‘The reality is that half of Americans can’t afford to write a $500 check’

‘The reality is that half of Americans can’t afford to write a $500 check’
Image: Devrim PINAR/Shutterstock

The CEO of Assurant appeared on Bloomberg TV to explain why demand for his services is likely to increase: the chief executive of the mobile phone insurer said he expects a surge in demand as carriers charge customers more to replace their devices. “If you think back five years ago, you as a consumer didn’t know how much that phone cost, you thought it was free or close to free,” Assurant’s Alan Colberg said Monday. “Now you’re paying $600, that’s a lot. So we’ve actually seen the attachment rate, or the number of people buying the product, going up a little bit in the last couple of years.”

He then proceeded to give Bloomberg his traditional sales pitch: Assurant is counting on growth at its business covering phones and appliances to help counter a decline in the segment that insures foreclosed homes for lenders….

It is what he said next that caught our attention: “The reality is, half of Americans can’t afford to write a $500 check,” Colberg said….

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