Why is it that many insurance providers are happy to recommend a specific insurance policy without first helping consumers to examine their actual risks? Do they even care if saving you X percent in Y minutes leaves you vulnerable to uncovered risks that can threaten your assets? How can insurance providers that lure consumers with lower costs while leaving them without the protection they need call themselves a good neighbor?
When receiving a proposal to purchase insurance coverage, consumers should ask this question: if you are not helping me to understand my risks, how can I determine if the policy that is being recommended provides the protection I need?
Helping consumers to first understand their risks is the cornerstone of our private risk advisory practice. As a result, I am always on the hunt for tools that can help insurance consumers better understand their PERSONAL RISKS.
The Travelers Consumer Risk Index documents extensive survey results offering details on the types of personal risks confronting individuals and families. The index provides some interesting insights and trends that can be used to help all consumers take practical steps to understand and better manage their risks. This excellent report is well worth reviewing. Among the key findings:
- 57% of Americans believe the world is becoming riskier
- Nearly 1 in 5 believe it is becoming much riskier
- Only 1 in 8 believe risk is decreasing
- Financial security remains the leading concern, followed by privacy and identity theft
- Concern about cyber risk grew 21 percentage points from 2014, rising to 57%
- 25% say they have been a victim of a data breach or cyber-attack
- 62% fear that their bank or financial accounts may be hacked
- 90% are worried about getting into an accident due to someone else’s distracted driving
- Yet only 37% are concerned about getting into an accident due to their own distraction
- 66% believe severe weather is becoming more frequent in the U.S.
- 40% believe that is the case in their local areas.
Feel welcome to call or e-mail me if you would like to receive a copy of the excellent 2015 Consumer Risk Index report compiled by Travelers.