Insurance firms buck the recession

In the current economic clime we have seen numerous businesses go bust and some major industries almost brought to their knees. One industry that has completely bucked the trend however and continued to stay in the black is the world of insurance. The main reason for this is very simple, we all need insurance of some kind, and millions are taking out new policies daily.

Life, home, car, travel, these are just four of the main insurances that people buy to protect themselves. Whilst car and homeowners insurance are compulsory, the others are highly recommended and something you don’t want to be caught without. Health insurance for example, is one that every American should possess as the cost of medical treatment has caused many to lose their homes and become bankrupt.

Nobody can predict if and when an accident will happen, and if you or a loved one are in a car wreck for example and are hospitalized and have different treatments, you could be face with a bill that runs into hundreds of thousands of dollars if you don’t have the health insurance to cover it. For the sake of a few dollars a month, are you really prepared to take this risk?

Home insurance is another that some chose not to take out, then have to suffer the consequences. Fire, theft and damage are the most common home insurance claims, but if you suffer one of these disasters, a fire for example, and don’t have adequate insurance, you could literally find yourself in the unthinkable position of only having the clothes that you are standing in.

Life insurance is a policy to ensure that you leave something to your loved ones on your demise. There are many low price policies that pay a set amount on death, and while these don’t offer huge payouts, they do eliminate the worry of funeral costs at what is already a very distressing time. There are other kinds of policies which some use as a kind of savings scheme, they mature after so many years and you get a payout.

The biggest jump in revenue in recent years for the insurance companies has been that of pet insurance. What started as responsible pet owners insuring their dogs etc. has now snowballed and everything from a snake to a stick insect can now be insured. While it makes sense to cover yourself against the possibility of facing a crippling vet’s bill, it seems to have gone to extremes now, but the insurance companies are more than happy to take your money.