RECENT NEWS
Insurance Journal  20 min ago  Comment 
A Youngstown, Ohio, woman has been convicted of setting fire to a rental property in order to collect insurance money, said Steven M. Dettelbach, United States Attorney for the Northern District of Ohio. Latasha Curtis, 33, was convicted on one...
Insurance Journal  23 min ago  Comment 
The Independent Insurance Agents of Texas (IIAT) announced that Amanda Miller of New Braunfels has joined the association as governmental affairs manager and PAC coordinator. Miller has participated in a number of political campaigns both on the...
Insurance Journal  28 min ago  Comment 
Virginia Gov. Terry McAuliffe recently signed an executive order establishing an inter-agency task force that will target worker misclassification and payroll fraud. “Every Virginian who works hard and follows the rules should get the pay and...
Insurance Journal  28 min ago  Comment 
XL Group’s North America distribution and network team has added Michael Kretiv as vice president and client distribution leader. Based in XL’s Dallas office, Kretiv reports to Wayne Speeg, XL Group’s regional leader – South Central....
Insurance Journal  31 min ago  Comment 
InVEST, the insurance industry’s classroom to career education program, announced that all Chicago Public School Career and Technical Education (CTE) finance programs will now offer its curriculum to seniors. The program is a key incentive in...
Insurance Journal  41 min ago  Comment 
A Florida circuit court judge has ruled that the state’s workers’ compensation law is unconstitutional on the basis that it no longer provides adequate benefits for injured workers. Florida 11th Circuit Court Judge Jorge Cueto handed down the...
Insurance Journal  1 hr ago  Comment 
GEICO is introducing lower rates in Virginia for commercial auto insurance customers, including contractors, retailers, caterers, professional services and other businesses. Small business owners in particular need commercial vehicle insurance...
Insurance Journal  1 hr ago  Comment 
Alteris Insurance Services, Inc., a wholly-owned subsidiary of Argo Group International Holdings, Ltd., an international underwriter of specialty insurance and reinsurance products, has launched a new specialty insurance program for large...
Insurance Journal  2 hrs ago  Comment 
A small earthquake has struck the San Bernardino Mountains but no damages or injuries are reported. The U.S. Geological Survey says the magnitude-3.7 quake struck at 9:55 p.m. It was centered 4 miles north of Big Bear City at a … The article...
Insurance Journal  2 hrs ago  Comment 
Firefighters from throughout California have been dispatched today to protect homes threatened by a wildfire near Yosemite National Park. The nearly 2-square-mile blaze in Madera County had destroyed eight structures and was threatening 500...




 
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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