In a recent interview with Intelligent Insurer, Brad Kading, the president and executive director of the Association of Bermuda Insurers and Reinsurers (ABIR), did something you don’t hear much about, unfortunately, and that’s touting the proposition of reinsurance. And though reinsurance is his business, after all, Kading was right about one thing: reinsurance as a whole is under-reported. But why? Well, likely because the focus is either misdirected or there simply isn’t enough information circulating about what reinsurance really is and particularly, how it saves money for industries like the automotive and ultimately benefits consumers, making for quite a profitable and business-savvy venture.
Reinsurance keeps you safe. It's hedging your bets against catastrophic occurrences that could cost your dealership. With profit margins growing ever tinier due to innovations, market share and internet sites it's vital to investigate revenue streams.