15 Things You Didn't Know About The Insurance Industry

15 Things You Didn't Know About The Insurance Industry

This is industry Wednesday every Wednesday we analyze a different industry today we’re looking at 15 things you didn’t know about the insurance industry welcome to a lox calm the place where future billionaires come to get inspired hello a Luxor’s and welcome to another original video brought to you by our team here at a LOX calm in this video we’re going to discover the 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 if you are new here welcome be sure to subscribe and follow

Us on instagram at a lux 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 thirteen point three percent of the life insurance market share it outcompetes health insurance companies

In 2017 it wrote 86 million six hundred and twenty one thousand six hundred and thirty six dollars 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

Its premium is four thousand forty eight dollars per year due to the cars ability to go from zero to 60 in about three 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 v10 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 million dollars the highest life insurance policy is held by a private techie in Silicon Valley for 201 million the previous world record for life insurance was held by an American entertainer for 100 million dollars one 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 dollars in risk number for auto insurance in Detroit runs over five thousand dollars per year in a city once known for manufacturing automobiles a strange happening has arrived increased auto insurance premiums the Detroit average is seven thousand four hundred and fifteen dollars four 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 five point zero two trillion dollars 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 two hundred and forty seven mergers and acquisitions worth twenty eight point six billion dollars 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 dollars and the value has doubled in this year alone the increasing dependence on insurance as a back-up plan is driving insurance capital through the roof number seven the average person will spend two hundred and thirty one thousand dollars 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 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 u.s. 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 tea on Ping a major Chinese insurer the company’s net worth is sitting at forty point six billion dollars number nine the highest paid insurance agents can make on average one hundred and sixteen thousand nine hundred and forty dollars per year do you personally know your contracted insurance agent have you ever talked to

Money with them outside of your policy well just to snoop around their wallet the top 10 percent of insurance agents have an average salary of around 117 thousand dollars 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 10 the average silver deductible in Florida is six thousand nine hundred and thirteen dollars Florida is living in the best of times and the worst of times among our 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 seemed to be enjoying their golden years and a Luxor’s 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 in the top right corner number 11 Jewish lightning contributes significantly to increased premiums the term Jewish lightning is used synonymously with arson for the intent of collecting insurance money there’s

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 12 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 persons 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 thirteen 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 wellpoint Inc group other insurers like Humana Atena 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 number 14 in Australia life insurance is tax deductible for self-employed people how

Much insurance in the US such as health insurance goes through employers there are some countries where life insurance is tax deductible for self-employed persons Australia is a prime example in the land down under life insurance for self-employed and sustainably self-employed persons are able to deduct from their taxes their life insurance premiums these are however under the condition of age limits it seems like there’s usually a catch number 15 the

Injury of an athlete at a professional sporting event can void a dismemberment claim there are several causes of death which avoid a life insurance claim such as suicide alcohol or non prescription drug poisoning or natural causes but did you know that an athlete who loses a limb due to professional sporting event related injuries does not necessarily receive dismemberment proceeds well a Luxor’s that’s a wrap on the ever-growing world of the insurance

Industry if you’re thinking about specializing in something that won’t become outdated in the future then this seems to be a rather safe bet unless we all go broke but before we go a Luxor’s we’re curious what’s your most expensive cost on insurance is it health life auto we’d love to know let us know in the comments and of course for sticking with us until the end here’s your bonus number 16 electric car insurance runs

21% higher than their gas counterparts with electric cars entering the market in growing numbers one may occasionally wonder what the insurance bill is like well the answer is it’s higher as of this year electric car parts are more expensive and more expensive to replace so if you’re thinking about getting yourself an electric car make sure to check out all of the statistics thank you for spending some time with us a Luxor’s make sure to LIKE and subscribe

So you never miss another video we also hand-picked these videos which we recommend you watch next thank you for being an a lexer and we’ll see you back tomorrow

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