RECENT NEWS
Insurance Journal  5 hrs ago  Comment 
NFP, a New York City-based provider of employee benefits, property/casualty insurance, retirement and wealth management services, announced today that it has acquired Insurance Management Associates (IMA) in Voorhees, New Jersey. Terms of the...
GenEng News  8 hrs ago  Comment 
The NIH defines direct-to-consumer genetic tests (DTCs) as those aimed at consumers via television, print advertisements, or the Internet. Also known as at-home genetic tests they provide access to a person’s genetic information without...
Forbes  8 hrs ago  Comment 
From safeguarding your identity to protecting your wedding day, there’s a trendy insurance policy for that. But do you really need it?
Insurance Journal  8 hrs ago  Comment 
New Jersey has new child safety seat rules. The rules, which take effect Sept. 1, adhere to American Academy of Pediatrics recommendations. Children under age 2 and who weigh less than 30 pounds must be secured in a rear-facing seat … The...
Insurance Journal  10 hrs ago  Comment 
The U.S. Department of the Treasury has raised The Main Street America Group’s NGM Insurance Company’s single surety bond capacity threshold to $93.4 million. The Jacksonville, Fla.-based super-regional property/casualty insurance carrier’s...
Insurance Journal  10 hrs ago  Comment 
International insurance brokerage and risk management services firm, Arthur J. Gallagher & Co., has acquired program administrator, National Administration Co., based in Chesterfield, Mo. Terms of the transaction were not disclosed. Founded in...
Insurance Journal  10 hrs ago  Comment 
Blue Bell ice cream is back. Blue Bell Creameries resumed selling its products at select locations on Aug. 31, four months after the Texas-based retailer halted sales due to listeria contamination. Blue Bell ice cream is now available at stores...
Insurance Journal  10 hrs ago  Comment 
The owners of an Iowa hotel have been ordered to pay two former employees who complained about sexual harassment more than $1.2 million. An Iowa jury ruled against the owners of a Quality Inn and Suites in Peosta, Iowa, The … The article Iowa...
Insurance Journal  10 hrs ago  Comment 
The Texas-based agency partnership Combined Agents of America LLC (CAA) announced it is expanding into Nebraska and elected Rick Elliott to serve as central regional vice president. The insurance agency aggregator will be actively seeking out...
Insurance Journal  10 hrs ago  Comment 
The Kansas Insurance Department is considering whether insurance agents need more training. Currently, the state’s insurance agents are required to complete 12 hours of education every other year. Most states require 24 hours for 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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