RECENT NEWS
Insurance Journal  3 hrs ago  Comment 
The Concord Group Insurance Companies, a Concord, N.H.-based insurance carrier, has announced that Daniel L. McCabe has joined the senior leadership team as a vice president. “Dan will play an important role on our management team as we...
Forbes  4 hrs ago  Comment 
The Oracle of Omaha is gambling in a big way that the big U.S. airlines, as some of their CEOs have been arguing of late, have matured. Here's why that's a bad bet.
Insurance Journal  4 hrs ago  Comment 
Despite American International Group’s poor 2016 fourth quarter earnings performance, Fitch Ratings and Standard & Poor’s both have affirmed the insurer’s ratings, with a few qualifiers slipped in. The struggling insurance giant lost $3.0...
Insurance Journal  4 hrs ago  Comment 
Zurich Insurance has created a new structure for its Commercial Insurance business in Asia Pacific (APAC), following the combination of its Global Corporate and Commercial units into a single division. “This simplified structure provides a...
Mondo Visione  6 hrs ago  Comment 
Express Gifts Ltd, a direct mail order and online business with permission to sell general insurance products, has entered into an agreement with the Financial Conduct Authority (FCA) to provide £12.5m redress to approximately 330,000 customers...
Insurance Journal  9 hrs ago  Comment 
Argo Pro, a member of Argo Group International Holdings, Ltd., has partnered with BlueChip Underwriting Services LLC to provide transactional risk insurance to facilitate mergers and acquisitions. BlueChip will sell and underwrite this suite of...
Insurance Journal  9 hrs ago  Comment 
Insurance broker Lockton has named Amanda Ruback to the newly created position of senior vice president and major client strategist in the firm’s Chicago operation. In her new role, Ruback assists in strategy development and solutions for...
Insurance Journal  10 hrs ago  Comment 
NEBCO Insurance Services has opened an office in Naples, Fla. The Greenwich, Conn.-based independent insurance agency provides asset and lifestyle protection for high-net-worth individuals nationwide. The recently opened office in Naples is the...
Insurance Journal  10 hrs ago  Comment 
The Main Street America Group, a super-regional property/casualty insurance company, has announced the appointment of Anne Bastian to national account executive, a newly established role within the company’s field operations division. In this...
Insurance Journal  Feb 16  Comment 
Hub International Ltd. has acquired the assets of Denali Alaskan Insurance LLC, a wholly owned subsidiary of Denali Federal Credit Union. Terms of the deal were not disclosed. Anchorage, Alaska-based DAI specializes in providing property/casualty...




 
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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