Insurance. How Do Insurance Companies Deal With Massive Claims After Something Like The Newcastle Storm Disaster?
Insurance. Will They Be Able To Pay Everyone At Once? Do They Even Have Enough Money To Give All The Affected People? No I Am Not Sure Insurance Comp
Insurance : How Do Insurance Companies Deal With Massive Claims After Something Like The Newcastle Storm Disaster
Will they be able to pay everyone at once? Do they even have enough money to give all the affected people? ~~~ Eric ~~~
Best Answer To Insurance Question
Insurance companies are required to have an certain amount of money in reserves to pay for expected claims. However, they usually don't have enough in these reserves to pay out for major unexpected disasters. In this case they have re-insurance. Re-insurance is an insurance policy that insurance companies buy that will cover them for high payouts. So yes, they will have enough between the reserves and the re-insurance to pay all affected people
All Answers To Insurance Questions
Answer 1Insurance companies are required to have an certain amount of money in reserves to pay for expected claims. However, they usually don't have enough in these reserves to pay out for major unexpected disasters. In this case they have re-insurance. Re-insurance is an insurance policy that insurance companies buy that will cover them for high payouts. So yes, they will have enough between the reserves and the re-insurance to pay all affected people
Answer 2no i am not sure
Answer 3Insurance companies have something called a Cat (Catastrophe) team that is dispatched when a large disaster happens. This allows them to expedite the claims and pay them all timely. They will have enough money to pay as they have to keep money in reserves for something like this under law
Answer 4Insurance companies are very good in risk mitigation. Any product portfolio is only a percentage of their total risk profile. They also get re-insurers to share their risk. Usually this re-insurer is either outside yr home country or other bigger insurance companies
Answer 5If past experiences are the norm then VERY SLOWLY they try their hardest to get out of paying anything, their favourite word is deniablility, just tell everyone it's not covered, that what they usually do.
Answer 6They pay one say the other 50,00 r "acts of god"
Answer 7They pay as little as they can to as few as they can. Then they hike up their premiums the following month and dont cover for floods in the future if you are in a flood prone area!!
Answer 8Jock, do you have any insurance? Check the premiums. They have more money than they know what to do with ,MAD MAD money. I currently pay about $800 to insure a car worth $12000? Millions of people are in the same boat. They have PLENTY of money. My money and your money. Even if you dont have insurance yourself, you pay for it through higher prices for goods and services.
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