RECENT NEWS
Insurance Journal  Aug 18  Comment 
The Workers’ Compensation Insurance Rating Bureau has submitted its Jan. 1, 2018 pure premium rate filing to the California Department of Insurance proposing advisory pure premium rates that average $2.01 per $100 of payroll. That WCIRB’S...
Insurance Journal  Aug 18  Comment 
A former Esurance call center worker in South Dakota is suing the insurance company alleging discrimination and harassment because he’s Jewish. The Argus Leader reports that Brandon Marshall filed the federal lawsuit on Aug. 15. Marshall claims...
Insurance Journal  Aug 18  Comment 
Gov. John Bel Edwards announced he wants to broaden Louisiana’s flood aid program to include homeowners whose flood insurance proceeds didn’t cover their rebuilding costs and to boost grant amounts. Initial limits setting homeowner eligibility...
Insurance Journal  Aug 18  Comment 
North Dakota Insurance Commissioner Jon Godfread has said that since taking office at the beginning of this year he has focused on ensuring the agency he runs is available and responsive to insurance consumers, producers and companies alike. As...
The Hindu Business Line  Aug 18  Comment 
Union Bank of India on Friday entered into a corporate agency agreement with Bajaj Allianz General Insurance and Cholamandalam MS General Insurance for distribution of their insurance products. The ...
Insurance Journal  Aug 18  Comment 
Pennsylvania Governor Tom Wolf has selected Insurance Commissioner Teresa Miller to lead the state’s Department of Human Services, effective August 21. He simultaneously announced in an email to state employees that Jessica Altman will serve as...
Mondo Visione  Aug 18  Comment 
Only a few months before the implementation of the EU Insurance Distribution Directive the European institutions still have to fix regulations in detail which will be valid on European level. The European insurance supervisory authority EIOPA had...
Insurance Journal  Aug 18  Comment 
Carlton Fields has hired Alex B. Silverman to its New York office as an associate. Silverman will practice in the firm’s Property and Casualty Insurance practice group. Silverman represents insurance companies in complex risks and...
Wall Street Journal  Aug 18  Comment 
For Alibaba’s Jack Ma, joining in a $1.7 billion bid for the Hong Kong and Macau businesses of MassMutual looks like a slick way to get into the insurance line.
New York Times  Aug 18  Comment 
Allan Dunlap was among 800,000 Wells Fargo borrowers wrongly charged for auto coverage. The bank admits errors, but he’s had to fight to be made whole.




 
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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