Better System For People Looking For Insurance- New City Minister Vows

To begin with, what is an insurance and why more and more people looking for insurance, specifically those who are working in highly-hazardous industries? Generally, an insurance is a means of protecting someone, yourself for example, from an impending financial loss than can be attributed to the kind of work that you are doing or, health problems. It’s basically a complicated form of risk management and serves as a contingency measure in case something unfortunate happens to you. Every transaction involving someone buying an insurance policy from an insurance company, involves a guaranteed and known amount of loss in the form of a monetary payment in exchange for the amount of money that will be released by the insurance company for the insured client’s needs as long as whatever claim that the insured makes is covered by the insurance company under the insurance policy that he paid for beforehand.

Due to the mere fact that applying, paying for and, settling claims with an insurance company have all grown up to be mostly complex procedures with various documents that are being required, with tons of forms that are needed to be filled in and, with huge amount of time spent all for waiting for your claims to be approved and the money at stake to be released, more people looking for insurance are experiencing difficulties, not mention, the tons of additional fees they will have to pay aside from the monthly dues the insurance company is charging. In the City of London, new City Minister Stephen Barclay announced in his first speech since being appointed last month that he intends to make immediate reforms to the insurance system which horribly increased the prices for car insurances this year. According to Barclay, he is reviewing the so-called Ogden state which have long been used to calculate the amount of compensations that will be released to people who have suffered serious physical injuries. In effect, the planned reforms announced by Barclay is expected to result in lower compensation payments to those who have been seriously injured by various accidents. Barclay also said that he wants a fairer system that will work both for claimants and defendants.