RECENT NEWS
Insurance Journal  2 hrs ago  Comment 
Wright National Flood Insurance Co. and U.S. Forensic LLC, an engineering firm, were sued by New York homeowners who claim the companies conspired to manipulate reports and avoid paying for damages from Hurricane Sandy in 2012. Wright, which...
Insurance Journal  2 hrs ago  Comment 
The first time Carl Dietrich brought his flying-car concept to the Experimental Aircraft Association’s annual AirVenture gathering in Oshkosh, Wisconsin, he had only a video to show the aviation geeks who wandered by his modest stall. The...
New York Times  5 hrs ago  Comment 
The proposed measure would include travel restrictions and would make it illegal for insurance companies to reimburse ransom payments for hostage releases.
Forbes  5 hrs ago  Comment 
On 11/26/14, Industrial Alliance Insurance & Financial Services Inc's Non-Cumulative Class A Preferred Shares Series B (Toronto: IAG-PRA) will trade ex-dividend, for its quarterly dividend of $0.2875, payable on 12/31/14. As a percentage of...
New York Times  6 hrs ago  Comment 
How can an employer know whether a worker with fluctuating hours will be entitled to insurance in advance of a given month?
Insurance Journal  6 hrs ago  Comment 
Money from the first and only settlement so far in a Louisiana flood board’s lawsuit against dozens of energy companies will be placed in a special account dedicated to coastal restoration. The Southeast Louisiana Flood Protection Authority-East...
Insurance Journal  6 hrs ago  Comment 
U.S. Sen. Charles Schumer, D-N.Y., says recent near misses between aerial drones and aircraft at New York City’s Kennedy Airport show the need for federal regulations on the small, remote controlled aircraft. The New York Democrat said Sunday...
Insurance Journal  6 hrs ago  Comment 
The Texas Windstorm Insurance Association (TWIA) has initiated a process whereby interested insurance companies may access information on TWIA insured properties in an effort to move policies to private insurers. The association writes wind and...
Insurance Journal  6 hrs ago  Comment 
Two subsidiaries of the American International Group — Granite State Insurance Company and New Hampshire Insurance Company — recently filed for approval a plan of redomestication that would change their state of domicile from Pennsylvania to...
Insurance Journal  7 hrs ago  Comment 
More Ohio motorists are looking for repayment from the state for pothole damage to their cars, nearly tripling the number of claims filed in 2013. The Dayton Daily News reports nearly 300 pothole damage claims have been filed statewide so...




 
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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