RECENT NEWS
Insurance Journal  28 min ago  Comment 
The U.S. Judicial Panel on Multidistrict Litigation ordered that the many lawsuits that accuse Target Corp. of failing to protect customers from a data breach will be consolidated in the retailer’s home state Minnesota. The order brings together...
Insurance Journal  1 hr ago  Comment 
The South Carolina House on Wednesday approved a bill requiring more people convicted of drunken driving to install a locking device that prevents their vehicle from starting if it detects alcohol. The House voted 112-0 on the measure named for...
Insurance Journal  1 hr ago  Comment 
Rating agency A.M. Best changed the outlook associated with the “A” financial strength rating of the members of the Hartford Insurance Pool to positive from stable Thursday, citing a reduced risk from variable annuity business to explain the...
Insurance Journal  1 hr ago  Comment 
Mines without miners? Not quite. Still, a technology boom in robots, drones, driverless trucks and pilotless trains is beginning to reshape one of the world’s most labor-intensive industries, portending automation of logistics, supply chains and...
DailyFinance  3 hrs ago  Comment 
PLANTATION, FL--(Marketwired - April 04, 2014) - With open-enrollment closed for the Affordable Health Care marketplace, millions of Americans are still left without dental insurance, including adults, children, and seniors. So where can the...
DailyFinance  3 hrs ago  Comment 
ACE Group today announced the introduction of its Global Cyber Risk Practice, established to address growing risks as legislation and exposures for privacy and network security evolve around the world and customer demands for...
DailyFinance  3 hrs ago  Comment 
Marsh & McLennan Agency LLC (MMA), a subsidiary of insurance broker Marsh LLC, today announced it has acquired Capstone Insurance Services LLC, a $1.8 million revenue agency located in Greenville, South Carolina. Terms of the...
Insurance Journal  3 hrs ago  Comment 
Governments should require companies shipping crude oil by rail to carry enough liability insurance to make up for shortfalls in coverage carried by railways, the president of Canada’s second-largest rail operator said on Thursday. Currently,...
Insurance Journal  3 hrs ago  Comment 
Great American Insurance Group has completed a renewal rights agreement with Selective Insurance Co. of America to acquire Selective’s Self-Insured Group book of business. The business, amounting to $38 million in gross written premium in-force,...
The Economic Times  10 hrs ago  Comment 
As domestic investors are concerned, it is coming in indirectly through the insurance sector, but DIIs and all the other people are facing redemptions.




 
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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