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Insurance Journal  6 hrs ago  Comment 
The National Association of Insurance Commissioners has named California Insurance Commissioner Dave Jones chair of its new Cannabis Insurance Working Group. Jones proposed that the NAIC establish this working group the NAIC’s Summer National...
Insurance Journal  7 hrs ago  Comment 
Hurricane Harvey will be remembered as an epic flooding disaster – and rightly so. But there is more to the story of this brutal hurricane which struck in late August 2017, according to the Insurance Institute for Business & Home …
Insurance Journal  8 hrs ago  Comment 
Collinsville, Illinois-based Bell Insurance Solutions has hired Tricia Grothaus as its new client support representative. Grothaus has more than 15 years of experience as an agent who has primarily focused on health and life insurance. Bell...
Insurance Journal  8 hrs ago  Comment 
A Nationwide Insurance spokesman says the company intends to provide career management resources and other aid to employees who will be losing their jobs in Lincoln, Nebraska. Nationwide spokesman Eric Hardgrove said that the company announced in...
NPR  Aug 8  Comment 
Companies that negotiate drug prices for insurance plans keep a big cut of the money. In Ohio, a battle is brewing over whether their services are worth the cost.
Financial Times  Aug 8  Comment 
UK providers have been warning that claims costs are increasing
Insurance Journal  Aug 8  Comment 
The West Virginia Attorney General’s Office is eliminating its Division of Employment Programs and Workers’ Compensation Defense, resulting in the loss of 10 jobs. The Charleston Gazette-Mail reports the division shut down Aug. 6 in response...




 
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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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