General insurance Rating agencies in insurance company

[Phabbyfundz]

There are several major credit agencies that determine insurers financial strength and viability to meet claim obligations factors considered includes company earnings, capital adequacies, operating leverage , liquidity , investment performance, reinsurance programs and management ability, integrity and experience.
The insurance business is based on spread of risks. The more widely risk is spread the more accurately loss can be estimated. An insurance company can more accurately estimate the probability of loss on 100,000 homes than on ten. Years ago insurers were required to use standardizes forms and rates developed by rating agencies. Today large insurers uses their own statistical loss data to develop rates. But small insurers or insurers focusing on special lines of business with insufficient broad loss data to make them acctuarially reliable depends on pool industry data collected by such organizations.

 

[btaliat]

In order not to be too biased while trying to rate an insurance company, the best yardstick to use is the ability of such an insurance company to cover effectively some of the risks that insurers may bring to their desks. And how fast they can while paying compensation for the insured person.

 

[Wisdom01]

Are those credit rating groups working under the insurance company , because I am quite surprised on the way and method they are been established to carry out their desired objectives , although they need to check if the insurer have the capacity to pay the necessary premium to the insurance company at due period

 

[Sotherefore]

Over here I do not really trust any private insurance company even when it is being supported by the government because it is possible that they can still run away with your money. I rather invest in anything that has to do with government because as surely as there is government of a particular country they are not likely to run away.

 

[Mandy96]

Well I never really knew that there are different agencies in insurance business. What do I know?. If there could be different policies then one shouldn’t be surprised. I believe if you have good experience about insurance generally, I don’t think it should be a problem to combine all the aspects for consultancy

 

[Wisdom01]

Over here I do not really trust any private insurance company even when it is being supported by the government because it is possible that they can still run away with your money. I rather invest in anything that has to do with government because as surely as there is government of a particular country they are not likely to run away.

No not like that ,there are still some private insurance company that have license to operate as you don't necessarily need to be scared if they are going to run away ,as the company is registered with the government so you can basically put and place all the trust you have in them

 

[Sotherefore]

No not like that ,there are still some private insurance company that have license to operate as you don't necessarily need to be scared if they are going to run away ,as the company is registered with the government so you can basically put and place all the trust you have in them

Even if that is true I do not really trust most of the private business organisation that has been registered with the government because that will not stop them from running away with our .if I'm doing anything in this country I have to go for things that is purely handle by the government and not the one that is handled by private individual.

 

[Wisdom01]

Even if that is true I do not really trust most of the private business organisation that has been registered with the government because that will not stop them from running away with our .if I'm doing anything in this country I have to go for things that is purely handle by the government and not the one that is handled by private individual.

What about in a case that there is less public insurance company in the country and they are not functioning properly ,I guess the person would have no other option than just to go for them private insurance company, because he want to cover and get protection from any kind of risk , so what about that scenerio

 

[Chibson]

there are many parameters that should be considered when you want to rate an insurance company. First of all it is important you have come in contact and have an agreement with such insurance company. and again their ability to deliver to their promises promptly and make the necessary investigations on time. Definitely there are some insurance companies that are much better than others.

 

[Wisdom01]

there are many parameters that should be considered when you want to rate an insurance company. First of all it is important you have come in contact and have an agreement with such insurance company. and again their ability to deliver to their promises promptly and make the necessary investigations on time. Definitely there are some insurance companies that are much better than others.

Although most insurance company have a specified date they deliver their promise and if they stick to that date without unfulfilling their promise then they could be tagged as a better insurance company , except they chose to act other wise , because some insurance company don't fulfill the asset promptly but give a specified date and stick to it

 

[sincerem]

Since their are many review sites, YouTubers who we can run to, if we need legit reviews about each and every insurance company we want to go into if we need better rating of such insurance company. Most of the sites I am earning from today were gotten from reviews that are concrete, without those reviews I wouldn't be around them. Such can be said with insurance, if the insurance company doesn't have high rating I wouldn't be around it.