General insurance Risks that can't be insure by insurance company

[Augusta]

Insurance is all about getting protection for yourself and assets. The truth remains that no one can predict the future as such it is pertinent to guard self aganist happenings or unforgettable risk and loss.

But there are risks that the insurance company cannot insure since there are termed uninsurable risks. These risks would never be agreed to be insure by the company no matter how much premium one will be willing to pay. These uninsurable risks are :

Pandemic risks
Currency
Financial instruments
Gemstones
Trade secret risks
Political risks
Reputional risks
Regulatory risks

The. Insurance company see this kind of risks as high risks that the claims will be too high for them to pay. And again, there's high probability that the risks will occur. So they avoid such coverage.

What do you think of this?

 

[btaliat]

Very insightful article. Insurance company is not a charity company that gives out money anytime calamity happens to the insured person. That is why it has under writer who will investigate whether the risk is measurable or not. No insurance company will insure an event that has high chance of happening like betting.

 

[Mandy96]

Well if truly these risks mentioned can’t be taken by insurance companies then I don’t think it’s worth buying then because I believe that’s what insurers are for, seeing exceptions makes me think they do not have it all covered after all. Meanwhile there are other alternatives like saving up in the banks or buying of shares

 

[btaliat]

Well if truly these risks mentioned can’t be taken by insurance companies then I don’t think it’s worth buying then because I believe that’s what insurers are for, seeing exceptions makes me think they do not have it all covered after all. Meanwhile there are other alternatives like saving up in the banks or buying of shares

At times, I do think the same way but we just need to be truthful to ourselves. Insurance companies alps want to make profit, do they need to go for events that have equal chance of happening or not happening rather than going for the ones that have the high chance of happening. They can never insure betting.

 

[Good luck]

All the risk mentioned above are very important to be observed to avoid unnecessary complications or issues.one needs to understand an insurance policy before partnering with them.Therr are lots of risk to be taken in such company because the company is also leveraging on what you paid monthly to be able to foot a lot of bills in the company.

 

[Wisdom01]

I think most especially risk that could be easily caused by natural disasters such as earthquake and others , I think the insurance company won't want to be at loss insuring such , their only aim remain making profit ,if they should insure other risk they could end up in loss at the end

 

[Augusta]

Very insightful article. Insurance company is not a charity company that gives out money anytime calamity happens to the insured person. That is why it has under writer who will investigate whether the risk is measurable or not. No insurance company will insure an event that has high chance of happening like betting.

Definitely you are rigjt. Insurance company also want to. Make their own money so they will not want to engage or cover risks that will be too high on claims or they can't exactly measure it's. Premium cost.for payment. So they will rather not start what they might.noy be able to finish

 

[Augusta]

Well if truly these risks mentioned can’t be taken by insurance companies then I don’t think it’s worth buying then because I believe that’s what insurers are for, seeing exceptions makes me think they do not have it all covered after all. Meanwhile there are other alternatives like saving up in the banks or buying of shares

Well, you need to know there are always exceptions to rules. Whatever an investment wouldn't be comfortable with will be dropped to avoid future issue. There are some risks that they can't appropriately measure to ascertain the real premium to the paid and maybe the forsee complications with such tisk in future they will avoid such

 

[Augusta]

At times, I do think the same way but we just need to be truthful to ourselves. Insurance companies alps want to make profit, do they need to go for events that have equal chance of happening or not happening rather than going for the ones that have the high chance of happening. They can never insure betting.

That's. Is just the truth they want to go for risks that might not happen in most cases. They don't need the risk that the probability of happening is very high. It wouldn't fetch them the needed profit so they will avoid such. Like gambling or. Betting can't be insured by insurance company

 

[Augusta]

I think most especially risk that could be easily caused by natural disasters such as earthquake and others , I think the insurance company won't want to be at loss insuring such , their only aim remain making profit ,if they should insure other risk they could end up in loss at the end

That's the truth, insurance company is a profit making company people need to know this. There's nothing charitable about them. So any risk that will hook them with complications they do not do such coverage. Infact they do not even want to be paying claims if they have the way. That's just the gospel truth here

 

[Chibson]

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Definitely not every kind of risks can be insured by an insurance company. When it comes to political risks it can never be insured because whatever happens in politics does not concern an insurance company in terms of individual aspirations to hold a particular post. Even though insurance companies covers much.

 

[btaliat]

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Definitely not every kind of risks can be insured by an insurance company. When it comes to political risks it can never be insured because whatever happens in politics does not concern an insurance company in terms of individual aspirations to hold a particular post. Even though insurance companies covers much.

That is absolutely right. Politics is a game. No insurance company will want to cover for any politician because no one knows the winner or the loser and it is not easily predictable. Hence, instance companies, which are also profit oriented, distances themselves from it. The same thing applicable to betting. They don't involve in it.

 

[Wisdom01]

That's the truth, insurance company is a profit making company people need to know this. There's nothing charitable about them. So any risk that will hook them with complications they do not do such coverage. Infact they do not even want to be paying claims if they have the way. That's just the gospel truth here

Yeah they have to be more strategical and make sure they insure the risk that are worth it , imagine them insuring the risk that are not worth it or are more likely to occur , they would end up being broke and am not sure if there would even be any insurance company if such is been applied

 

[Alexandoy]

In 2009 our country was hit by the Storm Ondoy that left the metro inundated for more than 2 days. So many cars and homes were ruined that repairs were costly. The car that was soaked in flood waters would cost a minimum of $600 for the cleaning that excludes repairs. But no insurance paid the claims because the flood is considered "act of God" which means it is a natural calamity.