Insurance Journal  2 hrs ago  Comment 
Crestbrook Insurance Co., an affluent market personal lines carrier from Nationwide, has expanded into Colorado. Independent insurance agents and brokers appointed with Crestbrook are now able to offer its products and services to their affluent...
Insurance Journal  6 hrs ago  Comment 
The California Workers’ Compensation Insurance Rating Bureau on Monday submitted a July 1 pure premium rate filing to the California Department of Insurance proposing advisory rates that average $2.46 per $100 of payroll. The move follows a...
Insurance Journal  6 hrs ago  Comment 
LP Insurance Services Inc. has named Shalila Cheta as a workers’ compensation consultant in it risk management services division in California. Cheta has more than 20 years of experience in California workers’ comp claims administration. At LP...
Insurance Journal  7 hrs ago  Comment 
A potentially hardening market and a paradigm shift in how healthcare is delivered are just two issues Sarah Pacini has had to face since her first day on the job. Pacini is CEO of Los Angeles, Calif.-based The Cooperative of … The article New...
Insurance Journal  9 hrs ago  Comment 
A bill requiring motorcycle riders in Delaware to wear helmets remains in legislative limbo after members of the House Public Safety Committee could not agree last week to send it to the House floor or to table it. Current Delaware … The...
Insurance Journal  10 hrs ago  Comment 
The University of Virginia fraternity chapter at the center of Rolling Stone magazine’s retracted article “A Rape on Campus” said on Monday that it planned to sue the magazine for what it called “reckless” reporting that hurt its...
Insurance Journal  12 hrs ago  Comment 
A 74-year-old West Virginia man who sued Ford Motor Company after his gas pedal got stuck, causing him to crash his truck, has been awarded more than $3 million in damages. The Charleston Gazette reports that a federal jury in … The article...
Insurance Journal  12 hrs ago  Comment 
Portage, Mich.-based J.M. Wilson has named Cheryl Shaw a claims specialist. Shaw is responsible for reviewing and processing all incoming claims, which includes contacting the insurance company, working with adjusters and filing all necessary...
Insurance Journal  12 hrs ago  Comment 
Hardenbergh Insurance Group, an independent insurance agency based in Marlton, New Jersey, announced its acquisition of Meyer Insurance Agency, an independent agency in Medford, New Jersey. Terms of the transaction were not disclosed. Established...
Insurance Journal  Apr 6  Comment 
The U.S. Supreme Court on Monday asked President Barack Obama’s administration to weigh in on an appeal over whether Iran’s central bank must pay $1.75 billion to relatives of American troops killed in the 1983 Marine Corps barracks bombing in...


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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