RECENT NEWS
BBC News  2 hrs ago  Comment 
Insurance market Lloyd's of London reports profits of £3.2bn for 2014, unchanged on the previous year, despite "challenging market conditions".
Insurance Journal  2 hrs ago  Comment 
Agency employees are not happy when it comes to compensation, and money isn’t the problem. Despite increases in salaries and total compensation, many employees continue to be unsatisfied when it comes to overall compensation, according to...
Insurance Journal  4 hrs ago  Comment 
Cockpit voice recordings from the German jet that crashed in the Alps showed one of the pilots left the cockpit and could not get back in before the plane went down, killing everyone onboard, the New York Times reported. The … The article...
The Times of India  7 hrs ago  Comment 
State Bank of India (SBI) on Thursday said it will dilute its stake in its general insurance venture SBI General to 49 percent in favour of its foreign partner, with the enactment of insurance legislation.
Insurance Journal  8 hrs ago  Comment 
A.M. Best has downgraded the financial strength rating to B- (Fair) from B (Fair) and the issuer credit rating to “bb-” from “bb” of Southern General Insurance Co. (SGIC) of Marietta, Ga. The outlook for both ratings is negative. The...
Insurance Journal  8 hrs ago  Comment 
Mississippi has become the 45th state to ban texting while driving after Governor Phil Bryant signed the bill into law this past week. House Bill 389 prohibits drivers from writing, sending or reading text messages, emails or social media...
Insurance Journal  8 hrs ago  Comment 
After two rancorous years of squabbling, confusion and heated debate, Georgia appears on the verge of having a medical marijuana law after the state Senate passed a sweeping bill Tuesday that would allow cannabis oil to be used to treat … The...
Clusterstock  9 hrs ago  Comment 
By Sharon Begley NEW YORK (Reuters) - Employers have ratcheted up the financial incentives they offer workers to participate in wellness programs to a record $693 per employee, on average, this year from $594 in 2014 and $430 five years ago,...
Insurance Journal  10 hrs ago  Comment 
The National Hockey League lost its bid to throw out retired players’ claims it glorified violence and failed to protect them from repeated head injuries and concussions. Wednesday’s ruling by a federal judge in St. Paul, Minnesota, comes as...
MarketWatch  10 hrs ago  Comment 
Here’s another thing that’s cheaper for married couples: Car insurance.




 
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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