RECENT NEWS
Insurance Journal  6 hrs ago  Comment 
K&K Insurance Group, Inc., a subsidiary of Aon plc, has launched a new website at www.PrivateSchoolK12-kk.com offering K-12 student accident coverage. The website is designed for private, non-boarding K-12 schools and offers the ability to quote...
Insurance Journal  6 hrs ago  Comment 
Heffernan Insurance Brokers, a nationwide independent insurance brokerage, is now accepting submissions through August 9 for the 2015 Burning Man event. Heffernan’s program, called Insurance on the Playa, offers liability coverage for theme...
Insurance Journal  7 hrs ago  Comment 
Leaders of Boston’s bid for the 2024 Summer Olympics released details Thursday about insurance proposals they say will provide unprecedented coverage for Massachusetts taxpayers. The Boston 2024 bid committee released a document that described...
Insurance Journal  7 hrs ago  Comment 
A 59-year-old eastern Kansas man has been sentenced to one year in jail after pleading guilty in his 17th drunken driving case. The Kansas City Star reports Stephen Gast pleaded guilty after his June 10 arrest, when law enforcement officers...
Insurance Journal  7 hrs ago  Comment 
Authorities say a 12-year-old Kankakee, Ill., boy is charged with arson in a fire at a Family Dollar store earlier this month. The (Kankakee) Daily-Journal reports that the boy was charged after investigators saw surveillance video showing him use...
Insurance Journal  7 hrs ago  Comment 
About one in five railroad bridges that pass over Minnesota roadways are structurally deficient, according to state and local inspections last year. Railroad bridges are in worse condition than road bridges, with just over 10 percent of the...
TechCrunch  7 hrs ago  Comment 
 Palantir, the makers of a data analytics platform used by government agencies, law enforcement, as well as financial, insurance, retail and healthcare industries, has confirmed by way of an SEC filing that it has raised an additional $450...
Insurance Journal  7 hrs ago  Comment 
Tornado damage at a Pike National Forest campground has crews clearing felled trees in a six-acre area. KMGH-TV reported the Devil’s Head campground was hit by a tornado that the National Weather Service confirms touched down Tuesday afternoon....
Insurance Journal  7 hrs ago  Comment 
Uber cars can continue to be a growing presence on the streets of New York City now that an agreement has been reached between the ride-hailing company and the city. Just before a City Council vote that could have capped … The article NYC,...
Insurance Journal  7 hrs ago  Comment 
Wells Fargo Insurance has named Chris Calvert head of its newly established client experience team. Calvert will lead a team focused on strengthening customer service. She is based in Highlands Ranch, Co., and she reports to Todd Wartchow, head of...




 
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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