Reviewed by Leonard Smuts for Readers' Favorite

How much do we know about insurance? Kevin L. Glaser asks if readers are paying too much for insurance and whether the coverage is adequate. He sets out to educate readers with Inside the Insurance Industry. He points out that insurance is about risk management, in addition to providing policyholders with compensation for losses incurred. Risks can include the usual perils such as fire, flood, accidental damage, death, illness, and injury. More complex cover applies to special categories. Some risk is inevitable, but being insured spreads the risk and provides peace of mind. Naturally, there is a cost to providing cover. The insurance industry is not a charity; it exists primarily to generate a profit. The book explains the inner workings of insurance companies, covering topics such as claims procedures, disputes, and the role of claims adjusters. Insurance companies operate through brokers, agents, or by direct marketing. Premiums will vary with the risk profile and claims history of the policyholder. Despite fierce competition, there is still overcharging, but premiums can be negotiated. Readers should thus review the cover regularly and obtain quotations. Education is essential to understanding your rights and obligations. Make sure that everything is in writing and examine the fine print.

Kevin L. Glaser has more than 35 years of experience in the insurance industry and aims to clear up the misunderstandings. The purpose of his book is to educate, not criticize, although the industry certainly has its share of malpractices. Inside the Insurance Industry will equip readers with the knowledge to avoid the pitfalls and save money. The author reflects on how little individuals and businesses know about insurance and the accompanying technicalities in an industry where high-pressure salesmanship prevails. Individual circumstances are unique, and the cover should be structured accordingly, using reputable advisors. Prevention is better than cure, such as keeping backups of computer data. Insurance is evolving rapidly in line with changing risk patterns. New threats involve the impact of climate change, terrorism, civil unrest, pandemics, and IT hacking, which will increase premiums. The impact of AI will also mean sweeping changes to some functions, but the personal touch remains important. While written in an American context, the principles are generally applicable. The text is concise and covers a wide range of topics, and case studies are included. This excellent publication is highly recommended.