Today's business world is complex, unpredictable, uncertain and volatile. One of the key elements of this volatility is the swift change all around us. Taking into consideration the motor insurance industry, changes have been also made during the years.
Under motor insurance, there are three types of cover available. There is the third party only, which is obligatory as it is the least required by law; it covers your liability to third parties for damage or injury to property arising from the use of your car. In addition to third party liability cover, one can also choose to be covered and protected against damage or loss arising from fire or theft, which is known as Third party fire and theft. If you add protection against accidental damage to your vehicle to the ones mentioned above, you are covered with the comprehensive.
Latest statistics shows that car ownership and traffic volume are in the rise once more and this has been the agenda of the government. The number of people owning cars has grown since 1980, thus this represents good news for car manufacturers and insurance firms alike. Also it has come at an environmental cost that there is a rise in carbon emissions.
In the Malta Financial Services Authority (MFSA) newsletter of November 2011, the section of the insurance statistical review of 2010 shows that figures released by the MFSA in respect of insurance companies in Malta show an increase of 45% in total gross premiums written over the period of 2009-2010. The accident and health group of classes recorded an increase in premiums written of 85% over 2009. The motor insurance premia increased by 39%
Going back to the 20th century, motor vehicles made their first appearance, but there was no need for insurance in an...
... middle of paper ...
...efore increases the number of claims.
The market is developing and it has come to a point where customers can go into price comparison sites such as confused.com or moneysupermarket.com and by simply typing in a query, the consumer is presented with a variety of insurance prices from which they can acquire their insurance at competitive rates.
Works Cited
http://www.esurance.com/insurance-resources/senior-car-insurance-myth
http://www.streetdirectory.com/etoday/negative-effect-of-globalization-pcecwf.html
http://www.carinsurancehub.com/car-insurance-and-credit-crunch.php
http://www.talkonce.co.uk/the-history-of-motor-insurance/
http://www.autoinsurancequote.com/articles/customization-adding-tweaks-to-your-vehicle-may-affect-your-auto-insurance.html
http://www.carinsurancecomparison.com/will-customizing-my-car-affect-my-car-insurance-rates/
20th Century Insurance was established in 1958 and was the first company of its kind to sell automobile insurance without a middleman, known in the industry as a broker or agent. This direct sales approach allowed 20th to offer insurance at a much lower premium than its competitors. To date, 20th Century Insurance is still recognized as one of the most economical full service automobile insurers in the California market.
"The Automobile." American Decades. Ed. Judith S. Baughman, et al. Vol. 2: 1910-1919. Detroit: Gale, 2001. Gale Virtual Reference Library. Web. 5 Mar. 2014.
Rotarius, T. & Liberman, A. (2000, September). Professional liability insurance for health care organizations—Several significant considerations. The Health Care Manager 19 (1), 59. Retrieved August 1, 2010 from http://proquest.umi.com/pqdweb?did=59216125&sid=1&Fmt=2&clientId=29440&RQT=309&VName=PQD
Rousmaniere, Peter. “Facing a tough situation.” Risk & Insurance 17.7 (June 2006): 24-25. Expanded Academic ASAP. Web. 23 March 2011.
Patel, Kavita. “Helping Consumers Understand and Use Health Insurance in 2014” Institute of Medicine. Institute of Medicine. 29 May. 2013. Web. 31 Jan. 2014. .
Within the last few decades cars have changed the way people travel. Back in the early 1900’s there were no automobiles, there were only horse and carriage. When Henry Ford created the first assembly line for a car, only the rich and famous would have ford cars. Now cars are easy to purchase as long as you can afford one. As time moves on cars continue to evolve and they are now easily accessible for anyone that wants a car, with fluctuating prices and even more customization choices, peoples are saving up their entire lives to buy their dream cars. Compared to the early twentieth century, cars have made it better to travel from place to place within days or hours while back a hundred years ago, it would take months or years to even get to the other side of the country. In conclusion, cars are the most reliable sources of transportation in the twenty-first century and that is why it is such a great contribution to the world.
hundreds of thousands of households. The percentage of journeys taken by car has increased from 13
Established in 1908, General Motors happens to be one of the most popular companies in the automobile industry. GM is a multinational company with its presence being felt in 34 countries. Moreover, the company is also large in terms of its employee base having an employee base of more than 245,000 globally. GM is associated with a number of the biggest car manufacturers in the world including Vauxhall, Daewoo, Chevrolet, Cadillac, as well as Buick (Carmohn, 2014). Despite the impressive attributes, GM has recently witnessed some of the greatest challenges in the automobile industry. Therefore, the following section provides a description of GM in reference to the broader automotive industry in terms of size, complexity, organization in the industry, context, environment and conditions.
Keep in mind that this insurance is not cheap to obtain due to the nature of the business and around 30% of any bid is just to cover those high
“Automobiles.” American Decades. Ed. Judith S. Baughman, et al. Vol. 2: 1910-1919. Detroit: Gale, 2001. U.S. History in Context. Web. 4 Mar. 2014.
Allstate insurance is the second largest property and casualty insurance company by premiums in the United States. Allstate insurance handles about 12% of the U.S home and auto insurance market. (Allstate, 2014). Many of Allstate’s customers fall under what one could refer to as a traditional selection of insurance for automobiles. Recently, Allstate has noticed a major shortcoming in lifestyle insurance, which includes coverage for motorcycles, boats, and other recreational vehicles, in comparison to its competitors. The motorcycle insurance sector is a 10.4 billion dollar industry and growing (PRWEB, 2012). The U.S. Department of Transportation website reports some astounding figures, including that 5,370,035 motorcycles were registered three years before the article, 7,138,476 motorcycles registered at the time of the article, and grew to 9,477,243 registered motorcycles at the end of 2012 (NHTSA, 2013). It is obvious as to why Allstate would identify motorcycle insurance as a worthy lifestyle product to devote marketing research dollars into in order to develop new strategies for cornering a share of the market.
Offering claims advice or consulting services could prove profitable for TC plc, and gain it revenue through charges or simply retaining customers through good service, as well as improving their service relationship between TC plc and its customers. This will help understand needs and expectations of insured’s and therefore maximise the potential of meeting future needs of a particular client, and provide knowledge on gaining similar business in the future. This would benefit TC plc in building up knowledge of its full dealings with customers, increasing TC plc 's business opportunities in the
These cars will help the economy in many ways. The cars will give people in the car industry more jobs- General Motors will have to hire many. Although industry drivers’ jobs will be at stake, the jobs in tech industry will make up for the loss. Apps for driverless taxis will need to be created, and phone companies can benefit too.
Think for a second here, what do you use almost every day to get to where you need to go? An automobile is probably what you are thinking of because just about everyone has one. Automobiles have become so common; nine out of every ten families in the United States own some type of vehicle. Now Imagine going through everyday life without one it would be nearly impossible! Automobiles have had a very positive impact on the world and on many people’s lives. However they have also taken quite a negative effect on the world and in life. Automobiles make it very easy to get to and from where you are going. Although automobiles have polluted the world and have taken lots of natural resources to keep going they are still a nice luxury many cannot live without. Automobiles are very reliable if they are kept in good condition and would not have to rely on public transportation.
First, the automobile industry is in the decline period of its life cycle (Whytcross, March 2014) w...