RECENT NEWS
Insurance Journal  47 min ago  Comment 
Suzy Baird has joined Dallas-based Southwest Risk Agency Services LLC as assistant vice president/underwriter. Baird is a 35-year veteran of the insurance industry. She previously worked at Atlantic Specialty Lines of Texas as the regional sales...
Mondo Visione  57 min ago  Comment 
The Financial Markets Authority is calling for cooperation from the life insurance industry and financial advisers to address the potential harms to consumers from the relatively high levels of switching of existing insurance policies. The FMA...
Insurance Journal  8 hrs ago  Comment 
Lafayette, Calif.-based Stone Creek Insurance Agency has named Megan Gracey a personal lines manager for its Northern California office. Gracey specializes in customer service, account management, annual client review and business development. She...
Insurance Journal  Jun 28  Comment 
Grand Island, Neb.’s insurance carrier has settled a claim against the city over the drowning of a 5-year-old girl at the city’s Island Oasis Water Park last summer. The claim for more than $1 million was filed in September by …
Insurance Journal  Jun 28  Comment 
Nick Galati has joined Texas-based independent insurance broker, RHSB, as assistant vice president. He is a sales executive focusing on commercial property/casualty insurance products and services for middle-market companies. Galati comes to RHSB...
Insurance Journal  Jun 28  Comment 
The Illinois Department of Insurance has approved Aetna Inc.’s proposed $34 billion acquisition of Humana Inc. provided it is approved by the U.S. Department of Justice, according to an order dated June 23 posted on the department’s website....
Benzinga  Jun 28  Comment 
Private health insurance doesn't mean the holder will spend less on healthcare. In actuality, the holder is helping employers keep their health care spending down. From 2009 to 2013 the amount people with private insurance paying out of pocket for...
Automotive World  Jun 28  Comment 
On average, more people die in motor vehicle crashes on Independence Day than any other day of the year, an Insurance Institute for Highway Safety analysis of the five most recent years of available fatal crash data indicates. What’s driving the...
The Economic Times  Jun 28  Comment 
More than 11 lakh people from the northeast are either working in private sectors or studying in Delhi and the National Capital Region and most of them do not have any medical insurance or facilities.
Insurance Journal  Jun 28  Comment 
Narragansett Bay Insurance Co. has named Peter Hutchinson an assistant vice president and Rhode Island and Massachusetts territory manager.  Hutchinson will be responsible for partnerships with NBIC’s agents and industry associations,...




 
TOP CONTRIBUTORS

The basics of insurance are simple: one company offers a guarantee future payment for a contracted event. The company offering the guarantee charges a premium for insuring against the event's occurence - in doing so, the insurance company is protecting the client against certain circumstances, say physical capital loss due to a natural disaster. The insurance company assumes all financial responsibility associated with the client’s losses.

Where the business gets complicated is in the calculations of premiums. This involves the use of complex stochastic probabilty models meant to simulate the likelihood of a given event’s occurrence. Not all events are created equal, from an insurance perspective - for some types of insurance a company can accurately predict the probability of occurence (say, automobile insurance, which has such a large sample to study that companies can make accurate predictions and judgments about demographic groups). For events that are harder to predict (say, the future value a Mortgage-Backed Security (MBS)) insurance companies take on greater risk when they issue policies.

The insurance sector itself is segmented into four distinct sub-sectors: Life Insurance, Property & Casualty Insurance, Accident & Health Insurance, and Miscellaneous Insurance.

Insurance Industry Sub-Sectors

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Property & Casualty Insurance

Casualty insurance deals with policies that are written to hedge against the risk of unforeseen accidents. Some examples are insurance policies for auto accidents or losses incurred at sea (Marine Insurance). In general, casualty insurance hedges against risks associated with liability and crime.

Companies within the Casualty and Property Insurance Sub-Sector

Accident & Health Insurance

Health insurance deals with policies that are written to hedge against the risk of unexpected or unexpectedly high health costs. Interestingly, the insurer of health insurance policy can either be from the private sector or the public sector, subsidized by taxes.

Companies within the Accident and Health Insurance Sub-Sector

Financial Guarantors/Assurance

Assurance/guarantor companies provide insurance against default on credit instruments. They collect premiums to insure bonds against defaults and/or losses in value through insurance policies generally called "insurance enhancement products". Some examples are:

Miscellaneous Insurance

Companies within the Misellaneous Insurance Sub-Sector:

Whats Moving the Insurance Sector

Retiring Baby Boomer Generation/Convergence of Insurance Sector and Financial Industry

As the first of the baby boomers are set to retire within the next few years, financial and insurance firms remain pitted in a battle to provide them with financial funds to fuel their retirement. The traditional methods of retirement finance such as social security, 401ks, and corporate pension plans are becoming increasingly riskier as government legislature struggles to find a solution to social security deficits and companies find it harder and harder to meet the promises of current pension plans. Since the lines between financial institutions and insurance institutions has been blurred with the repeal of the 1999 repeal of the Glass-Steagall Act, which restricted the ability of insurance companies to provide financial services, aging baby boomers have become an increasingly attractive market to insurance companies.

To compete with the corporate pensions plans provided by the company, insurance companies are offering annuities to retirees. Annuities come in many, often complex, forms and packages. However, the underlying concept remains the same: purchase of the annuity is made with an upfront lump sum, with the promise of a steady periodic income as long as the contract requires.

Since they're wrikong on a solution already, my guess is that they will not want to bother using SPAAR's data in the interim since it would be for so limited a time.I'm always chomping at the bit for the latest and greatest info so I'll post it as soon as it's available! Reply</a>

Companies in the Insurance Industry (90)

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