Insurance Journal  41 min ago  Comment 
A.I.M. Mutual Insurance Cos., a Burlington, Mass., based workers’ compensation insurer, has named two to its field operations team. Daniel Landers has been named director of field operations, in which he will be responsible for underwriting,...
Insurance Journal  53 min ago  Comment 
CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) will make payouts of US$29.2 million to CCRIF member countries as a result of damages incurred from Hurricane Matthew. The payouts, which will be made by October 19th, are...
Insurance Journal  1 hr ago  Comment 
Delaware Insurance Commissioner Karen Weldin Stewart approved the Delaware Compensation Rating Bureau (DCRB)’s workers’ compensation amended rate filing, which recommends no changes in the overall levels of residual market rates and voluntary...
Insurance Journal  7 hrs ago  Comment 
Liberty International Underwriters (LIU), part of Liberty Mutual Insurance, has launched stand-alone war and terrorism coverage to protect U.S. businesses at home and their assets abroad. In 2014, the cost of global terrorism rose to levels not...
Insurance Journal  7 hrs ago  Comment 
A Georgia man was arrested and charged with insurance fraud for allegedly staging a car theft in North Carolina, according to a statement from Insurance Commissioner Wayne Goodwin. Jeremy Joseph Keeton, 29, of Columbus, Ga was arrested and is...
Insurance Journal  Oct 12  Comment 
Insurance broker and risk advisor Marsh has hired Rich Drab as CEO of Dovetail Insurance, which provides insurance technology services tailored to the U.S. small commercial market. Drab is based in Chicago and will report to Kevin Tobin,...
Insurance Journal  Oct 12  Comment 
The Arkansas Insurance Department has announced recent statewide insurance fraud convictions that stipulate fines and restitution. They are: Frederick Randle, 46 of England, pleaded guilty in Pulaski County Circuit Court on October 10 to one count...  Oct 12  Comment 
Kim Kardashian West was robbed at gunpoint in Paris recently and now says she has also been victimized by an online publication.
Insurance Journal  Oct 12  Comment 
TheGuarantors, a New York based insurance tech startup founded in 2014, is seeking to make renting an apartment in New York easier for landlords, brokers and renters through its newly launched tech-enabled lease guarantee platform. The platform,...
Insurance Journal  Oct 12  Comment 
Ironshore International has introduced a packaged policy to provide combined professional indemnity and general liability insurance for specialist engineers. Bermuda-headquartered Ironshore said it will underwrite coverage for professional...


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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