RECENT NEWS
Mondo Visione  19 min ago  Comment 
In Consultation Paper 16/20 (August 2016), we published proposals for rules and guidance on payment protection insurance complaints (PPI). This included proposed rules and guidance concerning a deadline for PPI complaints, and on how firms should...
Insurance Journal  2 hrs ago  Comment 
Chattanooga, Tenn.-based Reliance Partners, a provider of commercial insurance focused on the transportation and logistics space, has announced the opening of the company’s new Birmingham, Ala., location. Eddie Claridy will lead the new Reliance...
Insurance Journal  8 hrs ago  Comment 
Specialty Program Group, a holding company for specialty insurance brokers and underwriting facilities, has acquired the assets of Global Marine Insurance Agency. Terms of the acquisition were not disclosed. Based in Traverse City, Mich., Global...
Insurance Journal  8 hrs ago  Comment 
Policyholders of American Family Mutual Insurance Co. (AFMIC) have voted to approve the company’s plan to convert its corporate structure to a mutual holding company. Madison, Wis.-based American Family said it received 84.5 percent support for...
Insurance Journal  8 hrs ago  Comment 
California Superior Court Judge Katherine Bacal has denied State Farm’s emergency request to stay Insurance Commissioner Dave Jones’s order directing State Farm to reduce homeowner and renter rates by 7 percent, and issue refunds totaling more...
Insurance Journal  Dec 8  Comment 
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) reported that San Francisco-based employee benefits products and services provider, Zenefits, has agreed to pay a penalty of $62,000 for violations...
Insurance Journal  Dec 8  Comment 
The Pennsylvania Insurance Department has a plan to continue furthering its initiatives within the private flood insurance market in 2017. This comes after the North Central part of the state of Pennsylvania saw flooding in many areas outside of...
Forbes  Dec 8  Comment 
A list of 82 vehicles earning top safety ratings for 2017 was released Thursday by the Insurance Institute for Highway Safety. Toyota/Lexus leads manufacturers with nine cars in the top category, including the Corolla. Honda and its Acura...
The Economist  Dec 8  Comment 
FOUNDED by former African American slaves, the west African country of Liberia has produced an insurance case that has bounced between the courts of several countries for a quarter of a century, condemning the claimants and their opponent to a...
MarketWatch  Dec 8  Comment 
The law, set to go into effect in April, would put small-brokerage and insurance agents out of business, writes Diana Furchtgott-Roth.




 
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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