Upon occasion, I stumble upon completely useless and arcane trivia that I find somewhat fascinating. Below you will find a series of questions that relate to our beloved insurance industry with the answers following each question. So... you think you know this insurance game? Let's see what you got! Here's an easy one to start you off:
Q: What state has the highest incidence of automobile thefts?
A: California, by far. In fact, according to the
National Insurance Crimes Bureau (NICB), California is home to 8 of the top 10 theft cities in the U.S., with Fresno leading the way at #1. The only other state in the top ten is Washington, with Spokane at #4 and Yakima at #10. Oregon isn't even close!
Q: What state, on a percentage basis, has the most people with no health insurance?
A: Texas. For the years 2007-09, 25.5% of the state's population had no health insurance coverage, followed by New Mexico with 22.9% uninsured and then by Florida with 20.9% of the population uninsured.
Q: Per 100,000 of population, what state in the U.S. has the highest level of pedestrian fatalities?
A. The District of Columbia (Washington D.C.) with a pedestrian fatality rate of 3.3 per 100,000 population. This is closely followed by Florida and Nevada with 2.9 deaths per 100,000 and New Mexico with 2.7 per 100,000 of population.
Q: Approximately how many wage and hour jobs existed in the insurance industry in the U.S. in 2008?
A: The insurance industry had about 2.3 million wage and salary jobs in 2008. Insurance carriers accounted for 61 percent of jobs, while insurance agencies, brokerages, and providers of other insurance-related services accounted for 39 percent of jobs.
Q: In 2005, paid flood insurance losses were $17,714,793. How much was paid in flood insurance losses in 2010?
A: $727,877. Surprising, huh? Remember that Hurricane Katrina, which occurred in August of 2005, sparked almost all of the flood losses paid for that year.
Q: As of 12/2008, how many Americans are considered disabled according to the U.S. Census Bureau?
A: More than 51,000,000 Americans are disabled according to the Census Bureau, which represents about 18% of the U.S. population.
Q: As of the end of the 4th quarter, 2009, what was the value of the financial assets held by United States life insurance companies?
A: A lot! Life insurance company assets at the end of 2009 totalled more than
$4.825 TRILLION. I think we just found a way to pay off the deficit...
Q: For model years 2006-2008, which 4-door mid-size car model had the most losses? The most for a sub-compact? How about for a large-size car?
A: For the years 2006-08, the 4-door mid-size car with the worst loss statistics was the Mitsubishi Gallant, followed by the Dodge Avenger and Kia Optima. For sub-compact cars, the Toyota Yaris led the way with the most losses, followed by the Kia Rio and Hyundai Accent. For large cars, the worst losses were by owners of the Dodge Charger, followed by the Chrysler 300.
Q: As of 2008, Medicare and Medicaid losses attributed to fraud accounted for how many dollars paid out by the federal and state governments?
A: This is truly frightening... Medicare and Medicaid lose an estimated
$60 billion or more annually to fraud, including $2.5 billion in South Florida. Any thoughts on this??
Q: When did the famous Lloyd's of London officially open for business?
A: The market began in Lloyd's Coffee House, opened by Edward Lloyd around 1688 in Tower Street, London. This establishment was a popular place for sailors, merchants, and ship owners, and Lloyd catered to them with reliable shipping news. The shipping industry community frequented the place to discuss insurance deals among themselves. Just after Christmas 1691, the coffee shop relocated to Lombard Street (a blue plaque commemorates this location). This arrangement carried on until 1774, long after Lloyd's death in 1713, when the participating members of the insurance arrangement formed a committee and moved to the Royal Exchange on Cornhill as The Society of Lloyd's.
I hope that at the least you were entertained. Maybe you actually learned something that you might share with your clients! Any of your comments are welcomed, especially on the Medicare and Medicaid fraud note!
Take care and have a safe Fourth of July... see you soon! -Gary