I received our auto and home insurance renewal notice in the mail today. Auto insurance (no accidents, demerits or claims in the last year) is 8.7% cheaper than the previous year but home insurance is 7.7% dearer. Overall, home and auto premiums together are 4% cheaper than last year.
The insurance industry has been making record profits for the past two years, so I was hoping that premiums would be at least lower by 10% this year. Alas, it is not to be.
As a capitalist, I understand that insurance companies want to make profits for their shareholders, rather than passing it on to consumers. Perhaps, it is time to search for some attractive opportunities in names like Fairfax Financial (FFH), ING Canada (TSX: IIC.LV), E-L Financial (TSX: ELF), Northbridge Financial (TSX: NB), Kingsway Financial (TSX: KFS) etc. If I can’t beat ‘em, at least I can buy ‘em.
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1 The Insurance Blog // Jan 3, 2006 at 11:32 am
Money talks, common sense walks in Mass., insurance debate
Most of the people working toward universal health insurance believe health care is a basic right of all Massachusetts residents. At first blush, though, it looks like Bay State businesses are trying to foil this effort by balking at the 5 percent to 7…
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