This is the time for innovation within the insurance sector

BY STEVEN KASZAB

Since the end of the pandemic more than 36 million North Americans do not have health insurance and with the policy changes in healthcare providing the number will surely increase (Commonwealth Fund).

The cost of insurance has escalated just as all costs for necessities have and that will not change. The insurance sector has suffered massive losses due to multiple: flooding, fires and natural disasters throughout the world, and it can only raise needed capital by increasing its insurance premiums.

The massive fires in California found almost 41% of homeowners who lost their homes due to the fire were underinsured, or not insured at all. The misgivings of insuring a home improperly falls on deaf ears.

“Perhaps a new form of insurance can be invested in, which centers upon personalized illness, lifetime development, and overall property protection?”

In Florida, the Caribbean and other areas that traditionally experience flooding many residential and businesses have been unable to insure their properties fully. Homes along the Red River and other inland rivers face similar challenges that happen annually, yet many lack flooding, fire, or disaster insurance. Hurricane and other weather-related events do have insurance policies available, but a high cost.

Life insurance too is often not considered an essential cost needing to be paid. This lack of attention, or ability to pay has major costs to individuals, families and communities. Bankruptcy, homelessness, unemployment and social ills result in harming our communities as a whole.

Perhaps a new form of insurance can be invested in, which centers upon personalized illness, lifetime development, and overall property protection?

• Children 3 months or older need to be insured to protect the family and themselves from the costs of illness no matter its severity and duration.
• Disaster Relief Insurance would center upon the damage done to person and property involving flooding, forest fires and other natural disasters.
• Senior Relief Insurance would start at the age of 40 onward protecting seniors and offering them superior services and accommodations should they experience: dementia, long term cancer, and other severe illnesses.

There is no need to suffer a calamity without having assistance provided. Insurance firms can offer these new insurance policies at reasonable prices, making needed profits for the sector. The pressure placed upon socialized medicine facilities can be offset by the influence and assistance of these insurance carriers.

A partnership between insurer and government can develop a growing concern economically. Imagine insurance firms building their own hospitals for their insured patients creating employment and new revenue streams.

Many people suffer due to a lack of insurance. Whatever the reason, their decision to not insure their property and themselves fall directly upon themselves, and them alone.