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...
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...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/
According to our case study, Allstate Insurance Company is an industry leader in providing various insurance products to customers, but recently realized it had room for improvement in its “non-traditional” sectors. First, what are non-traditional sectors? The study emphasizes motorcycle insurance, but it could also be assumed that boat, RV, ATV and snowmobile insurance would fall into the same category. Second, we have to consider who would need these types of insurances. We need to think of what kind of person owns these various types of vehicles and what is most important to them. Third, we need to come up with a plan on how to gather information about the people we want to target. Finally, once we have our information gathered we’ll need to come up with a plan on how to use it to our advantage.
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.
Have you ever thought of what the world would be like without the automobile? This paper will talk about the things the automobile has helped create. Inventors first started experimenting with steam powered engines in the late 18th century. Cars began being produced and sold to the public in the 1890’s (Automotive History). The automobile is considered to be one of the greatest inventions of all time. As a result of the automobile, cities changed, jobs were formed, and the environment was impacted.
Insuring health is a big commodity, and it is not the easiest task to choose the right plan. One must have an understanding insurance terms and what insuring health costs. One must know who can help with financial coverage and how the relationship works between the insurer and member. Finally, one must have assurance that the protection will last into old age.
Business Insurance News, Analysis & Articles. Web. The Web. The Web.
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. .
Automobiles play a major role in today's society. Almost every American owns at least one motorized transportation vehicle. Some say they make our lives better by reaching places faster than before. Others say they are a harmful to the environment. Have they made our society better or worse? They may be fast, but do we as humans want our environment to suffer because of time. Face it, cars pollute. And they release destructive chemicals into the air. Air pollution can threaten the health of many subjects in the environment including human beings.
In the twentieth century, the introduction of the motor vehicle in the United States became not only noteworthy, but also vital in the development of modern American civilization. This technologically complex machine led citizens to vast future dependency on the invention. While mobility was suddenly not limited to alternative, more convoluted options such as railroad stations or bicycles, yet copiously amplified to aid convenience and expanded leisure opportunities. From auto-racing to redesigning infrastructure, motor vehicles allowed progression, digression, and essentially uttermost change to lifestyles of the American people.
"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.
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
Finally, many car companies make more efficient cars and hybrid cars. Companies trying to boost their sales through efficient cars and lower gas cost for the consumer. Because of the higher prices of gas consumers are looking for more efficient cars. Gas prices left big companies like Ford, Toyota, and Dodge slow which it had a direct effect in the economy and the workforce. Many people lost their jobs over the passed six months because of the effect of the slow economy.
"Outline what you consider to be the key features of the global Automobile industry, and discuss how the industry has changed in recent years."
“The History of the Auomobile” The Impact of the automobiles on the 20th century. Web. 13 December 2014.
The fast population growth rate of humans means that the necessity for transportation vehicles is also enormously increasing. Studies have shown that in 1999 the worldwide number of vehicles registered was 700 million. From this huge number of vehicles, the US has a large share, which includes 200 million cars and light trucks. The number of cars worldwide also grew three times faster Competition for good things like public health, making the earth safe to live are positive aspects of competition, but global competition can also have a downside concerning the environment. This is true for the production of vehicles, as companies are coming with designs and new models with improved engines, but fuel consumption and the pollution of the air remains the same.