Insurance is a critical part of modern life, and most of us have some form of coverage for our cars, homes, and families. As a leading insurance agency in Fort Walton Beach, FL, Simerly Ayers is committed to providing affordable insurance and helping our clients understand the ins and outs of insurance coverage. But, how much do you really know about insurance? In this blog post, we’ll share insurance facts that you may not be aware of.
12 Interesting Insurance Facts
12 Interesting Insurance Facts
1. The most common car insurance claims are minor damages and fender benders. Rear-end accidents happen all too frequently on the road and can include street fender benders, accidents in parking lots, and especially surrounding street lights during rush hours.
2. The insurance industry is highly regulated. There are strict rules and regulations that insurance agents need to follow as they were designed to protect their clients.
3. About 75% of Americans have some form of life insurance. People recognize the value of life insurance policies to insure themselves and their loved ones.
4. Ancient civilizations used insurance contracts. These insurance contracts differed from modern-day insurance policies and typically involved land or estates.
5. Insurance premiums are based on risk. Individuals or businesses are evaluated on a risk assessment to determine the level of risk an insurer is taking on by offering coverage.
6. Insurance policies can be canceled for non-payment. If you fail to pay your insurance premiums, your policy can be canceled and you will lose your insurance coverage.
7. The first insurance company in the United States was the Philadelphia Contributionship. It was organized by Benjamin Franklin in 1752.
8. Lloyd’s of London is the world’s oldest insurance market. They provide specialized insurance services to companies around the world and it was founded in 1688.
9. Alien abduction insurance is real. In 1987, some insurance agencies started to offer clients abduction insurance in case a real claim could be filed.
10. Insurance fraud costs the industry over $40 billion annually. Insurance fraud is a major problem in the United States due to fraudulent claims causing insurance companies to cover the costs.
11. One of the largest insurance payouts in history from natural disasters were the Hurricanes Katrina, Rita, and Wilma with $130 billion worth of damage. Due to injuries, and loss of homes, vehicles, and lives, insurance companies covered a majority of the costs for the claims.
12. The largest insurance payout ever was during the financial crisis in 2008 with a payout of $21 trillion. The financial crisis spread all over the world causing businesses, individuals, and families to file insurance claims for support.
Reach out to our team today!
Insurance may not be the most exciting topic, but it plays a vital role throughout history. At Simerly Ayers, we are committed to providing affordable insurance and work with our clients to develop the best insurance coverage for their needs. Reach out to our team today!