RECENT NEWS
New York Times  22 min ago  Comment 
State insurance regulators and the Obama administration plan to revise standards so consumers will encounter fewer unexpected out-of-network bills.
Forbes  Jul 19  Comment 
Teenagers are more likely than other drivers to have the least safe types of cars, often ending up behind the wheel of vehicles that are old, small and do not provide good crash protection. Those are the findings of new research conducted by...
Insurance Journal  Jul 18  Comment 
As data breaches become more prevalent in the workplace, ISO, a member of the Verisk Insurance Solutions group at Verisk Analytics in Jersey City, N.J., has been taking steps to constrain commercial general liability policies based on ISO forms...
Insurance Journal  Jul 18  Comment 
A former manager at a New York supermarket is due workers’ compensation benefits for his preexisting post-traumatic stress disorder condition, which was exacerbated during his employment because of threatening conduct by a co-worker’s husband,...
Forbes  Jul 18  Comment 
Yes, you’d be forgiven for scratching your head when confronted with the concept of health insurance for pets—it’s not as popular in the United States as it is overseas in Europe (only 2% in the U.S). Still, the number of Americans paying...
Insurance Journal  Jul 18  Comment 
Last November, Felix Lindner came very close to shutting down the power supply of Ettlingen, a town of almost 40,000 people in the south of Germany. “We could have switched off everything: power, water, gas,” Lindner, head of Berlin-based...
The Hindu Business Line  Jul 18  Comment 
According to data from the IRDA, health insurance has been one of the fastest-growing categories for general insurers, logging a 13.5 per cent growth in FY 2013-14.
Insurance Journal  Jul 18  Comment 
Kathryn Powell has joined wholesale insurance broker, Risk Innovations, to lead its personal lines division. She is based in Atlanta. Powell formerly was with Chubb Insurance in its personal lines enterprise and American Family Insurance. She has...
Insurance Journal  Jul 18  Comment 
An often-criticized initiative to rebuild Superstorm Sandy-damaged homes has started work on more than 130, finished 30 and dispensed more than $6.3 million to reimburse homeowners for reconstruction costs, New York City Mayor Bill de Blasio said...
The Hindu Business Line  Jul 18  Comment 
Re-insurer has 3% share in the liability insurance for the aircraft, says CMD




 
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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