What are the largest insurance companies globally by assets?

According to AM Best's 2023 report, the largest insurance companies by 2021 assets are: 1. Allianz ($1,247.2 billion); 2. Berkshire Hathaway ($958.8 billion); 3. Prudential Financial ($937.6 billion); 4. Ping An Insurance ($937.0 billion); 5. China Life Insurance ($900.5 billion).

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Can small businesses afford cyber insurance, and is it necessary?

Yes, cyber insurance is available at different price points, and small businesses need it because they are frequent targets of cybercriminals due to weaker security defenses.

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Does homeowners liability insurance cover legal defense costs?

Yes, it covers legal defense costs, including attorney fees and court costs, if you’re sued for an incident covered by your policy. This can include personal injury lawsuits or property damage claims. However, coverage stops if the claim exceeds your policy limits.

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Does paying annually reduce my insurance premium?

Many insurers offer discounts for annual payments because it reduces administrative costs. Paying annually can help you save money compared to monthly payments, which may include additional processing fees.

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Can I cancel a claim after filing it?

Yes, you can withdraw a claim before settlement, but it's still recorded in your claims history, which could influence future insurance rates.

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How does Big Data help in claims processing?

Big Data automates claims processing through AI-driven analysis, reducing paperwork and processing time. Insurers use image recognition, sensor data, and historical claims information to assess damage, verify claims, and detect inconsistencies. This results in faster payouts, reduced fraud, and improved customer satisfaction.

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How do I choose the right deductible amount?

Consider your financial situation, risk tolerance, and claim frequency. If you can afford higher out-of-pocket costs, a high deductible plan saves money on premiums. Otherwise, choose a lower deductible.

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Does earthquake insurance cover damage to my landscaping?

Earthquake insurance typically does not cover landscaping, such as trees or shrubs, unless they are considered part of the structure or covered as part of a separate endorsement.

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