Somnath Banerjee, assistant professor of marketing, is quoted in a recent WalletHub article about car insurance.
He was one of three experts from around the country featured in “Cheapest Car Insurance in North Dakota” by writer Candace Baker
Banerjee responded to these questions:
• How do you think COVID-19 has affected consumer demand for car insurance?
• What does it say about car insurance companies that so many have celebrity endorsers?
• Do you think car insurance companies try to mislead customers or is it just marketing?
“As car insurance is mandatory in most states, all cars likely have some or other type of insurance. In such a circumstance new car insurance demand is expected to be closely related to car sales,” Banerjee said in the article.” If we look at the effect of COVID-19 on car sales, we find that car sales took a hit of about 15% in 2020 on account of COVID-19. Therefore, it is likely that demand for car insurance fell too because of COVID-19. However, the demand is likely to rebound as COVD-19 eases in 2021.”
Banerjee joined the NDSU faculty in 2015. He earned his bachelor’s degree from Patna University, India; his Master of Business Administration at the International Management Institute, India; and his doctorate in business administration from the University of Central Florida.
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