RECENT NEWS  3 hrs ago  Comment 
NEW YORK (TheStreet) -- Good drivers, rejoice! You save a ton of money on your car insurance premiums just by not doing boneheaded things like getting a DWI. Using bad judgment when driving is not only dangerous, but can cost you thousands in...
The Hindu Business Line  3 hrs ago  Comment 
The Centre has not yet received any proposal from State-owned general insurance companies for funding their expansion through public issues. This was conveyed to the Lok Sabha by Finance...
The Hindu Business Line  7 hrs ago  Comment 
The Prime Minister launched 3 social security schemes
Insurance Journal  May 8  Comment 
Wells Fargo Insurance has named Steve Anderson managing director for the San Francisco Bay Area region. Anderson will lead business development, cross-sell, and sales for Wells Fargo’s four insurance offices.  He is based in San Francisco, and...
Insurance Journal  May 8  Comment 
Leavitt Group of Boise has named Stephanie Barnes a commercial account manager in Idaho. Barnes has 26 years of experience. She specializes in insurance for municipalities, professional offices, retail operations, construction, and those in the...  May 8  Comment 
More than 40% of investors reject pay policy at hedge fund while one in six shareholders at insurer attack Stephen Hester’s £5m pay package Hedge fund Man Group and RSA Insurance both sufferedsubstantial shareholder rebellions over their...
Insurance Journal  May 8  Comment 
The Hartford Steam Boiler Inspection and Insurance Co. (HSB), part of Munich Re, has launched a new farm equipment and machinery breakdown coverage with expanded insurance for mobile implements and the precision electronics that control them,...
Insurance Journal  May 8  Comment 
Novamar Insurance Group, Inc. has expanded its Novamar Offshore Yacht Insurance program.  Yacht owners can now insure their vessels while cruising locally or around the world with an “A + rated” U.S. insurance company at competitive...
Insurance Journal  May 8  Comment 
Two men were hospitalized after one drove his car through an insurance agency’s front window in southeast Portland, Ore. KPTV-TV reported that surveillance video shows a white ford focus accelerating as it goes through the company’s front...
Insurance Journal  May 8  Comment 
About 200 residents are assessing the damage after a two-alarm fire emptied their Southern California apartment building for the night, shutting off power and burning units and cars. The Orange County Register reported more than four dozen...


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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