RECENT NEWS
Insurance Journal  7 hrs ago  Comment 
Thousands of drones flown without government approval by real estate companies, movie studios and other businesses are getting coverage by insurers writing their own safety rules to fill a void left by regulators. One insurance broker in Colorado...
Insurance Journal  10 hrs ago  Comment 
Federal health officials say that the manufacturer of a medical instrument at the center of a recent “superbug” outbreak in Los Angeles did not receive federal clearance to sell the device. The Food and Drug Administration has confirmed that...
Insurance Journal  10 hrs ago  Comment 
A second Los Angeles hospital is reporting that patients have been infected with an antibiotic-resistant “superbug” linked to a type of widely used medical scope. The latest cases came at Cedars-Sinai Medical Center, where the four patients...
Insurance Journal  10 hrs ago  Comment 
The New Hampshire Insurance Department recently issued a bulletin on permissible forms of insurance producer compensation. “We had received inquiries from producers and wanted to provide helpful guidance for them,” a New Hampshire Insurance...
Insurance Journal  10 hrs ago  Comment 
The Texas Senate has approved the first bill of the legislative session, with speedy passage of a plan to shift billions of dollars generated by vehicle sales taxes to building and maintaining roads strained by the state’s booming population....
Insurance Journal  10 hrs ago  Comment 
A number of industry executives spoke with Insurance Journal recently to share their observations on the current directors and officers liability insurance claim trends. Executives also spoke about a new potential D&O exposure that’s been...
Insurance Journal  10 hrs ago  Comment 
Two proposed constitutional amendments that supporters say would protect Texans from government intrusion into their free exercise of religion are meeting resistance from a coalition led by a former adviser to George W. Bush that calls the...
Insurance Journal  10 hrs ago  Comment 
Arkansas lawmakers voted to put the state’s plans to set up its own insurance exchange under the federal health law on hold while the nation’s highest court weighs a legal challenge over tax subsidies granted through the overhaul. The bill...
Insurance Journal  10 hrs ago  Comment 
XL Group’s Excess & Surplus (E&S) insurance team is expanding, adding Andrew Miller as underwriting manager for its newest product line, primary auto. Miller joins XL Group’s Chicago office with more than a dozen years of transportation...
Insurance Journal  10 hrs ago  Comment 
Officials in the south-central Minnesota city of Gaylord have agreed to pay tens of thousands of dollars to a Mexican immigrant to settle a federal lawsuit that alleged racial profiling. Minnesota Public Radio News reports that Gaylord and Sibley...




 
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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