10/06/2024
INSURANCE COMPANIES ARE PAYING OUT LESS, PROFITING MORE, & COMPLICATING THE PROCESS
Memo for all property owners:📋
Your insurance carrier has an ultimate objective; to ensure profit increase rates are maintained above a certain threshold.
Insurance companies profit by collecting more $ in premiums, paid by policyholders, than they payout to policyholders on coverage benefits. 🧾
The Global Insurance industry accounts for more than 7% of the $100+ trilllion global economy, estimated at $7.1 trillion.
100 trillion = 100,000,000,000,000.00 💰
United States accounts for almost 30% of the global insurance industry.
Property/Casualty Insurance accounts for over 55% of the US insurance economy, which includes insurance sectors for Health Care , Automobile , & Life Insurance.
Currently, majority of US properties are insured by 5 major insurance companies. These major carriers gain more policyholders each year.🧾⬆️
Analytical research over the last decade has shown that the as the Global Economy continues to increase, so does the strain on these major carriers to maintain profit increase rates, however they still accomplish their objective.
For these major carriers, what’s been INCREASING?📈🤔
- Their PREMIUM COST, paid by policyholders 😫
What’s been DECREASING?📉🤨
- Their SETTLEMENT PAYMENTS
&
- QUALITY of SERVICE 😖
