Tuesday, April 21, 2009
Tuesday, April 7, 2009
Criticism of insurance companies
Some people believe that modern insurance companies are money-making businesses which have little interest in insurance.[citation needed] They argue that the purpose of insurance is to spread risk so the reluctance of insurance companies to take on high-risk cases (e.g. houses in areas subject to flooding, or young drivers) runs counter to the principle of insurance.[citation needed]
Other criticisms include:
- Insurance policies contain too many exclusion clauses. For example, some house insurance policies do not cover damage to garden walls.[citation needed]
- Many insurance companies now use call centres and staff attempt to answer questions by reading from a script.[citation needed] It is difficult to speak to anybody with expert knowledge.[citation needed] While policyholders find their premium payments decrease when dealing with companies who sacrifice the use of trained insurance agents, they also risk greater financial loss due to inadequate coverage protection.[citation needed] Those companies who invest in educated insurance agents provide a valued service to the community. Policyholders who work with knowledgeable insurance agents are more likely to identify needs, evaluate options, purchase sufficient insurance protection, and minimize the risk of heavy financial loss for themselves and their family.[citation needed]
The insurance industry and rent seeking
Certain insurance products and practices have been described as rent seeking by critics.[citation needed] That is, some insurance products or practices are useful primarily because of legal benefits, such as reducing taxes, as opposed to providing protection against risks of adverse events. Under United States tax law, for example, most owners of variable annuities and variable life insurance can invest their premium payments in the stock market and defer or eliminate paying any taxes on their investments until withdrawals are made. Sometimes this tax deferral is the only reason people use these products.[citation needed] Another example is the legal infrastructure which allows life insurance to be held in an irrevocable trust which is used to pay an estate tax while the proceeds themselves are immune from the estate tax.
Redlining
Redlining is the practice of denying insurance coverage in specific geographic areas, supposedly because of a high likelihood of loss, while the alleged motivation is unlawful discrimination. Racial profiling or redlining has a long history in the property insurance industry in the United States. From a review of industry underwriting and marketing materials, court documents, and research by government agencies, industry and community groups, and academics, it is clear that race has long affected and continues to affect the policies and practices of the insurance industry.[15]
All states have provisions in their rate regulation laws or in their fair trade practice acts that prohibit unfair discrimination, often called redlining, in setting rates and making insurance available.[16]
In determining premiums and premium rate structures, insurers consider quantifiable factors, including location, credit scores, gender, occupation, marital status, and education level. However, the use of such factors is often considered to be unfair or unlawfully discriminatory, and the reaction against this practice has in some instances led to political disputes about the ways in which insurers determine premiums and regulatory intervention to limit the factors used.
An insurance underwriter's job is to evaluate a given risk as to the likelihood that a loss will occur. Any factor that causes a greater likelihood of loss should theoretically be charged a higher rate. This basic principle of insurance must be followed if insurance companies are to remain solvent.[citation needed] Thus, "discrimination" against (i.e., negative differential treatment of) potential insureds in the risk evaluation and premium-setting process is a necessary by-product of the fundamentals of insurance underwriting. For instance, insurers charge older people significantly higher premiums than they charge younger people for term life insurance. Older people are thus treated differently than younger people (i.e., a distinction is made, discrimination occurs). The rationale for the differential treatment goes to the heart of the risk a life insurer takes: Old people are likely to die sooner than young people, so the risk of loss (the insured's death) is greater in any given period of time and therefore the risk premium must be higher to cover the greater risk. However, treating insureds differently when there is no actuarially sound reason for doing so is unlawful discrimination.
What is often missing from the debate is that prohibiting the use of legitimate, actuarially sound factors means that an insufficient amount is being charged for a given risk, and there is thus a deficit in the system.[citation needed] The failure to address the deficit may mean insolvency and hardship for all of a company's insureds.[citation needed] The options for addressing the deficit seem to be the following: Charge the deficit to the other policyholders or charge it to the government (i.e., externalize outside of the company to society at large).[citation needed]
Complexity of insurance policy contracts
Insurance policies can be complex and some policyholders may not understand all the fees and coverages included in a policy. As a result, people may buy policies on unfavorable terms. In response to these issues, many countries have enacted detailed statutory and regulatory regimes governing every aspect of the insurance business, including minimum standards for policies and the ways in which they may be advertised and sold.
For example, most insurance policies in the English language today have been carefully drafted in plain English; the industry learned the hard way that many courts will not enforce policies against insureds when the judges themselves cannot understand what the policies are saying.
Many institutional insurance purchasers buy insurance through an insurance broker. While on the surface it appears the broker represents the buyer (not the insurance company), and typically counsels the buyer on appropriate coverage and policy limitations, it should be noted that in the vast majority of cases a broker's compensation comes in the form of a commission as a percentage of the insurance premium, creating a conflict of interest in that the broker's financial interest is tilted towards encouraging an insured to purchase more insurance than might be necessary at a higher price. A broker generally holds contracts with many insurers, thereby allowing the broker to "shop" the market for the best rates and coverage possible.
Insurance may also be purchased through an agent. Unlike a broker, who represents the policyholder, an agent represents the insurance company from whom the policyholder buys. An agent can represent more than one company.
An independent insurance consultant advises insureds on a fee-for-service retainer, similar to an attorney, and thus offers completely independent advice, free of the financial conflict of interest of brokers and/or agents. However, such a consultant must still work through brokers and/or agents in order to secure coverage for their clients.
Insurance insulates too much
By creating a "security blanket" for its insureds, an insurance company may inadvertently find that its insureds may not be as risk-averse as they might otherwise be (since, by definition, the insured has transferred the risk to the insurer,) a concept known as moral hazard. To reduce their own financial exposure, insurance companies have contractual clauses that mitigate their obligation to provide coverage if the insured engages in behavior that grossly magnifies their risk of loss or liability.
For example, life insurance companies may require higher premiums or deny coverage altogether to people who work in hazardous occupations or engage in dangerous sports. Liability insurance providers do not provide coverage for liability arising from intentional torts committed by the insured. Even if a provider were so irrational as to want to provide such coverage, it is against the public policy of most countries to allow such insurance to exist, and thus it is usually illegal.
Global insurance industry
Global insurance premiums grew by 11% in 2007 (or 3.3% in real terms) to reach $4.1 trillion. The macro-economic environment was characterised by slower economic growth in 2007 and rising inflation. Profitability improved in life insurance and fell slighlty in the non-life sector during the year. Life insurance premiums grew by 12.6%, accelerating in the advanced economies with the exception of Japan and Continental Europe. Non-life insurance premiums grew by 7.6% during the year. Figures for premium income are not yet available for 2008, but the insurance industry is likely to see a slowdown in new business and falling investment revenue.
Advanced economies account for the bulk of global insurance. With premium income of $1,681bn, Europe was the most important region, followed by North America ($1,330bn) and Asia ($814bn). The top four countries accounted for nearly 60% of premiums in 2007. The US and UK alone accounted for 42% of world insurance, much higher than their 7% share of the global population. Emerging markets accounted for over 85% of the world’s population but generated only around 10% of premiums.
Insurance companies
Insurance companies may be classified into two groups:
- Life insurance companies, which sell life insurance, annuities and pensions products.
- Non-life, General, or Property/Casualty insurance companies, which sell other types of insurance.
General insurance companies can be further divided into these sub categories.
- Standard Lines
- Excess Lines
In most countries, life and non-life insurers are subject to different regulatory regimes and different tax and accounting rules. The main reason for the distinction between the two types of company is that life, annuity, and pension business is very long-term in nature — coverage for life assurance or a pension can cover risks over many decades. By contrast, non-life insurance cover usually covers a shorter period, such as one year.
In the United States, standard line insurance companies are "mainstream" insurers. These are the companies that typically insure autos, homes or businesses. They use pattern or "cookie-cutter" policies without variation from one person to the next. They usually have lower premiums than excess lines and can sell directly to individuals. They are regulated by state laws that can restrict the amount they can charge for insurance policies.
Excess line insurance companies (aka Excess and Surplus) typically insure risks not covered by the standard lines market. They are broadly referred as being all insurance placed with non-admitted insurers. Non-admitted insurers are not licensed in the states where the risks are located. These companies have more flexibility and can react faster than standard insurance companies because they are not required to file rates and forms as the "admitted" carriers do. However, they still have substantial regulatory requirements placed upon them. State laws generally require insurance placed with surplus line agents and brokers not to be available through standard licensed insurers.
Insurance companies are generally classified as either mutual or stock companies. Mutual companies are owned by the policyholders, while stockholders (who may or may not own policies) own stock insurance companies. Demutualization of mutual insurers to form stock companies, as well as the formation of a hybrid known as a mutual holding company, became common in some countries, such as the United States, in the late 20th century. Other possible forms for an insurance company include reciprocals, in which policyholders 'reciprocate' in sharing risks, and Lloyds organizations.
Insurance companies are rated by various agencies such as A. M. Best. The ratings include the company's financial strength, which measures its ability to pay claims. It also rates financial instruments issued by the insurance company, such as bonds, notes, and securitization products.
Reinsurance companies are insurance companies that sell policies to other insurance companies, allowing them to reduce their risks and protect themselves from very large losses. The reinsurance market is dominated by a few very large companies, with huge reserves. A reinsurer may also be a direct writer of insurance risks as well.
Captive insurance companies may be defined as limited-purpose insurance companies established with the specific objective of financing risks emanating from their parent group or groups. This definition can sometimes be extended to include some of the risks of the parent company's customers. In short, it is an in-house self-insurance vehicle. Captives may take the form of a "pure" entity (which is a 100% subsidiary of the self-insured parent company); of a "mutual" captive (which insures the collective risks of members of an industry); and of an "association" captive (which self-insures individual risks of the members of a professional, commercial or industrial association). Captives represent commercial, economic and tax advantages to their sponsors because of the reductions in costs they help create and for the ease of insurance risk management and the flexibility for cash flows they generate. Additionally, they may provide coverage of risks which is neither available nor offered in the traditional insurance market at reasonable prices.
The types of risk that a captive can underwrite for their parents include property damage, public and product liability, professional indemnity, employee benefits, employers' liability, motor and medical aid expenses. The captive's exposure to such risks may be limited by the use of reinsurance.
Captives are becoming an increasingly important component of the risk management and risk financing strategy of their parent. This can be understood against the following background:
- heavy and increasing premium costs in almost every line of coverage;
- difficulties in insuring certain types of fortuitous risk;
- differential coverage standards in various parts of the world;
- rating structures which reflect market trends rather than individual loss experience;
- insufficient credit for deductibles and/or loss control efforts.
There are also companies known as 'insurance consultants'. Like a mortgage broker, these companies are paid a fee by the customer to shop around for the best insurance policy amongst many companies. Similar to an insurance consultant, an 'insurance broker' also shops around for the best insurance policy amongst many companies. However, with insurance brokers, the fee is usually paid in the form of commission from the insurer that is selected rather than directly from the client.
Neither insurance consultants nor insurance brokers are insurance companies and no risks are transferred to them in insurance transactions. Third party administrators are companies that perform underwriting and sometimes claims handling services for insurance companies. These companies often have special expertise that the insurance companies do not have.
The financial stability and strength of an insurance company should be a major consideration when buying an insurance contract. An insurance premium paid currently provides coverage for losses that might arise many years in the future. For that reason, the viability of the insurance carrier is very important. In recent years, a number of insurance companies have become insolvent, leaving their policyholders with no coverage (or coverage only from a government-backed insurance pool or other arrangement with less attractive payouts for losses). A number of independent rating agencies, such as Best's, Fitch, Standard & Poor's, and Moody's Investors Service, provide information and rate the financial viability of insurance companies.
Closed community self-insurance
Some communities prefer to create virtual insurance amongst themselves by other means than contractual risk transfer, which assigns explicit numerical values to risk. A number of religious groups, including the Amish and some Muslim groups, depend on support provided by their communities when disasters strike. The risk presented by any given person is assumed collectively by the community who all bear the cost of rebuilding lost property and supporting people whose needs are suddenly greater after a loss of some kind. In supportive communities where others can be trusted to follow community leaders, this tacit form of insurance can work. In this manner the community can even out the extreme differences in insurability that exist among its members. Some further justification is also provided by invoking the moral hazard of explicit insurance contracts.
In the United Kingdom, The Crown (which, for practical purposes, meant the Civil service) did not insure property such as government buildings. If a government building was damaged, the cost of repair would be met from public funds because, in the long run, this was cheaper than paying insurance premiums. Since many UK government buildings have been sold to property companies, and rented back, this arrangement is now less common and may have disappeared altogether.
Insurance financing vehicles
- Fraternal insurance is provided on a cooperative basis by fraternal benefit societies or other social organizations.
- No-fault insurance is a type of insurance policy (typically automobile insurance) where insureds are indemnified by their own insurer regardless of fault in the incident.
- Protected Self-Insurance is an alternative risk financing mechanism in which an organization retains the mathematically calculated cost of risk within the organization and transfers the catastrophic risk with specific and aggregate limits to an insurer so the maximum total cost of the program is known. A properly designed and underwritten Protected Self-Insurance Program reduces and stabilizes the cost of insurance and provides valuable risk management information.
- Retrospectively Rated Insurance is a method of establishing a premium on large commercial accounts. The final premium is based on the insured's actual loss experience during the policy term, sometimes subject to a minimum and maximum premium, with the final premium determined by a formula. Under this plan, the current year's premium is based partially (or wholly) on the current year's losses, although the premium adjustments may take months or years beyond the current year's expiration date. The rating formula is guaranteed in the insurance contract. Formula: retrospective premium = converted loss + basic premium × tax multiplier. Numerous variations of this formula have been developed and are in use.
- Formal self insurance is the deliberate decision to pay for otherwise insurable losses out of one's own money. This can be done on a formal basis by establishing a separate fund into which funds are deposited on a periodic basis, or by simply forgoing the purchase of available insurance and paying out-of-pocket. Self insurance is usually used to pay for high-frequency, low-severity losses. Such losses, if covered by conventional insurance, mean having to pay a premium that includes loadings for the company's general expenses, cost of putting the policy on the books, acquisition expenses, premium taxes, and contingencies. While this is true for all insurance, for small, frequent losses the transaction costs may exceed the benefit of volatility reduction that insurance otherwise affords.
- Reinsurance is a type of insurance purchased by insurance companies or self-insured employers to protect against unexpected losses. Financial reinsurance is a form of reinsurance that is primarily used for capital management rather than to transfer insurance risk.
- Social insurance can be many things to many people in many countries. But a summary of its essence is that it is a collection of insurance coverages (including components of life insurance, disability income insurance, unemployment insurance, health insurance, and others), plus retirement savings, that requires participation by all citizens. By forcing everyone in society to be a policyholder and pay premiums, it ensures that everyone can become a claimant when or if he/she needs to. Along the way this inevitably becomes related to other concepts such as the justice system and the welfare state. This is a large, complicated topic that engenders tremendous debate, which can be further studied in the following articles (and others):
- Stop-loss insurance provides protection against catastrophic or unpredictable losses. It is purchased by organizations who do not want to assume 100% of the liability for losses arising from the plans. Under a stop-loss policy, the insurance company becomes liable for losses that exceed certain limits called deductibles.
Other types
- Collateral protection insurance or CPI, insures property (primarily vehicles) held as collateral for loans made by lending institutions.
- Defense Base Act Workers' compensation or DBA Insurance provides coverage for civilian workers hired by the government to perform contracts outside the U.S. and Canada. DBA is required for all U.S. citizens, U.S. residents, U.S. Green Card holders, and all employees or subcontractors hired on overseas government contracts. Depending on the country, Foreign Nationals must also be covered under DBA. This coverage typically includes expenses related to medical treatment and loss of wages, as well as disability and death benefits.
- Expatriate insurance provides individuals and organizations operating outside of their home country with protection for automobiles, property, health, liability and business pursuits.
- Financial loss insurance protects individuals and companies against various financial risks. For example, a business might purchase coverage to protect it from loss of sales if a fire in a factory prevented it from carrying out its business for a time. Insurance might also cover the failure of a creditor to pay money it owes to the insured. This type of insurance is frequently referred to as "business interruption insurance." Fidelity bonds and surety bonds are included in this category, although these products provide a benefit to a third party (the "obligee") in the event the insured party (usually referred to as the "obligor") fails to perform its obligations under a contract with the obligee.
- Kidnap and ransom insurance
- Locked funds insurance is a little-known hybrid insurance policy jointly issued by governments and banks. It is used to protect public funds from tamper by unauthorized parties. In special cases, a government may authorize its use in protecting semi-private funds which are liable to tamper. The terms of this type of insurance are usually very strict. Therefore it is used only in extreme cases where maximum security of funds is required.
- Nuclear incident insurance covers damages resulting from an incident involving radioactive materials and is generally arranged at the national level. See the Nuclear exclusion clause and for the United States the Price-Anderson Nuclear Industries Indemnity Act)
- Pet insurance insures pets against accidents and illnesses - some companies cover routine/wellness care and burial, as well.
- Pollution Insurance, which consists of first-party coverage for contamination of insured property either by external or on-site sources. Coverage for liability to third parties arising from contamination of air, water, or land due to the sudden and accidental release of hazardous materials from the insured site. The policy usually covers the costs of cleanup and may include coverage for releases from underground storage tanks. Intentional acts are specifically excluded.
- Purchase insurance is aimed at providing protection on the products people purchase. Purchase insurance can cover individual purchase protection, warranties, guarantees, care plans and even mobile phone insurance. Such insurance is normally very limited in the scope of problems that are covered by the policy.
- Title insurance provides a guarantee that title to real property is vested in the purchaser and/or mortgagee, free and clear of liens or encumbrances. It is usually issued in conjunction with a search of the public records performed at the time of a real estate transaction.
- Travel insurance is an insurance cover taken by those who travel abroad, which covers certain losses such as medical expenses, loss of personal belongings, travel delay, personal liabilities, etc.
Credit
Credit insurance repays some or all of a loan when certain things happen to the borrower such as unemployment, disability, or death.
- Mortgage insurance insures the lender against default by the borrower. Mortgage insurance is a form of credit insurance, although the name credit insurance more often is used to refer to policies that cover other kinds of debt.
Liability
Liability insurance is a very broad superset that covers legal claims against the insured. Many types of insurance include an aspect of liability coverage. For example, a homeowner's insurance policy will normally include liability coverage which protects the insured in the event of a claim brought by someone who slips and falls on the property; automobile insurance also includes an aspect of liability insurance that indemnifies against the harm that a crashing car can cause to others' lives, health, or property. The protection offered by a liability insurance policy is twofold: a legal defense in the event of a lawsuit commenced against the policyholder and indemnification (payment on behalf of the insured) with respect to a settlement or court verdict. Liability policies typically cover only the negligence of the insured, and will not apply to results of wilful or intentional acts by the insured.
- Directors and officers liability insurance protects an organization (usually a corporation) from costs associated with litigation resulting from mistakes made by directors and officers for which they are liable. In the industry, it is usually called "D&O" for short.
- Environmental liability insurance protects the insured from bodily injury, property damage and cleanup costs as a result of the dispersal, release or escape of pollutants.
- Errors and omissions insurance: See "Professional liability insurance" under "Liability insurance".
- Prize indemnity insurance protects the insured from giving away a large prize at a specific event. Examples would include offering prizes to contestants who can make a half-court shot at a basketball game, or a hole-in-one at a golf tournament.
- Professional liability insurance, also called professional indemnity insurance, protects insured professionals such as architectural corporation and medical practice against potential negligence claims made by their patients/clients. Professional liability insurance may take on different names depending on the profession. For example, professional liability insurance in reference to the medical profession may be called malpractice insurance. Notaries public may take out errors and omissions insurance (E&O). Other potential E&O policyholders include, for example, real estate brokers, Insurance agents, home inspectors, appraisers, and website developers
Property
Property insurance provides protection against risks to property, such as fire, theft or weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, inland marine insurance or boiler insurance.
- Automobile insurance, known in the UK as motor insurance, is probably the most common form of insurance and may cover both legal liability claims against the driver and loss of or damage to the insured's vehicle itself. Throughout the United States an auto insurance policy is required to legally operate a motor vehicle on public roads. In some jurisdictions, bodily injury compensation for automobile accident victims has been changed to a no-fault system, which reduces or eliminates the ability to sue for compensation but provides automatic eligibility for benefits. Credit card companies insure against damage on rented cars.
- Driving School Insurance insurance provides cover for any authorized driver whilst undergoing tuition, cover also unlike other motor policies provides cover for instructor liability where both the pupil and driving instructor are equally liable in the event of a claim.
- Aviation insurance insures against hull, spares, deductibles, hull wear and liability risks.
- Boiler insurance (also known as boiler and machinery insurance or equipment breakdown insurance) insures against accidental physical damage to equipment or machinery.
- Builder's risk insurance insures against the risk of physical loss or damage to property during construction. Builder's risk insurance is typically written on an "all risk" basis covering damage due to any cause (including the negligence of the insured) not otherwise expressly excluded.
- Crop insurance "Farmers use crop insurance to reduce or manage various risks associated with growing crops. Such risks include crop loss or damage caused by weather, hail, drought, frost damage, insects, or disease, for instance."[12]
- Earthquake insurance is a form of property insurance that pays the policyholder in the event of an earthquake that causes damage to the property. Most ordinary homeowners insurance policies do not cover earthquake damage. Most earthquake insurance policies feature a high deductible. Rates depend on location and the probability of an earthquake, as well as the construction of the home.
- A fidelity bond is a form of casualty insurance that covers policyholders for losses that they incur as a result of fraudulent acts by specified individuals. It usually insures a business for losses caused by the dishonest acts of its employees.
- Flood insurance protects against property loss due to flooding. Many insurers in the U.S. do not provide flood insurance in some portions of the country. In response to this, the federal government created the National Flood Insurance Program which serves as the insurer of last resort.
- Home insurance or homeowners' insurance: See "Property insurance".
- Landlord insurance is specifically designed for people who own properties which they rent out. Most house insurance cover in the U.K will not be valid if the property is rented out therefore landlords must take out this specialist form of home insurance.
- Marine insurance and marine cargo insurance cover the loss or damage of ships at sea or on inland waterways, and of the cargo that may be on them. When the owner of the cargo and the carrier are separate corporations, marine cargo insurance typically compensates the owner of cargo for losses sustained from fire, shipwreck, etc., but excludes losses that can be recovered from the carrier or the carrier's insurance. Many marine insurance underwriters will include "time element" coverage in such policies, which extends the indemnity to cover loss of profit and other business expenses attributable to the delay caused by a covered loss.
- Surety bond insurance is a three party insurance guaranteeing the performance of the principal.
- Terrorism insurance provides protection against any loss or damage caused by terrorist activities.
- Volcano insurance is an insurance that covers volcano damage in Hawaii.
- Windstorm insurance is an insurance covering the damage that can be caused by hurricanes and tropical cyclones.
Casualty
Casualty insurance insures against accidents, not necessarily tied to any specific property.
- Crime insurance is a form of casualty insurance that covers the policyholder against losses arising from the criminal acts of third parties. For example, a company can obtain crime insurance to cover losses arising from theft or embezzlement.
- Political risk insurance is a form of casualty insurance that can be taken out by businesses with operations in countries in which there is a risk that revolution or other political conditions will result in a loss.
Disability
- Disability insurance policies provide financial support in the event the policyholder is unable to work because of disabling illness or injury. It provides monthly support to help pay such obligations as mortgages and credit cards.
- Disability overhead insurance allows business owners to cover the overhead expenses of their business while they are unable to work.
- Total permanent disability insurance provides benefits when a person is permanently disabled and can no longer work in their profession, often taken as an adjunct to life insurance.
- Workers' compensation insurance replaces all or part of a worker's wages lost and accompanying medical expenses incurred because of a job-related injury.
Auto insurance
Auto insurance protects you against financial loss if you have an accident. It is a contract between you and the insurance company. You agree to pay the premium and the insurance company agrees to pay your losses as defined in your policy. Auto insurance provides property, liability and medical coverage:
- Property coverage pays for damage to or theft of your car.
- Liability coverage pays for your legal responsibility to others for bodily injury or property damage.
- Medical coverage pays for the cost of treating injuries, rehabilitation and sometimes lost wages and funeral expenses.
An auto insurance policy is comprised of six different kinds of coverage. Most countries require you to buy some, but not all, of these coverages. If you're financing a car, your lender may also have requirements. Most auto policies are for six months to a year.
In the United States, your insurance company should notify you by mail when it’s time to renew the policy and to pay your premiumClaims
Finally, claims and loss handling is the materialized utility of insurance; it is the actual "product" paid for, though one hopes it will never need to be used. Claims may be filed by insureds directly with the insurer or through brokers or agents. The insurer may require that the claim be filed on its own proprietary forms, or may accept claims on a standard industry form such as those produced by ACORD.
Insurance company claim departments employ a large number of claims adjusters supported by a staff of records management and data entry clerks. Incoming claims are classified based on severity and are assigned to adjusters whose settlement authority varies with their knowledge and experience. The adjuster undertakes a thorough investigation of each claim, usually in close cooperation with the insured, determines its reasonable monetary value, and authorizes payment. Adjusting liability insurance claims is particularly difficult because there is a third party involved (the plaintiff who is suing the insured) who is under no contractual obligation to cooperate with the insurer and in fact may regard the insurer as a deep pocket. The adjuster must obtain legal counsel for the insured (either inside "house" counsel or outside "panel" counsel), monitor litigation that may take years to complete, and appear in person or over the telephone with settlement authority at a mandatory settlement conference when requested by the judge.
In managing the claims handling function, insurers seek to balance the elements of customer satisfaction, administrative handling expenses, and claims overpayment leakages. As part of this balancing act, fraudulent insurance practices are a major business risk that must be managed and overcome. Disputes between insurers and insureds over the validity of claims or claims handling practices occasionally escalate into litigation; see insurance bad faith.
Insurers' business model
Underwriting and investing
The business model can be reduced to a simple equation: Profit = earned premium + investment income - incurred loss - underwriting expenses.
Insurers make money in two ways: (1) through underwriting, the process by which insurers select the risks to insure and decide how much in premiums to charge for accepting those risks and (2) by investing the premiums they collect from insured parties.
The most complicated aspect of the insurance business is the underwriting of policies. Using a wide assortment of data, insurers predict the likelihood that a claim will be made against their policies and price products accordingly. To this end, insurers use actuarial science to quantify the risks they are willing to assume and the premium they will charge to assume them. Data is analyzed to fairly accurately project the rate of future claims based on a given risk. Actuarial science uses statistics and probability to analyze the risks associated with the range of perils covered, and these scientific principles are used to determine an insurer's overall exposure. Upon termination of a given policy, the amount of premium collected and the investment gains thereon minus the amount paid out in claims is the insurer's underwriting profit on that policy. Of course, from the insurer's perspective, some policies are winners (i.e., the insurer pays out less in claims and expenses than it receives in premiums and investment income) and some are losers (i.e., the insurer pays out more in claims and expenses than it receives in premiums and investment income).
An insurer's underwriting performance is measured in its combined ratio. The loss ratio (incurred losses and loss-adjustment expenses divided by net earned premium) is added to the expense ratio (underwriting expenses divided by net premium written) to determine the company's combined ratio. The combined ratio is a reflection of the company's overall underwriting profitability. A combined ratio of less than 100 percent indicates underwriting profitability, while anything over 100 indicates an underwriting loss.
Insurance companies also earn investment profits on “float”. “Float” or available reserve is the amount of money, at hand at any given moment, that an insurer has collected in insurance premiums but has not been paid out in claims. Insurers start investing insurance premiums as soon as they are collected and continue to earn interest on them until claims are paid out. The Association of British Insurers (gathering 400 insurance companies and 94% of UK insurance services) has almost 20% of the investments in the London Stock Exchange.[6]
In the United States, the underwriting loss of property and casualty insurance companies was $142.3 billion in the five years ending 2003. But overall profit for the same period was $68.4 billion, as the result of float. Some insurance industry insiders, most notably Hank Greenberg, do not believe that it is forever possible to sustain a profit from float without an underwriting profit as well, but this opinion is not universally held. Naturally, the “float” method is difficult to carry out in an economically depressed period. Bear markets do cause insurers to shift away from investments and to toughen up their underwriting standards. So a poor economy generally means high insurance premiums. This tendency to swing between profitable and unprofitable periods over time is commonly known as the "underwriting" or insurance cycle. [7]
Property and casualty insurers currently make the most money from their auto insurance line of business. Generally better statistics are available on auto losses and underwriting on this line of business has benefited greatly from advances in computing. Additionally, property losses in the United States, due to unpredictable natural catastrophes, have exacerbated this trend.
Indemnification
The technical definition of "indemnity" means to make whole again. There are two types of insurance contracts;
- an "indemnity" policy and
- a "pay on behalf" or "on behalf of"[3] policy.
The difference is significant on paper, but rarely material in practice.
An "indemnity" policy will never pay claims until the insured has paid out of pocket to some third party; for example, a visitor to your home slips on a floor that you left wet and sues you for $10,000 and wins. Under an "indemnity" policy the homeowner would have to come up with the $10,000 to pay for the visitor's fall and then would be "indemnified" by the insurance carrier for the out of pocket costs (the $10,000)[4].
Under the same situation, a "pay on behalf" policy, the insurance carrier would pay the claim and the insured (the homeowner) would not be out of pocket for anything. Most modern liability insurance is written on the basis of "pay on behalf" language[5].
An entity seeking to transfer risk (an individual, corporation, or association of any type, etc.) becomes the 'insured' party once risk is assumed by an 'insurer', the insuring party, by means of a contract, called an insurance 'policy'. Generally, an insurance contract includes, at a minimum, the following elements: the parties (the insurer, the insured, the beneficiaries), the premium, the period of coverage, the particular loss event covered, the amount of coverage (i.e., the amount to be paid to the insured or beneficiary in the event of a loss), and exclusions (events not covered). An insured is thus said to be "indemnified" against the loss covered in the policy.
When insured parties experience a loss for a specified peril, the coverage entitles the policyholder to make a 'claim' against the insurer for the covered amount of loss as specified by the policy. The fee paid by the insured to the insurer for assuming the risk is called the 'premium'. Insurance premiums from many insureds are used to fund accounts reserved for later payment of claims—in theory for a relatively few claimants—and for overhead costs. So long as an insurer maintains adequate funds set aside for anticipated losses (i.e., reserves), the remaining margin is an insurer's profit.
Monday, April 6, 2009
Travel Insurance
Planning a vacation is an exciting affair as you are running around to get things packed, deciding about the places to visit and the things to be done once you reach your destination. You may do everything in your power and plan a perfect vacation, but some things will go way out your control.
This is where travel insurance comes handy where it can compensate for unpredicted emergencies while travelling. But if you are wondering whether you need to purchase travel insurance for an upcoming vacation, have a look at the insurance policies. Basically there are many types of travel insurance like holiday travel insurance, backpackers travel insurance, student travel insurance, family/group travel insurance, annual travel insurance, winter travel insurance and many more....
Description of various types of travel insurance
Medical travel insurance: The policy covers certain health related issues that occur during the term of the policy and not pre-existing ailments. If you suffer from pre-existing medical conditions, you should seek a different package that offers pre-existing medical travel insurance.
Single trip travel insurance: If you and your family are planning to go on a single trip or a holiday then it would be wise to buy single trip travel insurance. It basically covers for trip interruption/cancellation for the period you intend to travel.
Business travel insurance: If your business compels you and your employees to travel on a regular basis, you should consider buying a business travel insurance. Business travel insurance can be included in annual travel insurance.
Companies offering travel insurance
1. Travel Insurance Direct
World Tower Sydney NSW 2000
ph: 1300 882 357
2. Advanced Travel Insurance
PO Box 459 Brookvale NSW 2100
ph: 1800 004 194
3. Compusure Travel Insurance
621 Coronation Drv Toowong QLD 4066
ph: (07) 3870 0548
4. Covermore Travel Insurance
Level 3/ 17 Cotham Rd Kew VIC 3101
ph: (03) 9854 8080
5. National Travel Insurance
PO Box 1013 Burwood North NSW 2134
ph: (02) 9745 242
6. Toursafe Travel Insurance
Suite 10 136 Railway St Cottesloe WA 6011
ph: (08) 9286 4755
7. Travelsure Travel Insurance
Level 3/ 17 Cotham Rd Kew VIC 3101
ph: (03) 9854 8080
8.World Nomads Travel Insurance Pty Ltd
1306 87 Liverpool St Sydney NSW 2000
ph: (02) 8263 0400
9. East Gippsland Insurance Service & Orbost Travel Centre
86 Nicholson St Orbost VIC 3888
ph: (03) 5154 1481
10. Mutual Community Ltd -Travel Insurance
116 Bank Crt Elizabeth SA 5112
ph: (08) 8287 114
11. Travel Insurance on The Net
PO Box 1245 Fyshwick ACT 2609
ph: 1800 190 089
12. Travel Insurance 'Discount'
36 Bellvue Pde North Curl Curl NSW 2099
ph: (02) 9939 2020
13. Discount Travel Insurance
52 Florence St Mentone VIC 3194
ph: (03) 9584 4000
14. HBF Travel Insurance
125 Murray St Perth WA 6000
ph: 13 3423
This is where travel insurance comes handy where it can compensate for unpredicted emergencies while travelling. But if you are wondering whether you need to purchase travel insurance for an upcoming vacation, have a look at the insurance policies. Basically there are many types of travel insurance like holiday travel insurance, backpackers travel insurance, student travel insurance, family/group travel insurance, annual travel insurance, winter travel insurance and many more....
Description of various types of travel insurance
Medical travel insurance: The policy covers certain health related issues that occur during the term of the policy and not pre-existing ailments. If you suffer from pre-existing medical conditions, you should seek a different package that offers pre-existing medical travel insurance.
Single trip travel insurance: If you and your family are planning to go on a single trip or a holiday then it would be wise to buy single trip travel insurance. It basically covers for trip interruption/cancellation for the period you intend to travel.
Business travel insurance: If your business compels you and your employees to travel on a regular basis, you should consider buying a business travel insurance. Business travel insurance can be included in annual travel insurance.
Companies offering travel insurance
1. Travel Insurance Direct
World Tower Sydney NSW 2000
ph: 1300 882 357
2. Advanced Travel Insurance
PO Box 459 Brookvale NSW 2100
ph: 1800 004 194
3. Compusure Travel Insurance
621 Coronation Drv Toowong QLD 4066
ph: (07) 3870 0548
4. Covermore Travel Insurance
Level 3/ 17 Cotham Rd Kew VIC 3101
ph: (03) 9854 8080
5. National Travel Insurance
PO Box 1013 Burwood North NSW 2134
ph: (02) 9745 242
6. Toursafe Travel Insurance
Suite 10 136 Railway St Cottesloe WA 6011
ph: (08) 9286 4755
7. Travelsure Travel Insurance
Level 3/ 17 Cotham Rd Kew VIC 3101
ph: (03) 9854 8080
8.World Nomads Travel Insurance Pty Ltd
1306 87 Liverpool St Sydney NSW 2000
ph: (02) 8263 0400
9. East Gippsland Insurance Service & Orbost Travel Centre
86 Nicholson St Orbost VIC 3888
ph: (03) 5154 1481
10. Mutual Community Ltd -Travel Insurance
116 Bank Crt Elizabeth SA 5112
ph: (08) 8287 114
11. Travel Insurance on The Net
PO Box 1245 Fyshwick ACT 2609
ph: 1800 190 089
12. Travel Insurance 'Discount'
36 Bellvue Pde North Curl Curl NSW 2099
ph: (02) 9939 2020
13. Discount Travel Insurance
52 Florence St Mentone VIC 3194
ph: (03) 9584 4000
14. HBF Travel Insurance
125 Murray St Perth WA 6000
ph: 13 3423
Life Insurance
If you are thinking of protecting your family's future in terms of finance, then it's one of the best thing you can ever do. Life is very unpredictable with its many uncertainties, including death. And one way to protect your family from suffering any kind of financial loss in case of a premature death is to consider investing in life insurance.
What is life insurance? A type of a contract that offers monetary benefits to the dependent members of your family after your death. A particular amount is paid by the insurance company to your dependents according to the premium that you had paid in the past. To know more about the types of life insurance available and which suits you best, keep reading.....
Types of Life Insurance
Term Life Insurance: This is a type of insurance policy where you as the insured has to pay a particular amount for a fixed period of time.
You are charged a nominal premium and this amount remains constant. Since this insurance is economical, it is highly recommended for middle men and highly salaried youth.
Permanent Life Insurance: Here you pay the premium for an indefinite period of time and these premiums should be paid regularly since you don't to end the policy. Any surplus amount that is paid the company is collected in a separate account. A portion of the profits that is sent to you can be used to raise loans out of those funds. If your motive is to only tax exemptions and investments, avoid buying permanent life insurance policy.
Benefits
Some good reasons as to why you should consider buying life insurance. These benefits received after death can be used for following purposes:
1. Funds for children's education
2. Paying off personal debts, mortgage loans
3. Creating a special fund for emergencies called the family emergency fund
4. Paying the expenses incurred at the funeral and paying the final taxes.
Companies offering Life Insurance
1. Life
19 Cottrill Rd Caboolture QLD 4510
ph: 0407 654 455
2. CountryLife Pty Ltd
1006 Knox City Shopng Cntr Knox VIC 3180
ph: (03) 9887 2844
3. AGC Life
Ste15/ 33 Waterloo Rd North Ryde NSW 2113
ph: 1300 242 300
4. AIG Life
Lvl 8/ 220 George St Sydney NSW 2000
ph: 1800 033 490
5. iMedical Life <
2 Fuller Rd Earlwood NSW 2206
ph: 0400 115 503
6. MBF Life Limited
GPO Box 4232 Sydney NSW 2001
ph: 1800 200 044
7. Prefsure Life Limited
Lvl 9/ 1 O'Connell St Sydney NSW 2000
ph: 1800 221 142
8. M L C Life Ltd
Whitehorse Plaza Shopng Cntr Box Hill VIC 3128
ph: (03) 9890 0718
9. E-Life
Mitcham VIC 3132
ph: 1300 662 142
What is life insurance? A type of a contract that offers monetary benefits to the dependent members of your family after your death. A particular amount is paid by the insurance company to your dependents according to the premium that you had paid in the past. To know more about the types of life insurance available and which suits you best, keep reading.....
Types of Life Insurance
Term Life Insurance: This is a type of insurance policy where you as the insured has to pay a particular amount for a fixed period of time.
You are charged a nominal premium and this amount remains constant. Since this insurance is economical, it is highly recommended for middle men and highly salaried youth.
Permanent Life Insurance: Here you pay the premium for an indefinite period of time and these premiums should be paid regularly since you don't to end the policy. Any surplus amount that is paid the company is collected in a separate account. A portion of the profits that is sent to you can be used to raise loans out of those funds. If your motive is to only tax exemptions and investments, avoid buying permanent life insurance policy.
Benefits
Some good reasons as to why you should consider buying life insurance. These benefits received after death can be used for following purposes:
1. Funds for children's education
2. Paying off personal debts, mortgage loans
3. Creating a special fund for emergencies called the family emergency fund
4. Paying the expenses incurred at the funeral and paying the final taxes.
Companies offering Life Insurance
1. Life
19 Cottrill Rd Caboolture QLD 4510
ph: 0407 654 455
2. CountryLife Pty Ltd
1006 Knox City Shopng Cntr Knox VIC 3180
ph: (03) 9887 2844
3. AGC Life
Ste15/ 33 Waterloo Rd North Ryde NSW 2113
ph: 1300 242 300
4. AIG Life
Lvl 8/ 220 George St Sydney NSW 2000
ph: 1800 033 490
5. iMedical Life <
2 Fuller Rd Earlwood NSW 2206
ph: 0400 115 503
6. MBF Life Limited
GPO Box 4232 Sydney NSW 2001
ph: 1800 200 044
7. Prefsure Life Limited
Lvl 9/ 1 O'Connell St Sydney NSW 2000
ph: 1800 221 142
8. M L C Life Ltd
Whitehorse Plaza Shopng Cntr Box Hill VIC 3128
ph: (03) 9890 0718
9. E-Life
Mitcham VIC 3132
ph: 1300 662 142
House Insurance
You are a proud owner of a beautiful house, that is tastefully decorated to suit your style and which extends warmth to all who enter into your house. You have taken utmost care to pick every artifact that now adds glory to your crib. Hence it becomes quite essential to protect your house from any hazard by buying a house insurance.
House insurance is a type of policy that offers protection from certain losses that occur due to floods or earthquakes and loss of personal properties. The cost of this particular insurance will depend upon how much will take to replace your house along with additional items that needs insurance.
There are many types of house insurance policies that you can buy. They are as follows:
Comprehensive: One of the most inclusive house insurance policy since it covers both the building and its contents from all risks, except for those who are specially excluded. Two types of insurance risks normally excluded in any house insurance -one for which insurance is not available called 'uninsurable peril' and for which you avail insurance called 'optional coverage'.
Broad: In case you feel the comprehensive policy is too expensive, then you can opt for a broad insurance policy. This insurance offers comprehensive coverage for big items and perils coverage for certain contents.
No frills: No frills coverage is offered for certain properties that don't meet normal standards of the insurance company. If there are typical problems in your home that don't meet insurer's standards, then you can correct these problems in order to qualify for a better coverage.
Companies offering house insurance
1. Catamaran Company
Level 6, Suite 23, 3 Cunningham Ave Main Beach QLD 4217
ph: (07) 5591 1639
2. Key Insurance Company Pty Ltd
Level 6, 50 Market St Melbourne VIC 3000
ph: (03) 9620 2567
3. Combined Insurance Company Australia
37 Leyland St Garbutt QLD 4814
ph: (07) 4779 3450
4. Copehagen Re Insurance Company The
Australia Square Sydney NSW 2000
ph: (02) 9274 3000
5. Chubb Insurance Company Of Australia Limited
Level 14, 330 Collins St Melbourne VIC 3000
ph: (03) 9642 0909
6. Domestic & General Insurance Company
Australia Square Sydney NSW 2000
ph: (02) 9274 3000
7. Sunderland Marine Mutual Insurance Company Ltd
19 Agnes St Jolimont VIC 3002
ph: (03) 9650 6288
8. Real Insurance
Locked Bag 9042 Castle Hill NSW 1765
ph: 13 1724
9. HBF Home Insurance
125 Murray St Perth WA 6000
ph: 13 3423
10. Rod McLeish Insurance Services
Suite 1/ 22- 26 Princes Way Drouin VIC 3818
ph: (03) 5625 4455
11. Donnelly Insurance Brokers Pty Ltd
Level 1, 136 Frome St, Adelaide SA 5000
ph: (08) 8236 7777
12.R.A.A. Insurance
101 Richmond Rd Mile End SA 5031
ph: 1300 884 567
House insurance is a type of policy that offers protection from certain losses that occur due to floods or earthquakes and loss of personal properties. The cost of this particular insurance will depend upon how much will take to replace your house along with additional items that needs insurance.
There are many types of house insurance policies that you can buy. They are as follows:
Comprehensive: One of the most inclusive house insurance policy since it covers both the building and its contents from all risks, except for those who are specially excluded. Two types of insurance risks normally excluded in any house insurance -one for which insurance is not available called 'uninsurable peril' and for which you avail insurance called 'optional coverage'.
Broad: In case you feel the comprehensive policy is too expensive, then you can opt for a broad insurance policy. This insurance offers comprehensive coverage for big items and perils coverage for certain contents.
No frills: No frills coverage is offered for certain properties that don't meet normal standards of the insurance company. If there are typical problems in your home that don't meet insurer's standards, then you can correct these problems in order to qualify for a better coverage.
Companies offering house insurance
1. Catamaran Company
Level 6, Suite 23, 3 Cunningham Ave Main Beach QLD 4217
ph: (07) 5591 1639
2. Key Insurance Company Pty Ltd
Level 6, 50 Market St Melbourne VIC 3000
ph: (03) 9620 2567
3. Combined Insurance Company Australia
37 Leyland St Garbutt QLD 4814
ph: (07) 4779 3450
4. Copehagen Re Insurance Company The
Australia Square Sydney NSW 2000
ph: (02) 9274 3000
5. Chubb Insurance Company Of Australia Limited
Level 14, 330 Collins St Melbourne VIC 3000
ph: (03) 9642 0909
6. Domestic & General Insurance Company
Australia Square Sydney NSW 2000
ph: (02) 9274 3000
7. Sunderland Marine Mutual Insurance Company Ltd
19 Agnes St Jolimont VIC 3002
ph: (03) 9650 6288
8. Real Insurance
Locked Bag 9042 Castle Hill NSW 1765
ph: 13 1724
9. HBF Home Insurance
125 Murray St Perth WA 6000
ph: 13 3423
10. Rod McLeish Insurance Services
Suite 1/ 22- 26 Princes Way Drouin VIC 3818
ph: (03) 5625 4455
11. Donnelly Insurance Brokers Pty Ltd
Level 1, 136 Frome St, Adelaide SA 5000
ph: (08) 8236 7777
12.R.A.A. Insurance
101 Richmond Rd Mile End SA 5031
ph: 1300 884 567
Car Insurance
Can you ever imagine what would your life be without cars? Difficult, eh? With all the travelling that takes place back and forth to work and elsewhere, cars are more than just a luxury. Hence it becomes all the more important to insure your car to protect you from financial losses in the event of an accident.
Car insurance policy establishes a contract between you and the insurance company of your choice. You as the insured are required to pay a particular amount called the premium whereas the insurance company pays for the losses as written in your policy.
Basically there are 3 kinds of Car Insurance cover:
1. Third Party: It is the minimum legal level of insurance available. The first two parties are the driver and the insurance company.
This kind of insurance offers coverage in certain liabilities like damage to people's property and injuries to others (third party's car but not your own car).
2. Third Part, theft and fire: This insurance provides coverage for damage to your car caused by fire or attempted theft plus Third Party.
3. Comprehensive Insurance: This insurance covers third party, theft and fire along with the following:
Personal accident
Accidental damage to your car
Medical expenses
Glass replacement (windows, windscreen and sunroof)
New for old replacement in the first year
Companies offering car insurance
1. Car Rental Insurance Pty Ltd
Level: 1/ 8 Gardner Cl Milton QLD 4064
ph: (07) 3367 5050
2. Aussie Car Insurance
Campbelltown NSW 2560
ph: 1300 666 870
3. Cashback Car Insurance
L6, 9 Sherwood Rd Toowong QLD 4066
ph: 1800 663 225
4. Famous Car Insurance
PO Box 595 Milsons Point NSW 1565
ph: 1300 886 029
5.HBA Car Insurance
Chadstone Shopng Cntr Chadstone VIC 3148
ph: (03) 9568 8089
6. Ozicare Car Insurance
Head Office, Level 6, 9 Sherwood Rd Toowong QLD 4066
ph: 1800 049 085
7. Prestige Car Insurance
Level 3, 670 Princes Hwy Sutherland NSW 2232
ph: (02) 9545 1366
8. Unique Car Insurance
Suite 4 / 935 Station St Box Hill North VIC 3129š-šmap
ph: (03) 9898 9400
9. Intelligent Car Insurance Agency
372 High St Preston VIC 3072
ph: (03) 9478 5588
10. Best Buy Car Insurance
Head Office, Level 6, 9 Sherwood Road Toowong QLD 4066
ph: 1800 051 421
11. Famous Classic Car Insurance
Unit 8, 27 York St Subiaco WA 6008
ph: (08) 9388 8733
12. FAI Car Owners Mutual Insurance Co Ltd
488 Hunter St Newcastle NSW 2300
ph: (02) 4926 1022
13. Glen Eira Cars Finance & Insurance Brokers
36 Buckhurst St South Melbourne VIC 3205
ph: (03) 9699 2309
14. Ready Plan Home and Car Insurance Specialists
Lvl 1, 1265 Nepean Hwy Cheltenham VIC 3192
ph: 1300 131 366
Car insurance policy establishes a contract between you and the insurance company of your choice. You as the insured are required to pay a particular amount called the premium whereas the insurance company pays for the losses as written in your policy.
Basically there are 3 kinds of Car Insurance cover:
1. Third Party: It is the minimum legal level of insurance available. The first two parties are the driver and the insurance company.
This kind of insurance offers coverage in certain liabilities like damage to people's property and injuries to others (third party's car but not your own car).
2. Third Part, theft and fire: This insurance provides coverage for damage to your car caused by fire or attempted theft plus Third Party.
3. Comprehensive Insurance: This insurance covers third party, theft and fire along with the following:
Personal accident
Accidental damage to your car
Medical expenses
Glass replacement (windows, windscreen and sunroof)
New for old replacement in the first year
Companies offering car insurance
1. Car Rental Insurance Pty Ltd
Level: 1/ 8 Gardner Cl Milton QLD 4064
ph: (07) 3367 5050
2. Aussie Car Insurance
Campbelltown NSW 2560
ph: 1300 666 870
3. Cashback Car Insurance
L6, 9 Sherwood Rd Toowong QLD 4066
ph: 1800 663 225
4. Famous Car Insurance
PO Box 595 Milsons Point NSW 1565
ph: 1300 886 029
5.HBA Car Insurance
Chadstone Shopng Cntr Chadstone VIC 3148
ph: (03) 9568 8089
6. Ozicare Car Insurance
Head Office, Level 6, 9 Sherwood Rd Toowong QLD 4066
ph: 1800 049 085
7. Prestige Car Insurance
Level 3, 670 Princes Hwy Sutherland NSW 2232
ph: (02) 9545 1366
8. Unique Car Insurance
Suite 4 / 935 Station St Box Hill North VIC 3129š-šmap
ph: (03) 9898 9400
9. Intelligent Car Insurance Agency
372 High St Preston VIC 3072
ph: (03) 9478 5588
10. Best Buy Car Insurance
Head Office, Level 6, 9 Sherwood Road Toowong QLD 4066
ph: 1800 051 421
11. Famous Classic Car Insurance
Unit 8, 27 York St Subiaco WA 6008
ph: (08) 9388 8733
12. FAI Car Owners Mutual Insurance Co Ltd
488 Hunter St Newcastle NSW 2300
ph: (02) 4926 1022
13. Glen Eira Cars Finance & Insurance Brokers
36 Buckhurst St South Melbourne VIC 3205
ph: (03) 9699 2309
14. Ready Plan Home and Car Insurance Specialists
Lvl 1, 1265 Nepean Hwy Cheltenham VIC 3192
ph: 1300 131 366
Careers in Insurance
Careers in Insurance! Ooh...there are not so many out there! If you think so, then you are wrong! Well, these kind of jobs require you to think out of the box, everybody can follow the norms and take up jobs that pay the best- like a doctor, engineer and software professionals. But how about being a little different and opting for the financial sector?
Finance sector would mean being an insurance agent also called a broker, customer service executive or even a mathematician. Wow, that is a whole different world to deal with out there, so give it a shot and strive for it.
Job opportunities
You can be what you want to be, just take a look at all the available jobs available in the field of insurance.
1. Benefits Claim Manager
The benefits claim manager is handles the responsibility of supervising the entire process of the insured making claims. He/she examines in details the claim paper submitted and investigating the details of the claim made. He acts as a liaison between the producers, claims examiner and the client. His duties will include training a new personnel, he/she will often act as a customer relations advocate. Maintaining claim histories of several clients is definitely a part of their job.
His qualification : You need to have a baccalaureate degree for this post, with an additional prior experience in insurance management would be just fine.
2. Marketing Representatives
A marketing representative will work in all lines of the insurance field like quoting, underwriting and business lines. He is responsible for completing applications for any new applications, billing orders, processing applications for cancellations. They help the client realise the importance of the correct policy that suits their needs. Last but not the least they conduct an audit for all client insurance policies.
His qualification : A baccalaureate degree with knowledge of the insurance fields can really prove helpful. In addition to this if the individual is well aware of policy documents and coverages can give him the required impetus in the field.
3. Actuary
This is a position that you can get in the insurance company itself, although this is a post that comes only to the experienced. He or she is a highly respected figure in the company, as they deal with statistical, mathematical calculations and financial data. The mathematical calculations involve the event of future payments made in the insurance plan. He will then be in a position to estimate the rate of premium to be charged based primarily on the risk involved in the event.
His qualification : He must possess sharp skills as regards mathematic calculations. Preferably a baccalaureate degree in finance or actuarial science can benefit the post immensely.
Finance sector would mean being an insurance agent also called a broker, customer service executive or even a mathematician. Wow, that is a whole different world to deal with out there, so give it a shot and strive for it.
Job opportunities
You can be what you want to be, just take a look at all the available jobs available in the field of insurance.
1. Benefits Claim Manager
The benefits claim manager is handles the responsibility of supervising the entire process of the insured making claims. He/she examines in details the claim paper submitted and investigating the details of the claim made. He acts as a liaison between the producers, claims examiner and the client. His duties will include training a new personnel, he/she will often act as a customer relations advocate. Maintaining claim histories of several clients is definitely a part of their job.
His qualification : You need to have a baccalaureate degree for this post, with an additional prior experience in insurance management would be just fine.
2. Marketing Representatives
A marketing representative will work in all lines of the insurance field like quoting, underwriting and business lines. He is responsible for completing applications for any new applications, billing orders, processing applications for cancellations. They help the client realise the importance of the correct policy that suits their needs. Last but not the least they conduct an audit for all client insurance policies.
His qualification : A baccalaureate degree with knowledge of the insurance fields can really prove helpful. In addition to this if the individual is well aware of policy documents and coverages can give him the required impetus in the field.
3. Actuary
This is a position that you can get in the insurance company itself, although this is a post that comes only to the experienced. He or she is a highly respected figure in the company, as they deal with statistical, mathematical calculations and financial data. The mathematical calculations involve the event of future payments made in the insurance plan. He will then be in a position to estimate the rate of premium to be charged based primarily on the risk involved in the event.
His qualification : He must possess sharp skills as regards mathematic calculations. Preferably a baccalaureate degree in finance or actuarial science can benefit the post immensely.
How Insurance Works
The irony surrounding insurance is that it is something you purchase hoping never to use it in your lifetime. The only reason you buy is to protect yourself from unpredicted losses that is difficult to overcome-a lawsuit threatening to wipe out your savings, a fire that may destroy your home, the accident that you wish would never take place.
Hence it's not surprising as to why people are not keen to understand how insurance works. But still there are some who want to have a little bit of information about insurance especially when it comes to buying one or filing a claim. So continue to read to understand how insurance works and how premiums are decided.
A better understanding on Insurance
An insurance policy is a legal contract that is established between your insurance company and you. In the document there are certain conditions that need to be agreed upon by both the parties and duly signed on the paper. You as the insured have to pay a particular amount to the company called the premium and the company promises to cover you for particular losses. Insurance forms will differ from company to company and the form will specifically mention what is covered and what is not.
All about Insurance Premium
The amount that is charged by your insurance company to actively cover you is called the insurance premium. Insurance premiums can vary among many insurance providers for the same service, hence the need to get several quotes before considering any insurance policy. The cost of any insurance premium is based on statistics rather than individual history or habits. Premiums consists of 3 components that you need to be aware of:
1. Mortality charges: This is incurred by the insurance company to cover for risk of death of the insured. These expenses differ from individual to individual and the sum assured-it is high for a high age including sum assured.
2. Administration and sales expenses: Insurance companies incur these expenses for operational purposes and retrieved from the premiums paid by you.
3. Savings component: A portion of your premium is invested by the life insurance company in many investment routes like bonds, equities and government securities forming your savings component.
Insurance Underwriters-Their role
Who do you think writes down all the conditions, terms and price of insurance policies after assessing various factors? You guessed it right, the Underwriters. Insurance is about risk and up to what level the insurance companies are prepared to take while offering cover. Underwriting requires a great amount of cautious analysis and tremendous skill. In some cases, statistical data is collected and rating cards are produced. Put the information into the rating system and premiums and insurance terms are generated automatically. Underwriters generally specialise in one particular area like general insurance (travel, household, pet or motor) commercial insurance, life insurance or a specific sector like aviation or power utilities.
Hence it's not surprising as to why people are not keen to understand how insurance works. But still there are some who want to have a little bit of information about insurance especially when it comes to buying one or filing a claim. So continue to read to understand how insurance works and how premiums are decided.
A better understanding on Insurance
An insurance policy is a legal contract that is established between your insurance company and you. In the document there are certain conditions that need to be agreed upon by both the parties and duly signed on the paper. You as the insured have to pay a particular amount to the company called the premium and the company promises to cover you for particular losses. Insurance forms will differ from company to company and the form will specifically mention what is covered and what is not.
All about Insurance Premium
The amount that is charged by your insurance company to actively cover you is called the insurance premium. Insurance premiums can vary among many insurance providers for the same service, hence the need to get several quotes before considering any insurance policy. The cost of any insurance premium is based on statistics rather than individual history or habits. Premiums consists of 3 components that you need to be aware of:
1. Mortality charges: This is incurred by the insurance company to cover for risk of death of the insured. These expenses differ from individual to individual and the sum assured-it is high for a high age including sum assured.
2. Administration and sales expenses: Insurance companies incur these expenses for operational purposes and retrieved from the premiums paid by you.
3. Savings component: A portion of your premium is invested by the life insurance company in many investment routes like bonds, equities and government securities forming your savings component.
Insurance Underwriters-Their role
Who do you think writes down all the conditions, terms and price of insurance policies after assessing various factors? You guessed it right, the Underwriters. Insurance is about risk and up to what level the insurance companies are prepared to take while offering cover. Underwriting requires a great amount of cautious analysis and tremendous skill. In some cases, statistical data is collected and rating cards are produced. Put the information into the rating system and premiums and insurance terms are generated automatically. Underwriters generally specialise in one particular area like general insurance (travel, household, pet or motor) commercial insurance, life insurance or a specific sector like aviation or power utilities.
Workers Compensation Insurance
Every employer has a legal responsibility to provide a safe workplace to their employees. But accidents are bound to take place even when all the safety measures are taken. It becomes crucial to protect employers themselves from various lawsuits that result from such workplace accidents.
Compensation and medical care for lost income due to workplace accidents are offered to employees who are hurt in these accidents. Hence businesses are required to buy workers compensation insurance. This insurance will cover workers who are injured on job whether workplace premises or elsewhere or in auto accidents while on business.
Workers compensation offers payments to injured employees without considering the fact who's to blame for the accident, for rehabilitation and medical services.
It also offers death benefits to surviving dependents and spouses.
Many individuals are considered as workers for workers compensation purposes, where the law terms them as 'deemed workers'. All those who are deemed as workers must possess a workers compensation insurance. Deemed workers are:
Contractors
Mine employees
Workers at place of pickup
Rural workers
Fire fighters
Salepersons, collectors,
When a worker is injured on the job, he/she should contact the employer or supervisor who provides a claim form. The form is used to describe the injuries as to where, how and when it occurred. Then the completed form is returned to the employer which is sent to the state compensation insurance fund. Then the worker receives the benefits he/she may be entitled to.
Companies offering workers compensation insurance
1. Workers Compensation Consulting
L1, 51-53 Chandos St St Leonards NSW 2065
ph: (02) 8436 6222
2. CGU Workers Compensation
12/ 607 Bourke St Melbourne VIC 3000
ph: (03) 9628 1444
3. Workers Compensation Advice
PO Box 826 Spring Hill QLD 4000
ph: (07) 3216 1222
4. OAMPS Workers Compensation
Lvl 1 25 Grose St North Parramatta NSW 2151
ph: (02) 8838 5700
5. Workers Compensation Risk Management
Suite 201/ 19 Crinan St Hurlstone Park NSW 2193
ph: (02) 9559 6200
6. CGU Workers Compensation (Vic) Limited
Level 5, 477 Collins St Melbourne VIC 3000
ph: 1800 066 204
7. FAI Workers Compensation (NSW) Ltd
8 Spring St Sydney NSW 2000
ph: (02) 9844 0500
8. QBE Workers' Compensation (NSW) Limited
Level 3 134 King St Newcastle NSW 2300
ph: (02) 4927 3777
9. Total Workers Compensation Management
5 Frederick St Kotara NSW 2289
ph: (02) 4967 3661
10. WCD Workers Compensation Solutions
76 Ologhlen St Latham ACT 2615
ph: (02) 6161 0710
11. A Workers Compensation Advice QLD
Fortitude Valley QLD 4006
ph: 1800 116 162
12. Gallagher Bassett Services Workers Compensation Vic Pty Ltd
Locked Bag 3570, GPO Melbourne VIC 3001
ph: (03) 9297 9000
13. Local Government Association Workers Compensation Scheme
16 Hutt St Adelaide SA 5000
ph: (08) 8235 6460
14. A Worker Compensation & Motor Accident Injury Centre
Cnr Hassall & Wigram Sts Parramatta NSW 2150
ph: 1300 138 981
Compensation and medical care for lost income due to workplace accidents are offered to employees who are hurt in these accidents. Hence businesses are required to buy workers compensation insurance. This insurance will cover workers who are injured on job whether workplace premises or elsewhere or in auto accidents while on business.
Workers compensation offers payments to injured employees without considering the fact who's to blame for the accident, for rehabilitation and medical services.
It also offers death benefits to surviving dependents and spouses.
Many individuals are considered as workers for workers compensation purposes, where the law terms them as 'deemed workers'. All those who are deemed as workers must possess a workers compensation insurance. Deemed workers are:
Contractors
Mine employees
Workers at place of pickup
Rural workers
Fire fighters
Salepersons, collectors,
When a worker is injured on the job, he/she should contact the employer or supervisor who provides a claim form. The form is used to describe the injuries as to where, how and when it occurred. Then the completed form is returned to the employer which is sent to the state compensation insurance fund. Then the worker receives the benefits he/she may be entitled to.
Companies offering workers compensation insurance
1. Workers Compensation Consulting
L1, 51-53 Chandos St St Leonards NSW 2065
ph: (02) 8436 6222
2. CGU Workers Compensation
12/ 607 Bourke St Melbourne VIC 3000
ph: (03) 9628 1444
3. Workers Compensation Advice
PO Box 826 Spring Hill QLD 4000
ph: (07) 3216 1222
4. OAMPS Workers Compensation
Lvl 1 25 Grose St North Parramatta NSW 2151
ph: (02) 8838 5700
5. Workers Compensation Risk Management
Suite 201/ 19 Crinan St Hurlstone Park NSW 2193
ph: (02) 9559 6200
6. CGU Workers Compensation (Vic) Limited
Level 5, 477 Collins St Melbourne VIC 3000
ph: 1800 066 204
7. FAI Workers Compensation (NSW) Ltd
8 Spring St Sydney NSW 2000
ph: (02) 9844 0500
8. QBE Workers' Compensation (NSW) Limited
Level 3 134 King St Newcastle NSW 2300
ph: (02) 4927 3777
9. Total Workers Compensation Management
5 Frederick St Kotara NSW 2289
ph: (02) 4967 3661
10. WCD Workers Compensation Solutions
76 Ologhlen St Latham ACT 2615
ph: (02) 6161 0710
11. A Workers Compensation Advice QLD
Fortitude Valley QLD 4006
ph: 1800 116 162
12. Gallagher Bassett Services Workers Compensation Vic Pty Ltd
Locked Bag 3570, GPO Melbourne VIC 3001
ph: (03) 9297 9000
13. Local Government Association Workers Compensation Scheme
16 Hutt St Adelaide SA 5000
ph: (08) 8235 6460
14. A Worker Compensation & Motor Accident Injury Centre
Cnr Hassall & Wigram Sts Parramatta NSW 2150
ph: 1300 138 981
Pet Insurance
Many families love to keep pets as they bring companionship, security and love to a home. Pets are loyal and offer great company when needed and all they ask in return is food and shelter. And hence it becomes necessary on behalf of the pet owner to provide excellent veterinary care to their pet-whether it is an emergency care or a routine check up.
Here the role of pet insurance comes to the fore. A pet insurance will pay veterinary costs when your pet gets injured in an accident or is ill. In fact there are some policies which pay out if your pets gets stolen/lost or if it dies. The main purpose of having a pet insurance is to lower the risk of incurring expenses to treat injured or ill pets.
There are basically two types of pet insurance that pet owners should seriously pay heed to-pet health insurance and pet liability insurance.
Many pet owners are opting for pet health insurance to protect themselves from the high cost of pet care.This pet insurance offers coverage for costs for medical care arising due to illness as well as the costs of routine health check-up. This type of pet insurance offers coverage for:
Immunisations and vaccinations
Pet hospitalisation
Surgeries
Prescribed medications
Laboratory Fees
Neutering and Spaying
The only reason pet liability insurance should be considered is for the fact that dogs bite. So if your pet is a dog, then buying this insurance is important. Also this insurance protects all those who are around the pet at all times. This means protecting relatives and friends from the costs arising due to a pet-related injury.
Companies offering pet insurance
1. Petstock
909 La Trobe St Ballarat VIC 3350
ph: (03) 5336 1788
2. The Pet Company
765 Capricorn Hwy Gracemere QLD 4702
ph: (07) 4933 1600
3. Pet Cafe
660 Oxley Rd Corinda QLD 4075
ph: (07) 3379 3188
4. Pet City
224 Wishart Rd Mt Gravatt QLD 4122
ph: (07) 3349 2086
5. Pet Force
197 Morayfield Rd Morayfield QLD 4506
ph: (07) 5498 3167
6. Pet HQ
251- 255 Ross River Rd Aitkenvale QLD 4814
ph: (07) 4779 2330
7. Pet Hypermarket Pty Ltd
1834 Sandgate Rd Virginia QLD 4014
ph: (07) 3865 3967
8. Pet Love
329 Moreland Rd Coburg VIC 3058
ph: (03) 9386 8466
9. Pet Magic
Shop 8/ 1500 Albany Hwy Cannington WA 6107
ph: (08) 9458 1970
10.Pet Maniacs
731 High St Thornbury VIC 3071
ph: (03) 9416 7600
11. Pet Perfection
Shop 34,Marsden Park Shopping Centre Chambers Flat Road Marsden QLD 4132
ph: (07) 3200 8069
12. Pet Panache
Shop 8/ 47 Olinda-Monbulk Rd Olinda VIC 3788
ph: (03) 9751 2144
13. Pet Superstores Pty Ltd
266 Stafford Rd Stafford QLD 4053
ph: (07) 3352 4000
14. Best Pet
173 Sixth Ave Royston Park SA 5070
ph: (08) 8362 8300
15. Club Pet
Unit 1 263- 271 Wells Rd Chelsea Heights VIC 3196
ph: (03) 9773 0600
Here the role of pet insurance comes to the fore. A pet insurance will pay veterinary costs when your pet gets injured in an accident or is ill. In fact there are some policies which pay out if your pets gets stolen/lost or if it dies. The main purpose of having a pet insurance is to lower the risk of incurring expenses to treat injured or ill pets.
There are basically two types of pet insurance that pet owners should seriously pay heed to-pet health insurance and pet liability insurance.
Many pet owners are opting for pet health insurance to protect themselves from the high cost of pet care.This pet insurance offers coverage for costs for medical care arising due to illness as well as the costs of routine health check-up. This type of pet insurance offers coverage for:
Immunisations and vaccinations
Pet hospitalisation
Surgeries
Prescribed medications
Laboratory Fees
Neutering and Spaying
The only reason pet liability insurance should be considered is for the fact that dogs bite. So if your pet is a dog, then buying this insurance is important. Also this insurance protects all those who are around the pet at all times. This means protecting relatives and friends from the costs arising due to a pet-related injury.
Companies offering pet insurance
1. Petstock
909 La Trobe St Ballarat VIC 3350
ph: (03) 5336 1788
2. The Pet Company
765 Capricorn Hwy Gracemere QLD 4702
ph: (07) 4933 1600
3. Pet Cafe
660 Oxley Rd Corinda QLD 4075
ph: (07) 3379 3188
4. Pet City
224 Wishart Rd Mt Gravatt QLD 4122
ph: (07) 3349 2086
5. Pet Force
197 Morayfield Rd Morayfield QLD 4506
ph: (07) 5498 3167
6. Pet HQ
251- 255 Ross River Rd Aitkenvale QLD 4814
ph: (07) 4779 2330
7. Pet Hypermarket Pty Ltd
1834 Sandgate Rd Virginia QLD 4014
ph: (07) 3865 3967
8. Pet Love
329 Moreland Rd Coburg VIC 3058
ph: (03) 9386 8466
9. Pet Magic
Shop 8/ 1500 Albany Hwy Cannington WA 6107
ph: (08) 9458 1970
10.Pet Maniacs
731 High St Thornbury VIC 3071
ph: (03) 9416 7600
11. Pet Perfection
Shop 34,Marsden Park Shopping Centre Chambers Flat Road Marsden QLD 4132
ph: (07) 3200 8069
12. Pet Panache
Shop 8/ 47 Olinda-Monbulk Rd Olinda VIC 3788
ph: (03) 9751 2144
13. Pet Superstores Pty Ltd
266 Stafford Rd Stafford QLD 4053
ph: (07) 3352 4000
14. Best Pet
173 Sixth Ave Royston Park SA 5070
ph: (08) 8362 8300
15. Club Pet
Unit 1 263- 271 Wells Rd Chelsea Heights VIC 3196
ph: (03) 9773 0600
Why do you need insurance?
Many people wonder why it is so important to have an insurance policy? To make a simple statement, life today is unpredictable! You may be traveling to visit the most exotic locale and God forbade you meet with a fatal accident! Then how do you support the family that is dependent on you. You may be a hale and hearty individual entering the threshold of old age, you may get an unexpected heart attack. In such worse case scenarios it always helps to be equipped with an insurance document that helps your family get some financial assistance to begin with. Every valuable asset you possess like your car, household contents of value all are subject to being insured. It purely means that you can retain the value of money spent on it. Insurance has been prevalent in the market for too long hence there have been more job avenues opened for job seekers looking at varied choices at work.
Insurance Information Institute
The Insurance Information Institute ("i.i.i.") is a US industry organization which exists "to improve public understanding of insurance -- what it does and how it works."[1] The I.I.I. Web site provides information for consumers, the media, researchers and the general public on a wide range of topics, including automobile insurance, homeowners insurance, life insurance, annuities, health insurance, long-term care insurance and disability insurance. The Web site also contains papers, presentations and factsheets that focus on financial results, catastrophes, climate change and other key issues the insurance industry faces. In addition, a number of publications can be purchased via the I.I.I. store, including the Insurance Fact Book, the Financial Services Fact Book, Insuring Your Business, the Insurance Handbook for Reporters and a wide variety of brochures, including 12 Ways to Lower Your Homeowners Insurance Costs.
Sunday, April 5, 2009
The Ten Highest Yielding Life Insurance Companies
There has been a lot of negative news affecting the banks, mortgage companies and, to a lesser extent, investment brokerage firms, such as the sub-prime debacle, increasing foreclosures, rising interest rates, and a glut of real estate inventory.
However, in the financial services industry, there has been a group that is somewhat overlooked, the life insurance companies. There will obviously be some exposure to the sub-prime problems, but not to the extent of the banks and mortgage companies. Fortunately, there are about ten life insurance companies that pay dividends of more than 1%.
The following are the top ten by yield sorted by highest to lowest:
Prudential plc (PUK), which trades on the New York Stock Exchange, is the London-based insurance and financial services company, not to be confused with the American-based Prudential Financial Inc. (PRU). Prudential plc is primarily involved in the business of life insurance, pensions, and annuities, but it also provides mortgage banking services. It has a P/E of 39, a PS of 0.97, and a yield of 3.1%.
Presidential Life (PLFE), which trades on the NASDAQ, is a Nyack, New York-based firm which provides various types of insurance products including graded benefit life insurance, universal life, whole life, term life, single premium annuities, single premium deferred annuities, single premium immediate products, flexible premium annuities and group terminal funding annuities. It has a P/E of 9.95, and a yield of 2.9%.
Sun Life Financial (SLF), which trades on the New York Stock Exchange, is a Canadian-based life, and health insurance company which also provides savings, retirement, and pension products. It has a P/E of 14.35, a price earnings to growth ratio of 1.29, and a yield of 2.4%.
Lincoln National (LNC), is another NYSE-traded life insurance company which provides a yield of 2.4%. It has a P/E of 12.18, and a PEG of 1.13.
Manulife Financial Corp. (MFC), is a life insurance firm which trades on the NYSE. The stock is generating a yield of 2.1%. It has a P/E of 15.62, and a PEG of 1.25.
Protective Life (PL), trades on the NYSE, and produces a yield of 2%. The P/E for this life insurer is 10.6, and the PEG is 1.26.
American National Insurance (ANAT), is a NASDAQ-traded insurance company which has a yield of 1.9%. It has a P/E of 14.99.
Nationwide Financial Services (NFS), is a provider of various types of annuity products along with life insurance. This NYSE-traded company has a P/E of 11.5, a PEG of 1.37, and a yield of 1.7%.
FBL Financial (FFG), offers life insurance, annuities, and property and casualty, insurance products. It has a P/E of 13.09, a PEG of 1.3, and a yield of 1.3%.
Genworth Financial (GNW), provides life, health, and long term care insurance products, along with investment products. The stock has a P/E of 11.28, a PEG of 0.93, and a yield of 1.1%.World Insurance Companies
People want to feel safe and protected. We want to feel that someone big and strong is on our side, backing our steps. Especially when talking about finance.
Dealing with a big company can give us the sense of satisfaction. This doesn’t always have to be the right choice – small companies can sometimes better partners than big international players. However, it’s good to know who the leaders in the field of our interest are.
In times of mergers, absorbs and split-offs it’s not always easy to keep track of the top players. That’s why we would like to present the Top 10 World Insurance Companies.
| Position | Global position (all industries) | Company | Country | Sales (USD bil.) | Profits (USD bil.) | Assets (USD bil.) | Market value (USD bil.) |
|---|---|---|---|---|---|---|---|
| 1 | 9 | ING Group | Netherlands | 197.93 | 12.65 | 1932.15 | 75.78 |
| 2 | 14 | Allianz | Germany | 139.12 | 10.9 | 1547.48 | 80.3 |
| 3 | 18 | AIG Group | USA | 110.06 | 6.2 | 1060.51 | 118.2 |
| 4 | 20 | AXA Group | France | 151.7 | 7.75 | 1064.67 | 70.33 |
| 5 | 62 | Generali Group | Italy | 102.16 | 3.17 | 486.43 | 60.79 |
| 6 | 65 | Zurich Financial Services | Switzerland | 55.05 | 5.63 | 387.67 | 45.76 |
| 7 | 70 | Munich Re | Germany | 67.57 | 5.63 | 306.03 | 37.34 |
| 8 | 73 | MetLife | USA | 53.01 | 4.32 | 558.56 | 41.32 |
| 9 | 91 | Manulife Financial | Canada | 33.08 | 4.01 | 178.58 | 59.18 |
| 10 | 101 | Aviva | United Kingdom | 81.83 | 2.65 | 633.91 | 31.9 |
Among some other top lists we used Forbes Global 2000 special report as a source, because it provides the best comparison, based not only on a single indicator, but it uses combination of four different characteristics: sales, profits, assets and market value. This allows the final list to be more complex and representative. All figures are the latest available.
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