New York Times  1 hr ago  Comment 
The British bank wrote down an additional $1.2 billion to cover compensation for consumers improperly sold a contentious product.  4 hrs ago  Comment 
Latest payout takes bank’s cost of payment protection insurance mis-selling scandal to £17bn Lloyds Banking Group has taken another £1bn hit for payment protection insurance, taking its total bill for the mis-selling scandal to £17bn. The...
Insurance Journal  6 hrs ago  Comment 
Donald Trump says he received a $17 million insurance payment in 2005 for hurricane damage to Mar-a-Lago, his private club in Palm Beach. But The Associated Press has found little evidence of such large-scale damage. Two years after a series …
TechCrunch  Oct 25  Comment 
 What’s missing from N26? The company has been slowly but surely building a new bank account from the ground up. This time, the company is trying to recreate the insurance product that you typically get with a Visa Premier or MasterCard Gold....
Insurance Journal  Oct 25  Comment 
First-time claims for unemployment insurance in Louisiana for the week ending Oct. 15 increased from the previous week’s total. The state labor department figures show the initial claims rose to 2,674 from the previous week’s total of 2,558....
Insurance Journal  Oct 25  Comment 
The number of flood insurance policies sold in Iowa dropped 22 percent between 2011 and this year, but it’s hard to determine the reason for the decline. The Des Moines Register reported the number of policies fell to 13,872 at …
Insurance Journal  Oct 25  Comment 
New Mexico employers could see a decrease in their insurance costs for on-the-job injuries and deaths. The state Office of Superintendent of Insurance says a key factor in calculating individual employers’ workers’ compensation costs will drop...
TechCrunch  Oct 25  Comment 
 Alexander Timm has been working in the insurance industry since he was 14. While that’s strange enough, what’s even weirder is that Timm really loves the work. He’s so enamored of the business that he’s founded his own insurance company,...
Insurance Journal  Oct 25  Comment 
E+S Rück, Hannover Re Group’s German subsidiary, expects to see premium growth in the German market for the upcoming treaty renewals on January 1, 2017. Along with motor insurance, growth will likely be driven in particular by homeowners’...
The Hindu Business Line  Oct 25  Comment 
Ownership hiked to 49 per cent through its wholly-owned subsidiary Prudential International Insurance


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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