependency, an average American will spend almost a quarter of a million dollars on health insurance alone in their lifetime. This is a significant percentage of wealth considering how many years one can live in retirement on that sum.

Recommended:  After This Baby Was Born, His Mother Took One Look And Realized He Isn't a Baby

When you factor in life, auto and home insurance, you can definitely see why the industry is so wealthy. Number eight AXA is considered a top insurer, partly because of its presence in China. AXA, though probably not a household name in the US. Is a large global player in the insurance industry. It has holdings in north and South America, Africa, Asia and Europe. It recently purchased 50% holdings in Tianping, a major Chinese insurer. The company’s net worth is sitting at $40.6 billion. Number nine the highest paid insurance agents can make, on average, $116,940 per year. Do you personally know your contracted insurance agent? Have you ever talked money with them outside of your policy? Well, just to snoop around their wallet, the top 10% of insurance agents have an average salary of around $117,000 per year.

This evidently is highly dependent on commissions and fees and is also dependent on the type of insurance they offer. But the next time you’re on the phone with your auto insurance company, just consider that your agent might easily be able to cover your dinner. Number ten the average silver deductible in Florida is $6,913. Florida is living in the best of times and the worst of times. Among a ranking of the 50 states, florida has the highest silver plan deductible. That’s the worst. But also among the 50 states, they have the most people enrolling for plans.

That’s the best. As of 2017, 1.7 million people were enrolled in health care plans. With many retirees, they seem to be enjoying their golden years and a deluxe version. If you’d like to know some more about this interesting state, you can check out our video 15 things you didn’t know about Florida by clicking on the top right corner. Number eleven jewish lightning contributes significantly to increased premiums. The term Jewish lightning is used synonymously with arson for the intent of collecting insurance money. There is some evidence in literature that insurance was happening as long ago as the Roman Empire.

To this day, insurance fraud is a significant portion of claims and increases premiums each year. The government has enacted legislation to stop such claims, but unfortunately they still do occur. Number twelve it’s not just celebrities who purchase body part insurance. If you’ve kept up with your favorite celeb, you’ve probably heard of this type of insurance.

The common person’s policy is death and dismemberment, but there is a vague territory in which body parts become defined as the person’s assets, such as a wine buyer needing his sense of taste and smell. These policies, though, carry a hefty price as they are usually written from scratch and are highly specialized. Number 13 in the US. The top two Health Insurance companies might surprise you.

When you think of health insurance, there are probably a few names which easily come to mind. Well, one would assume that these companies are the most profitable. According to one source, they may not be. At the top of the list is United Health Group and Well Point Inc. Group. Other insurers like Humana Antenna and Blue Cross Blue Shield are still in the top 25. But do not take the cake. As implied before, insurance is a constantly growing and changing market.

Leave A Reply

Your email address will not be published.