RECENT NEWS
The Times of India  48 min ago  Comment 
The government decision on hiking FDI cap in the insurance sector to 49% has come into operation with Commerce and Industry Ministry today issuing a press note in this regard.
Insurance Journal  3 hrs ago  Comment 
Arthur J. Gallagher & Co. announced the acquisition of two New Jersey-based wholesale brokers: Excel Insurance Services Inc., located in Hamilton; and McCloskey Surplus & Excess Inc. (d/b/a Metcom Excess), located in Ridgefield Park. Terms of the...
Insurance Journal  3 hrs ago  Comment 
Transamerica, headquartered in Baltimore, Maryland, has appointed former Pennsylvania Insurance Commissioner Michael F. Consedine as senior vice president, deputy general counsel and executive director of government affairs. At Transamerica,...
Insurance Journal  7 hrs ago  Comment 
Parts of the Massachusetts coastline could face a lengthy recovery process after being pummeled by severe winter storms, the state’s top environmental official said on Feb. 27. Secretary of Energy and Environmental Affairs Matthew Beaton was...
Insurance Journal  7 hrs ago  Comment 
The head of Federal Emergency Management Agency’s (FEMA) flood insurance program acknowledged he has seen evidence of fraudulent engineering reports that may have been used to deny flood claims by Superstorm Sandy victims, according to CBS’s...
Forbes  7 hrs ago  Comment 
Anthony Kim may never play again on the PGA Tour because of a lucrative insurance policy worth more than $10 million that kicks in if he stays away.
Insurance Journal  7 hrs ago  Comment 
The battle over Jefferson Parish’s defunct red-light camera program is headed back to district court, after appellate judges reversed decisions throwing out ticketed drivers’ lawsuits against the parish and Redflex Traffic Systems. A 5th...
Insurance Journal  7 hrs ago  Comment 
A 64-year-old Michigan man has been sentenced to one year in jail for selling fake auto insurance certificates. Hakeem Sanusi of Eastpointe pleaded no contest to six counts of insurance fraud as a habitual offender. He was sentenced on Feb....
Insurance Journal  7 hrs ago  Comment 
An insurance cooperative created to provide health care in Iowa and Nebraska will be formally liquidated this weekend. Iowa Insurance Commissioner Nick Gerhart said that a Polk County judge has agreed to approve the liquidation plan. CoOportunity...




 
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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