Mondo Visione  1 hr ago  Comment 
Questions for Andrew Bailey, from House of Commons Treasury Committee   Personal  Do you have any business or financial connections, or other commitments, which might give rise to a conflict of interest in carrying out your duties as...
Forbes  2 hrs ago  Comment 
First, it was music, photography, and video, then travel agencies, print media, and auto services. The next frontier of digital disruption? Small business insurance, according to a recent report by Morgan Stanley Research that includes...
Insurance Journal  2 hrs ago  Comment 
A Southern California man has been sentenced for grand theft for posing as a licensed insurance broker, selling insurance to commercial truckers and then pocketing premiums. Cristian Raul Videla, 34, of Van Nuys, Calif., pleaded no contest this...
Insurance Journal  3 hrs ago  Comment 
Maine’s Cross Insurance reported it has acquired another leading Maine insurance agency, Sargent, Tyler & West in Bangor, and its Bucksport branch office, Roland Grindle Insurance Agency. Sargent, Tyler & West has been in business for nearly 200...
Insurance Journal  3 hrs ago  Comment 
By taking advantage of legal appeals processes, an Illinois managing general agency has been able to continue operations for more than a year despite having its license revoked or non-renewed by two separate state insurance departments. Northern...
Insurance Journal  4 hrs ago  Comment 
Arkansas Insurance Commissioner Allen Kerr has approved two new out-of-state insurers to do business in the state. Medical Liability Alliance (MLA) of Jefferson City, Mo., has been granted authority to offer casualty insurance. MLA, a stock...
Insurance Journal  4 hrs ago  Comment 
Dallas-based Ascend Insurance Brokerage President and CEO Paul Bassman has closed on the acquisition of the company, purchasing the business from James Chippendale, who founded Ascend in 2001. Ascend specializes in the entertainment business and...
Insurance Journal  4 hrs ago  Comment 
Maine’s Clark Insurance has added four employees in its Portland office. Nicholas Jobin of Westbook has been hired as an associate Aacount manager in the Business Insurance Services Department. Jobin is a graduate of St. Joseph’s College of...
Insurance Journal  4 hrs ago  Comment 
As internet-connected and, eventually, driverless vehicles roll off production lines, traditional motor insurers need to adapt to ward off competition from car manufacturers. Insurers have struggled for years to make a profit from motor insurance...  5 hrs ago  Comment 
Supreme court says lies that do not affect overall value of a claim are irrelevant and cannot be used by insurers as a reason to reject it A supreme court ruling could prompt a wave of fraudulent claims on household and car policies after it...


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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