Why The Uptick in Inquiries About Catastrophic Insurance?
An update the day before Trump takes office. I expanded the base of my calls asking insurance agents if they notice any new patterns? Three separate agents said, in essence, they are sensing an unease among callers and policy holders. One agent, in particular said, "I've been selling business related insurance for nearly 35 years. This is not a business that gyrates much. It's a steady need up until recently. I am definitely getting calls from policy holders and just new potential customers asking questions I've never had before. It relates to how coverage will work if there is an imbalance or upset in the federal government. One woman was a Trump supporter and she said, 'Look I think the new President may really help us. But I have nine employees I have to keep working and they are getting spooked by this election. I am becoming uncomfortable about him. Never seen anything like this...'"
This started out innocently enough, a friend called me and said, "Michael you have your big interest in defensive stuff, right? Try calling a couple insurance agents and ask about catastrophic coverage. Just do it."
So I did, randomly chose a couple agents and asked them if they are receiving more calls for that type of insurance? Sure enough, it seems the couple agents I reached said they are getting more of these calls than usual. Especially since the election.
Normally insurance to cover catastrophic situations is a slow, fairly steady business. One agent said that since the election she's had a definite uptick in inquiries where the basic premise is, "...what happens if a political leader does something that really upsets this country...?"
Another agent confirmed that for various reasons Americans are concerned that somehow the country may be heading in a new, untested direction. They aren't sure but this agent thought something about Donald Trump was making people question the stability of America.