Insurance in Socialist countries

johnny2shoes

Registered User
Messages
34
Does anybody here know if car insurance or other compulsory insurances in the EEC are required under socialist regimes.
The exorbitant profits in millions being posted by the big boys here suggests that John Citizen is being taken for a ride with
high premiums and outlandish quotes.
Not suggesting that I'd want to live in such a country but I'd like to know if 'our' big boys are allowed to operate in countries
that do not have a democratic government.
 

Brendan Burgess

Founder
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44,840
The exorbitant profits in millions being posted by the big boys here

Which big boys?


Or do you mean the exorbitant profits made by the big boy legal firms?
Or the exorbitant profits made by the big boys with whiplash?

Maybe you are referring to the big boys in Quinn Insurance, PMPA, ICI, Quodos, Enterprise Insurance Company or Setanta?

They made such exorbitant profits that they couldn't cover the cost of claims against them and the taxpayer and other insurance companies and their customers had to pay their claims for them.

Brendan
 

Zebedee

Registered User
Messages
176
In South Africa, as far as I know third party claims are covered by the state funded by a tax on petrol. You can buy cover for own damage from insurers but it’s not compulsory.
 
Last edited:

kinnjohn

Registered User
Messages
347
Since when is South Africa a socialist country? :oops:
Ireland is on its way to becoming one of the most socialist countries in the EU just look at the main political parties policies, in the coming years all wealth that cannot be moved will get hammering to pay back for their reckless policies,
 

RedOnion

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6,024
required under socialist regimes
There are only 4 socialist states.
Cuba
People's Republic of China
Vietnam
Laos

3rd party insurance is mandatory in all 4 of these countries.

Allianz for one operate in Laos and China. They operate in Vietnam via joint venture.

Axa and Zurich have the 4th & 5th largest market share in China in a market that only has foreign players in the last 20 years.

US sanctions prevent most companies having any business in Cuba.

Does that answer your question?


Meanwhile, insurance is not mandatory in the state of New Hampshire in the USA.
 

johnny2shoes

Registered User
Messages
34
There are only 4 socialist states.
Cuba
People's Republic of China
Vietnam
Laos

3rd party insurance is mandatory in all 4 of these countries.

Allianz for one operate in Laos and China. They operate in Vietnam via joint venture.

Axa and Zurich have the 4th & 5th largest market share in China in a market that only has foreign players in the last 20 years.

US sanctions prevent most companies having any business in Cuba.

Does that answer your question?


Meanwhile, insurance is not mandatory in the state of New Hampshire in the USA.
Thank you..........yes it does
 

johnny2shoes

Registered User
Messages
34
There are only 4 socialist states.
Cuba
People's Republic of China
Vietnam
Laos

3rd party insurance is mandatory in all 4 of these countries.

Allianz for one operate in Laos and China. They operate in Vietnam via joint venture.

Axa and Zurich have the 4th & 5th largest market share in China in a market that only has foreign players in the last 20 years.

US sanctions prevent most companies having any business in Cuba.

Does that answer your question?


Meanwhile, insurance is not mandatory in the state of New Hampshire in the USA.
Yes it does...........thank you
 

johnny2shoes

Registered User
Messages
34
Which big boys?


Or do you mean the exorbitant profits made by the big boy legal firms?
Or the exorbitant profits made by the big boys with whiplash?

Maybe you are referring to the big boys in Quinn Insurance, PMPA, ICI, Quodos, Enterprise Insurance Company or Setanta?

They made such exorbitant profits that they couldn't cover the cost of claims against them and the taxpayer and other insurance companies and their customers had to pay their claims for them.

Brendan
The companies you list are exceptions and bad management caused their downfall. imho
 

Brendan Burgess

Founder
Messages
44,840
No, they fell because the premiums they charged were not high enough for the very risky business of writing insurance in this country.

The problem with the accusations of profiteering is that it distracts attention from the real causes of high insurance and so we fail to tackle them properly. The legal profession and scammers get off the hook.

Brendan
 

Shirazman

Registered User
Messages
208
No, they fell because the premiums they charged were not high enough for the very risky business of writing insurance in this country.

The problem with the accusations of profiteering is that it distracts attention from the real causes of high insurance and so we fail to tackle them properly. The legal profession and scammers get off the hook.

Brendan

I'm afraid that the likes of Pearse Doherty and Charlie Weston have won the PR battle on that one, Brendan. Facts don't really come into it.
 

Brendan Burgess

Founder
Messages
44,840
Hi Shirazman

But it's still important to counter the false news.

Here is another example of a misconception similar to Johnny2Shoes' one but at least the Irish Times is trying to correct it.


Of course, Ireland is a socialist country. We did not rescue the shareholders in the banks. We rescued the ordinary people who had deposits in those banks.
 
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