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All industries are affected by the current crisis being experienced worldwide. Many corporations big and small alike - including the insurance industry, are tightening belts and cutting costs just to stay afloat, not to mention some insurance “giants” who are in the hot seat like the American International Group (AIG) because of some fictitious portfolio deals made a few years back which now caused its investors to lose millions of dollars in dividends (but that is an altogether different story). Some insurance companies however undertook a few steps to combat the effects of the crisis first through the prudent administration of investment portfolios. Their investments are made of high grade bonds which were mostly US treasury securities. Second, they fostered growth by coming up with innovative products tailored to market ( grocery stores, restaurants, auto repair shops, car wash shops and the like) needs. Third, they intensified great customer service by improving marketing support to help their retail agencies especially in its web based transactions. Fourth, they also came up with customer-friendly methods to deal with undesirables and improve the efficiency of their brokers and agents.

Here are some important tips that can be very helpful when securing a life insurance policy:

• Choose a knowledgeable and trustworthy insurance agent. One that can help identify your needs and life circumstances, to assist you in choosing a life insurance policy which meets your necessities.
• Ask questions. Never be afraid to inquire about things you wanted to know about your insurance.
• Never allow yourself to be a victim of fraud. Check out your chosen agent and his company’s background and license to operate.
• Read your policy from front to back. Be aware of everything in your insurance.
• Be sure to demand a copy of all written communication regarding your insurance policy; Never make payments without asking for a receipt.
• Go over your policy with your agent and have an annual review of it to adapt to any change in your income, lifestyle and needs.

If you’re on the lookout to buy insurance, you might be confused with the different types there are. Two types that will usually crop up is whole life and endowment policies. What’s the difference? Whole life policies are life insurance contracts that will pay you a lump sum only after your death. While endowment policies are life insurance contracts that are designed to pay a lump sum after a specified term. Typical maturities are ten, fifteen or twenty years. Generally, premiums are higher for endowment policies than for whole life. This is because the earlier you get a return of your money, the higher the risk for the insurance company. Also, endowments can be cashed in early or “surrendered”, whereas whole life can only be surrendered after a certain time frame, or not at all. With endowments, moreover, the insurance factor ceases after the lump sum is paid off, while whole life policies are meant to be that exactly, to last until the end of your life.

According to a recent study by insurance.com, premiums for automotive insurance have been on the rise lately. As quoted by the Wall Street Journal, insurance quotes have increased by 3.4% on average during the second quarter of 2008, compared with the previous quarter.

The average quote was $1,893 annually, according to quotes given by 15 insurance companies across the States. Up until recently, auto insurance has been fairly friendly to consumers with flat or declining premium rates for the past few years.

Industry insiders cite rising medical costs and repair bills for the increase in premium rates. This new trend could result in various changes, especially driving habits of insurance holders. Less miles on the road means less likelihood of accidents and having to claim insurance. This is said to be likely to last through 2009.

Earnings are shrinking as business’ profit margins are getting thinner and thinner. The insurance market experiences this too, in face of increasing competition. Therefore, their investment returns begin to shrin. So insurance companies are now looking to sharpen underwriting, cut overhead costs and reduce claims leakage. They are also striving to improve management of risk in their investments, in view of recent financial setbacks, solvency pressures and scandals with governance.

This is a hard-hitter, especially these days when lower insurance premiums are the norm. Competition is, indeed, tough!

Times are definitely more challenging, those queried conceded. Soft market conditions in commercial insurance mean a smaller premium pie overall to finance and fewer clients choosing to pay their falling premiums in installments.

Every New Yorker is guaranteed the right to buy health insurance. New Yorkers cannot be discriminated against because of their health status or age. However, a pre-existing condition waiting period may be imposed on you for up to 12 months if you let your insurance lapse for more than 63 days. You should always make sure you have continuous health insurance coverage in order to avoid such a waiting period.

You have three basic options for obtaining health insurance as an individual other than employer or union plans in New York:

1. Private Health Insurance
2. Health Insurance through Associations
3. Health Insurance through Income Eligible Programs

Private Health Insurance
There are two types of plans that are available to purchase as an individual/couple/family:

HMO - You must use providers (doctors, hospitals, labs) participating in your HMO. Your HMO network is local and you must get referrals from your Primary Care Physician before you can see specalists.

POS - You may see doctors outside of your plan’s network, but you will be responsible for at least 20% of the cost of your care in addition to your copay, plus a deductible as high as $1, 000. Additionally, the premiums will be much higher for the POS plans.

Health Insurance through Associations
If you cannot afford any of the plans listed above, you may want to consider the option of joining an association and purchasing insurance as one of its members. When you purchase health insurance at a “group” rate, you usually have a lower premium. Working Today and Media Bistro are two such associations that offer HMO plans in New York. Each of these organizations has its own eligibility requirements.

Income Based Health Insurance Programs
If you cannot afford private insurance or insurance through associations, you may be eligible for goverment subsidized programs that have been designed to help keep New Yorkers healthy and insured.

Source: ahirc.org

If you own a commercial establishment or condominium, it would be best to have insurance. Commercial establishments are sure to be filled with various paraphernalia needed to make it operate as one. Included here would be the furniture and equipment and if your business does good, insurance is just like a pinch in the arm.

For condominiums, disasters do not need to occur on your unit alone. If a nearby unit catches fire, it will raze and reach you as well. With that in mind, it is best to get insurance so in case this happens, you can be sure that you covered properly.

Fires, floods or even earthquakes are freaks of nature that can happen at any time to anyone. Homes are concrete structures that can withstand anything except perhaps these things. While it may seem that insurance for your home may seem senseless, with all the things that can happen today, you never know when a home insurance policy can save the day for you.

As for insurance coverage, it normally covers only the house as a whole. The things inside it are not included unless specified and worthy. Normally the insurance rate would depend on the assessed worth of the home. Other than that, you have to justify why your house would be worth that much.

While many car owners in the Philippines would want to insure their vehicles, there are restrictions set according to the year and model of your car. If your car is 3 years and older, comprehensive insurance providers will not give you insurance.

Much of these stem from the fact that people want to be safe and sure. New cars have larger value and can be commanded high insurance premiums. Older cars may mean a lot to their owners. Apparently insurance companies only care about cars that deserve to be insured and these are normally the new models that come out each year.

For most countries, car insurance is a necessity if they want to drive around their car and be safe. In countries like Australia, you are not allowed to drive around a car unless it has been insured. Normally it will be a nominal fee but the thing is, if you don’t have it, you cannot drive it.

In the Philippines, it is different. They provide insurance only as a formality. Unless you get the comprehensive insurance policies, when you meet an accident, you are likely to have to pay for it yourself. That is just how it is in countries who bend the rules and regulations of traffic issues today.