RECENT NEWS
Insurance Journal  6 hrs ago  Comment 
The Wal-Mart Stores Inc. driver whose truck crashed into a van carrying actor-comedian Tracy Morgan lost a legal bid to halt a lawsuit against the company while criminal charges are pending against him. Kevin Roper, who is charged with vehicular...
Insurance Journal  6 hrs ago  Comment 
The U.S. Department of Homeland Security’s Federal Emergency Management Agency announced that federal disaster aid has been made available to Vermont to supplement state and local recovery efforts in the area affected by a severe winter storm on...
Insurance Journal  7 hrs ago  Comment 
IFG Companies has announced that Michael A. Fleischer has joined as executive vice president and chief underwriting officer. In that capacity, Fleischer will be directly responsible for all policies, practices and procedures relating to group-wide...
Insurance Journal  7 hrs ago  Comment 
Specialist marine insurance intermediary, Seacurus, has developed a petro-piracy endorsement which can be added to existing kidnap & ransom (KR) insurance cover. The coverage was developed in response to the evolving threats to ships, their...
Insurance Journal  7 hrs ago  Comment 
Chicago-based Hub International Limited (Hub), has acquired Alexander Insurance Agency (Alexander), headquartered in San Antonio, Texas. Alexander is an independent brokerage with a focus on commercial lines insurance for the commercial towing...
Insurance Journal  7 hrs ago  Comment 
A jury in Hennepin County, Minn., has awarded more than $13 million to the family of a young boy who was beaten and sexually assaulted at a child care center at the Grand Casino Mille Lacs in 2008. A lawyer … The article Minnesota Jury Awards...
Insurance Journal  7 hrs ago  Comment 
United Insurance Holdings Corp., a Florida-based property and casualty insurance holding company, has closed its acquisition of Family Security Holdings LLC (FSH) and its subsidiaries, which have operations in Hawaii and Louisiana. FSH has two...
The Hindu Business Line  8 hrs ago  Comment 
The rules are likely to determine the manner in which foreign promoters can raise stakes — by diluting equity capital or through raising fresh equity
Insurance Journal  8 hrs ago  Comment 
GEICO has rolled out a new product to meet the insurance coverage needs of ridesharing drivers in Virginia. The product, available now to new and existing customers, covers drivers that Uber (UberX and UberXL), Lyft, Sidecar and others have...
Insurance Journal  8 hrs ago  Comment 
Jennifer Eastman already was in anguish when she went to the hospital on Jan. 4, 2013, to have the dead fetus she was carrying removed from her uterus. The procedure and the loss of a child were bad enough. But … The article Lawyers Scarce for...




 
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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