RECENT NEWS
Insurance Journal  13 min ago  Comment 
Citizens Property Insurance Corporation’s Board of Governors has approved a 2016 rate package that lowers rates for nearly half of Citizens’ personal lines policyholders while responding to increased water loss claims and continued inadequate...
Insurance Journal  50 min ago  Comment 
Georgia Insurance Commissioner Ralph Hudgens announced that a Bibb County Grand Jury indicted Roswell chiropractor Victor L. Dees for 12 counts of insurance fraud based off an investigation conducted by the Department of Insurance’s Fraud...
Insurance Journal  59 min ago  Comment 
Gulfport Mayor Billy Hewes wants slabs and pilings left behind when Hurricane Katrina tore the businesses and homes removed. Hewes said the debris is “unsightly” and a “blight.” The Sun Herald reports the city council will consider an...
Insurance Journal  1 hr ago  Comment 
The Louisville, Ky., Metropolitan Sewer District board has approved $1 million of a proposed $3 million settlement in an effort to buy out a group of repeated flood victims, while Metro Council leadership and Mayor Greg Fischer were making no...
Insurance Journal  2 hrs ago  Comment 
Moped owners could have a new item on their to-do lists in 2016 after getting their small-engine bikes registered with the state starting next month. The General Assembly gave its final approval Tuesday to legislation requiring mopeds have...
The Australian  5 hrs ago  Comment 
A government-backed overhaul of life insurance sales practices has been criticised for keeping big commissions to financial advisers.
Insurance Journal  7 hrs ago  Comment 
The Independent Insurance Agents of Arkansas awarded Lenita Blasingame, chief deputy commissioner at the Arkansas Insurance Department, with the Allan Kennedy Memorial Award. The award, presented at the agent group’s 114th Annual Convention, is...
Reuters  8 hrs ago  Comment 
Lawmakers will examine whether a program that allows coal companies to forgo mine cleanup insurance could leave taxpayers with billion dollar costs, leading members of the U.S. House Committee on Natural Resources said on Wednesday.
Forbes  9 hrs ago  Comment 
Yesterday, the CEO of the nation’s largest long-term care insurance company, Genworth, acknowledged the US needs a new model of LTC insurance that includes some government role.  Tom  McInerney estimated that between half and two-thirds of...
Insurance Journal  9 hrs ago  Comment 
Drew Raetzman joined Texas-based Roach Howard Smith & Barton as vice president of Employee Benefits. Raetzman assists employers in providing group benefit packages to their employees while controlling costs, ensuring compliance, and reducing the...




 
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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