Insurance
Insurance Tip
Loss claims ratio: an insurer can cancel your policy if you pose a great risk to them.
Loss Claims Ratio. An insurer can cancel your policy if you pose a great risk to them — meaning they constantly pay you more in claims than what they get in premiums, when claims exceed premiums.
Discuss with your Broker how to work out a claims ratio. If you often claim from your insurer you become a high risk to them. If you have claimed a few times, try to carry some smaller risks on your own to protect your claims history. Try to claim for bigger claims only, if possible, to protect your insurable and feasible claims ratio.
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