RECENT NEWS
Insurance Journal  13 min ago  Comment 
Independent insurance agents in Oklahoma have honored CompSource Mutual Insurance Co. with their company of the year award. The Independent Insurance Agents of Oklahoma presented Compsource with the 2017 Company of the Year award at IIAOK’s...
The Hindu Business Line  41 min ago  Comment 
ICICI to enter bond insurance with IDFC ICICI is planning to enter the bond insurance segment in association with the newly formed Infrastructure Development Finance Company. Considering that no I...
The Economist  2 hrs ago  Comment 
LISTED firms in over 120 countries, including all large economies bar America, issue financial statements according to international financial reporting standards (IFRS) set by the International Accounting Standards Board (IASB). One industry,...
Insurance Journal  3 hrs ago  Comment 
Rogers Insurance Ltd. announced it has partnered with Victoria, British Columbia-based Megson FitzPatrick Inc., beginning with the purchase of a minority stake in Megson FitzPatrick. The financial details of the purchase were not disclosed....
Insurance Journal  4 hrs ago  Comment 
At least half of the Indianapolis 500 field will share more than steely nerves and a love of speed. They have the same agent for insurance, including some policies they’d rather not contemplate. Life insurance. “To a T, they all …
Insurance Journal  7 hrs ago  Comment 
Markel Corp. announced it plans to apply for regulatory approval to establish an insurance company in Germany to ensure that whatever the outcome of the Brexit negotiations it will be able to meet the insurance needs of clients in the …
Mondo Visione  8 hrs ago  Comment 
The International Accounting Standards Board (the Board) has today issued IFRS 17 Insurance Contracts. This first truly international IFRS® Standard for insurance contracts will help investors and others better understand insurers’ risk...
Insurance Journal  May 18  Comment 
New York state is moving to restrict the ability of auto insurers to use a customer’s job or education to set premiums. Gov. Andrew Cuomo announced the proposed regulation Tuesday. The Democrat says it’s necessary to stop an unfair and …
The Economic Times  May 18  Comment 
The GST council had agreed to four slabs for goods — 5 per cent, 12 per cent, 18 per cent and 28 per cent — along with a cess on “sin and luxury goods” .
Insurance Journal  May 18  Comment 
FCCI Insurance Group (FCCI), a provider of commercial property and casualty insurance, has promoted Tiffany Hawkins to regional vice president, and Trey Stone to assistant vice president in the Gulf Coast Regional office located in Ridgeland,...




 
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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