Insurance Journal  23 min ago  Comment 
New Jersey’s Compensation Rating and Inspection Bureau announced that the commissioner of banking and insurance has approved a 2.9 percent increase in rates and rating values applicable to New Jersey workers’ compensation and employers...
Insurance Journal  1 hr ago  Comment 
San Francisco, Calif.-based Woodruff-Sawyer & Co. has named Richard Nakamura as vice president in the firm’s property/casualty practice. Nakamura will work on building the practice’s client base. His focus will be on larger complex clients. He...
Insurance Journal  2 hrs ago  Comment 
Todd Hlasney has been promoted to director of Lockton Health Risk Solutions for Lockton’s Kansas City benefits operation. Hlasney joined Lockton in 2013 as a Health Risk Solutions consultant, partnering with client leaders and Lockton...
Insurance Journal  2 hrs ago  Comment 
Michigan State Police inspections have found that small, rural school districts experienced the most problems with their buses during the 2013-14 school year. As for Michigan as a whole, The Detroit News reported that state police figures show the...
Insurance Journal  2 hrs ago  Comment 
The cost of medical care to treat injured workers in Louisiana changed little in 2012. But, Louisiana workers’ compensation medical costs per claim remained higher than similar costs in many states, according to a study by the Workers...
Insurance Journal  2 hrs ago  Comment 
A fingerprint examiner for the Travis County sheriff’s office in Texas will devote the next six months to clearing a backlog of more than 600 property crime cases that piled up over the past 17 months. Most of the cases … The article...
Insurance Journal  2 hrs ago  Comment 
Five more universities around Ohio are receiving bomb-sniffing dogs as officials expand a state program that makes more of those canines available for safety needs on and off campuses. The University of Toledo, Kent State University, Ohio...
Insurance Journal  2 hrs ago  Comment 
Four more earthquakes were reported in south-central Kansas during the weekend. No serious injuries or damage was reported. The U.S. Geological Survey says the largest quake was a 3.8-magnitude earthquake that was centered northwest of Anthony in...
Insurance Journal  2 hrs ago  Comment 
Nonprofit groups preparing to help people in Louisiana sign up for insurance under the federal health care law say they have had to battle misinformation and misconceptions about the program as they prepared for the Nov. 15 opening of the...
Insurance Journal  2 hrs ago  Comment 
A top state lawmaker has filed an early bill that would allow for the limited use of medical cannabis in Georgia. Republican Rep. Allen Peake, who serves as part of the House leadership team, filed the legislation known as “Haleigh’s … The...


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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