Well some of us may think that there’s nothingmore boring than attending an insurance conference on a wet Tuesday night in Boston. And we may well be right, but if we look backto see how the industry began, it isn’t as dull as it might first appear.
From swashbuckling pirates to a ferociousfire that ravaged the world’s greatest city, insurance has had a colorful past. But how do those grey suits who sell insurancereally make money, and how do the inner workings of one of the most complicated fiscal modelsreally work?
If these questions whet your curiosity, thenstay tuned to today’s episode of the The Infographics Show – Why do insurance companiesmake money and how do they work? What is insurance? Well, insurance is a financial vehicle thathelps spread risk. By taking a risk from an individual, and spreadingthat risk around a community, the individual is able to go about their personal or businesslife without crumbling from financial ruin. In the simplest terms, let’s look at twopeople.
One is named Bob and the other Jim. Bob says to Jim, I’ll give you ten dollars,but if I lose my cell phone, you’ll have to buy me a new one. If Jim agrees, then that’s insurance rightthere. Insurance companies make money because theyevaluate the risk and decide whether it is worth the gamble. Jim believes that Bob probably won’t losehis phone and he’ll therefore be ten dollars richer.
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