Essays on Insurance Industry

An issue that has been a main concern in politics has been climate change and of course global warming. Everyone wants to know if the activities of humans are changing the climate. They also want to know if it is possible they will encounter more serious disasters. However, it is difficult to provide answers as their concerns are quite challenging to those who are responsible for solving them. But it is important for all those that have concerns to understand that many new things are happening that were not predicted in the early 20th century. This is why I ...

Executive Summary

The report comprises of two main tasks that are financial ratio analysis and distress analysis to determine and evaluate the financial performance of HSBC. The case study is prepared to analyze the financial conditions of HSBC. HSBC Bank Plc. is one of the largest financial services providers in the world. HSBC operates in Finance and Insurance industry that is highly competitive in the global market. The decline in values of current ratio, quick ratio, and cash ratio reveals that the company did not succeed in maintaining stability in its financial position, but the decrease of 0.02 and 0.01 is ...

Saudi Arabia is one of the richest country in the world, specifically because of its oil-rich land which drives its economy. It has also one of the highest per capita income in the world. In 2008, the per capita income was estimated to have been US$ 24,000. Along with its economic and financial growth, the country has also invested largely in healthcare services, specifically for its constituents. As a testament to such, the World Health organization has ranked Saudi Arabia 25th, out of 190 countries (The Patient Factor, n.d.). The country first forayed into public health in 1925. ...

Introduction

Throughout this discussion, we will analyze the history of life insurance companies, any major events which impacted the life insurance industry, including the Great Recession of 2007 which lasted for two years, rules or regulations proposed by Congress that govern the present operation of life insurance companies, including any changes of insurance laws, the current Presidential candidates plan on implementing for the life insurance industry and future expectations of the operational life insurance environment.

History

The life insurance industry began in the ancient city of Rome around 100 B.C. The Roman militant leader named Caius Marius, had created a certain ...

Financial Institution Supervision: Insurance Companies

Introduction Insurance, in the simplest terms, means a transference of risk from the insured to the insurer. Around the world, individuals, families and businesses take advantage of the provisions of insurance so as to protect the possibilities of catastrophic losses that could occur due to loss of life or failure of a business. Over a period of time, the insurance industry has matured to throw up a multitude of products, and has grown into a multibillion-dollar industry. The management of risk is the key to the operations of the insurance industry. While insurance agencies have necessary internal checks and ...

Introduction to Mongolian Financial Institution System

Introduction Following seven decades of communist rule, Mongolia adopted democracy in 1990, closely followed by a shift to a market economy (Wagner). The transition has been beset with turmoil, and the Mongolian financial system has undergone crises in ‘1994, 1998 and 1999’ (ADB), primarily due to the government’s predilection of interfering in the lending policies of banks and directing credit to poorly performing enterprises. More recently, the global financial crisis of 2008 and a drop in copper prices triggered another financial crisis in Mongolia, prompting the government into entering a standby arrangement with the IMF till 2010. The ...

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External analysis (Porter’s Five Forces) Risk of Entry By Potential Competitors In the insurance industry, one important indicator for its attractiveness to new players is insurance density, which is the average amount of insurance premium paid per capita. The US is sixth in the world with $5,965 with Canada and Luxembourg having $ 57,520 and $11,174. In terms of penetration, which is the ratio of the total premiums held in the country to its GDP; the US has 11% which is again 6th in the world. In comparison, Luxembourg and Ireland has 44% ...

Health Economics

Answer 1)

i) The maximum price which Celgene should spend is the intersection point of demand curve and marginal cost, as any consideration above this point will be above his ATC, and will bring losses for the firm.

Answer 2)

i) Annual Revenue of top four companies : 130+74+58+49= $311 Billion Total Revenue of all the companies in the industry: 130+74+58+49+34+17+14+13+10+271=$670 Billion Four-Firm Concentration Ratio: 311/670= 46.41%

ii) HHI: Note: HHI = Sum of square of market share of all the firms iii) As a basic rule, Justice Department always ...

Introduction

Transgressive system tracts [TST]

It is formed by the rise in sea level over the shelf edge and the general conditions of the transgressions. Sediment deposited on the shelf and slope sedimentation moves toward the continent as a transgressive series. TST presented retrogradatsionnym package parasikvensov characterizing transgression as the shelf and in the coastal lowlands. In zashelfovoy area due to lack of precipitation formed clay-fused incision [condensed-section deposits]. The foot of the front surface is called transgressive [transrgessive surface]. It represents the maximum flooding surface, which marks the beginning of transgression, reflected in a shift of the coastline in the ...

Choosing a career in a rapid developing era like ours is a serious challenge to face. Surely, there are a lot of business areas that are very popular and profitable nowadays – for instance, Information Technology, Banking, Manufacturing and so on. We have become a generation of consumerism and every day each of us buy more and more products and property. It results in a growing fear to lose all this, and of course the main personal value – health, as today’s business environment requires a lot of energy and hard work. Undoubtedly, more people try to insure their private property and life. Having quite a ...

Modernization of finance industry through the use of information technology (IT) is one of the important and most convenient developments in the insurance industry. However, with the risks attached to IT, the finance industry is currently facing the challenges of security breaches which affected the growth of some companies and the industry per se. This paper will discuss the IT issues confronting the industry, how it is likely to be resolved, and the future of the finance sector. Media organizations have reported various data breaches cases that affected the finance industry in the past few years. Martha C. ...

Organization Background

Today knowledge management is very important for organizations to survive in a dynamic business environment. Knowledge management is considered as one of the important functions which needs plan, organize the activities and motivate and control the human resources to improve the overall productivity of the organization. GS (Global Software) Ltd. is a New York based software development and consultancy company which provides software solutions to banking and insurance companies all over the United States. It is having one thousand employees working in 12 offices in 4 major cities New Jersey, Washington, Chicago and head office in New York. GS Ltd. ...

Introduction

Chubb Corporation (listed as Chubb), a 130 year old entity has been through many suns and shines. This company began operations in marine insurance sector in the US, has evolved today into a Fortune 500 company(Ranked 202, in 2013), listed on the NYSE since 1967 and been there ever since. Chubb Corporation’s umbrella of subsidiaries spans the latitudinal lengths and longitudinal breadths of four continents, has more than 10,000 employees on its payroll. Further, the organisation is voluntarily supported by around 8500 insurance brokers and independent agents (IA), who make up the entire sales force. These huge ...

Business Culture Inside and Out

Book Review: Reflective Reaction on the Compare and Contrast of Readings Introduction Business is business, the new world tends to define business as something that is rather considered more as an institution that tends to bring better culture and better opportunities to members of the society. However, when it comes to the actual value of business, the industry of commerce defines business as a machine that brings in the different resources altogether to create a system that tends to manipulate operations for the sake of earning more money and gaining more profit from whatever could be gained from what ...

INSURANCE FRAUD

EXECUTIVE SUMMARY Insurance fraud is the term used for explaining the misrepresentation that the individuals or a group of people make so that they can avail more benefits from the insurance companies to which they are actually not entitled too. The transparency in the representation is important for securing the rights and overburdening the company from the claims which have actually not taken place. The insurance companies take different measures for protecting the rights and ensuring that they are protected from the insurance fraud. For this the rules and regulations are implemented using which they sometimes protect themselves from ...

Insurance Claim Rejection in the Middle East

Abstract The rejection of insurance claims is quite rampant in the Middle East. Private health insurance is necessary for the millions of the expatriates who live in the Middle East. In the UAE, there is no comprehensive data on the rejection of claims. This study seeks to determine the prevalence of the rejection of health insurance claims in the UAE. This will be done by obtaining data from the health information management system at the hospital where the researcher works as a hospital manager. Data will also be obtained from the e-claim system. The data that will be obtained ...

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AIG has been among the leading companies in the insurance industry ranked 14th in the Fortune 500 companies, operating over a decade globally offering various insurance options for companies and individuals including 98% of the Fortune 500 companies, 96% of Fortune 1000, and 90% of Fortune Global 500, and insures 40% of Forbes 400 Richest Americans. With a strong history and reputation in the industry and persistent operations around the world, AIG was believed to be resistant to any crash or collapse. Huge amount of funds in terms of institutional investors, mutual funds, pension ...

Abstract

US insurance industry is subject to various changes ranging from technological advance to consumer behavior change. In that respect, firms’ performance and competitiveness are dependent on their operations and marketing efficiency. In that view, the analysis has sought to demonstrate different approaches that firms apply in marketing their products and addressing market changes. To begin with, the industry has been identified to have been marked by increased spending as firms seek to attract more customers. In addition, consumer behaviors have changed from consideration of only the leading brands to also including the others in their evaluation process. In that ...

- Introduction to the Issue The Terrorism Risk Insurance Act (TRIA) was established for the primary purpose of ensuring “the continued financial capacity of insurers to provide coverage for risks from terrorism” . The Act was originally passed on January 23, 2002 after the destructive effects of the September 11, 2001 terrorist attack on the Twin Towers. The gigantic losses sustained by the US economy necessitated urgent measures to mitigate terrorism risks and to spread the potential losses in future events of similar nature. The TRIA, which had stipulated initial termination date of December 31, 2005 was extended initially ...

Sussex Insurance Company was founded in 1976 and since then had established itself as an advanced and competitive leader in the insurance industry in British Columbia. During that year, the company opened its first location in North Vancouver on West 3rd Street. In 1989, Sussex insurance successfully progressed to introduce the franchising concept to the insurance industry in British Columbia. It subsequently opened the first franchising office on Granville Street in Vancouver. Currently, the company operates as a group in more than forty locations in British Columbia, with more offices opened in Albert in 2013. The company vision is “ ...

Thesis Outline: Reforming Workers Compensation:

Faisal A. Al-Kadhi Chapter I: The Problem Introduction-Statement of the Problem This research study will analyze the impact various components of California’s workers compensation law (Senate Bill 863). The Bill was introduced to the people of California as a reform of workers’ compensation. The result was supposed to give more fair and equitable treatment to injured workers. Workers’ compensation is a complex issue not only because of the countless number of injuries the law encompasses but also due to the large number of stakeholders. Major groups of stakeholders include (a) the California state government, (b) labor unions, (c) doctors ...

AN EXPLORATORY ANALYSIS OF SENATE BILL 863

Requirements for the Masters in Public Policy and Administration Degree The thesis of is approved by __________________________________

Chairperson

ABSTRACT California’s (CA) legislature has passed a series of Workers Compensation (WC) reforms during the past 15 years; the most recent, Senate Bill (SB) 863 passed on August 21, 2012. SB 863 was introduced and presented to the California public as a reform bill that would ensure better coverage and easier medical access for workers injured on the job. SB 899 passed during the early 2000s was shown to be better for California’s workers, than SB863. ...

Following the American Psychological Association’s Guidelines

Educational Institution CAR TRACKING DEVICES AND THE EFFECT ON car insurance PREMIUMS Introduction Insurance is an agreement where the insurer (company) agrees to pay to the policyholder (individual or company) a certain amount to compensate for loss in the event of the occurrence of an uncertain event (Feldman and Brown, 2005). Insurance coverage transfers the risk of loss from an event occurring in exchange for the payment of a fixed amount of money called the insurance premium. Risk recognition is a factor in determining the amount of premiums that would be paid by the policyholder. Premium computation takes into ...

My opportunity to engage in small talk, in a business environment, happened coincidentally. I happened to pass by the Jubilee insurance company offices late last month. My engagement there was to check on the status of my mother’s medical cover, which she feared expired. The insurance industry always fascinates me, and a chance to interact with such a firm either on a general level or intimately was a chance I relish. In the elevator, I chanced to meet a man who looked senior to the firm, judging from his demeanor and slightly graying hair. He looked approachable if the amiable smile he wore on ...

The U.S has the most expensive healthcare system in the world. However, it is puzzled with issues ranging from inefficiencies, inflated prices, excessive administrative expenses, inappropriate care, fraud, and waste. These issues are caused by a considerable lack of quality. However, of these issues I presume that major ones require immediate attention, while the minor ones require long-term solutions. Arguably, the country’s largest economic sector is healthcare which accounts for approximately $2.1 trillion in annual expenses. Yet, thousands of Americans cannot afford good healthcare services, and needs. Despite spending that entire amount in healthcare, serious issues regarding quality of ...

Thesis Outline: Reforming Workers Compensation:

Chapter I: The Problem Introduction-Statement of the Problem This research study will analyze the impact various components of California’s’ Senate Bill 863 the workers compensation law. The Bill was introduced to the people of California as a reform of the workers’ compensation. The result was supposed to give more fair and equitable treatment to injured workers. Workers’ compensation is a complex issue not only because of the countless number of injuries the law encompasses but also to the large number of stakeholders. Major groups of stakeholders include (a) the California state government, (b) labor unions, (c) doctors and other health ...

Comparing Aon Inc. and TRV

Product Markets and Trends Travelers Insurance is primarily engaged in the US insurance markets through its subsidiaries. According to the 10-K forms of the SEC, they face two main elements and activities – the entrance into the insurance markets and undertaking commercial and personal property and casualty insurance products to businesses, government units and individuals. Aon on the other hand, has a split of its assets and resources between Risk Solutions and Human Resource Solutions. The Risk Solutions accounted for about 66% of the total revenue whilst the Human Resource Solutions was responsible for 34% of the firm's revenue ( ...

Should the U.S. provide its citizens with universal access to health care?

Interestingly, the United States is the only industrialized and wealthy nation that is yet to provide free and universal healthcare to its citizens. By far, the US is the Earth’s richest nation. Great Britain, France, and Canada have been able to provide its citizens with universal health care. The current health care situation in the US is affected by restricted access to health care and escalating costs. Insurance coverage currently determines the coverage of US healthcare system (Clarke, & French, 2013). Majority of US citizens are covered ...

President Obama and the Republicans are really engaging in a bitter war against both sides when it comes to the topic of health insurance for Americans. This research paper will discuss the major issues that exist between the Republicans and President Obama with the Affordable Care Act. I will compare the pros and the cons of the new law. I will explore who will benefit from this law in which has been nicknamed as “Obamacare”. Why are the Republicans fighting so hard to stop this law? How much will it cost the government?

Republicans’ stand

There were claims that the Patient Protection ...

Abstract

All parties involved in worker’s compensation have the desire to eliminate fraud. A recent research shows that, fraudulent compensation of workers cost over $5 Billion annually. In California, over 25% of compensation claims are usually falsified, yet an average claim in California goes for almost $65 000. Therefore fraud needs to be avoided because it costs the state a huge amount of money which could have been spent on development projects. Fraud units have been put in place, but they have not been able to eliminate fraud. Worker compensation frauds can be eliminated by putting in place tougher compensation ...

Introduction

Researchers have reported an increase in the health insurance premiums and predict a further increase as time elapses. The family cover charge has been on the rise, increasing by more than $100 annually and the mean extra cover increasing by $30 yearly. According to a study by the Kaiser Family Foundation, the past 13 years have seen rates increase by about 113 percent. The rising rate of premiums can be attributed to the rising health care cost, legislation affecting the health care sector and improving medical technology. The health cover is an essential element in the livelihoods of every family as ...

Mobile and smartphone devices have significantly changed the way people communicate. These devices have ensured that consumers are connected wherever they go and consumers expect and demand immediacy in almost everything (Karimi, 2013). With the growing phenomenon of mobility and the increase in penetration of advanced mobile applications and devices, insurance industry are at the forefront adopting mobile solutions, largely to keep pace with the ever increasing demand for real time services (Karimi, 2013). Insurance industry will increasingly experience the benefits of instant connectivity, and interacting with their prospects and customers in an interactive, speedy and personalized manner.

Some of the examples how insurance industry benefit from using mobile technology include:

- ...

The Korea Auto Insurance Co Inc. case study presents an illuminating and interestingly scenario on how cost allocation plays a role towards the overall assessment of the branch performance. Ideally, the contest in the case study relates to the use of the traditional cost allocation method which is pegged on the revenue amounts against the currently popular activity based cost allocation which considers unique cost drivers for unique situations. This paper seeks to discuss the contest in the context of the Taejon Branch under the able leadership of Jin Kim. The paper shall employ the SWOT analysis approach in the ...

The American International Group (AIG) was started 93 years ago by a person called Cornelius Vander Starr In Shanghai China as a general insurance provider. Since its establishment, AIG has grown to become an excellent insurer. Up to date, AIG is focus on what Cornelius Vander Starr called the knowledge and ability to meet the desires of its clients.

Organizational Structure

The company's organizational structure comprises of chief executive officer, Executive vice president, Senior vice president Chief Operations & Systems Officer, Chief Financial Officer, Chief Operations & Systems Officer, Executive Vice President Investments, Executive Vice President Treasurer, Executive Vice President Chief Risk Officer, Senior Vice ...

Abstract

This report discusses the causes and the negative effects of the insurance market crises. Using some case studies, it suggests a number of solutions to help eliminate or at least reduce the damage caused to global economic crunch and insurance market crisis.

Introduction

The aim of this research is to examine the causes and effects of market insurance crises. This work takes a comprehensive analysis of past crises while exploring how these disasters affect the entire insurance industry, and target market such as increasing liabilities underwritten by insurers. The paper proceeds to explore how the crisis affected insurers’ performance in several markets ...

Introduction

This study, in particular, would tend to gain insight and relevant information on the insurance industry. In order to do so, the history of the insurance would be first taken into consideration. This would significantly help to gain basic information regarding the industry and the target market and target audience of the industry. In addition, the corporate stakeholders of the industry would also be evaluated along with the issues being faced by the stakeholders. For an industry to prosper and flourish in the market, it is essential to take the issues that are being faced by the corporate stakeholders ...

Functions of Australian financial institution 3

Lending and depository functions4 Insurance and pension funds services.5 Creating and providing ownership for financial claims..6 Conclusion..7

Bibliography.8

Introduction The financial system in Australia is composed of set of arrangements that cover both lending and borrowing of funds and transfer of ownership of the financial claims. This financial system have a number of sectors that include credit unions, banks, and building societies all of which are called financial institutions or Authorized Deposit taking Institutions. The other sectors include insurance, payment systems, superannuation, and financial markets. The financial institution in Australia is resilient, sound, and well managed. It ...

Marketing

Introduction Every driver on the Australian roads needs their own protector. Car angel pty Limited provides a solution the drivers in Australia. Marketing refers the process of a marketer communicating the values of the products or services to potential clients. Marketing in Australia covers a vast area and critical to attract customers. It determines the existence of a company or is a failure. Car angel pty Limited must employ qualified marketers with unique marketing qualities. They must convince the motorists to purchase car angel for their safety. They must show the major importance of car angel in reducing the insurance costs(Berry, 2008, ...

Disaster and emergency management have increasingly become challenging in different countries due to increasing complexity, frequency and magnitude of disasters. There are four stages involved in the management of a disaster. These include the mitigations stage prior to the occurrence of the disaster, where various mitigating activities and actions are put in place. Disaster preparedness is the second phase of disaster management, which involves education, outreach programs and trainings to the local communities in planning for disaster. The response phase is the phase after the occurrence of the disaster and involves a response from various involved stakeholders. The final phase is ...

Houston Insurance Holdings is a leading specialty insurer based in Texas, USA. However, its scope of operation extends beyond the United States of America and has offices in the United Kingdom, Spain and Ireland. The insurance company underwrites 100 classes of specialty insurance products in 180 countries around the world. The company has five underwriting segments namely: Professional liability, U.S Property Casualty, Accident and Health and U.S Surety and Credit International. The firm engages in the diverse business portfolio in order to ensure consistent underwriting results irrespective of the market cycles. This has contributed to an impressive performance of ...

Social security is “The theory or practice of providing economic security and social welfare for the individual through government programs maintained by moneys from public taxation.” (Random House) (http://kimberlyh32.hubpages.com/hub/Mandatory-Private-Pension-Systems) While mandatory private pension system is: “personal plans that individuals must join or which are eligible to receive mandatory pension contributions. Individuals may be required to make pension contributions to a pension plan of their choice normally within a certain range of choices or to a specific pension plan.”(OECD Working Party on Private Pensions, 2005) Mandatory private pension system is being adopted in most developed countries. For instance, in Latin America and ...

Anything in your application file which you believe is not indicative of your true ability. If so, explain here why you believe that it is not. The only thing I believe is not of my true ability and actually cannot demonstrate my true qualities and longing to be involved into insurance business is the lack of practical experience and formal education in insurance industry. However, I believe that I will gain all necessary knowledge and preparation for obtaining Master’s while getting my 2-20 license in January. I am an organized and responsible person, so I will definitely ...

In the past, I thought that healthcare was should be the responsibility of the individual without any interference from the state, although on reflection based on my own reading and personal experiences, I have changed my mind. It is clear to me now that all countries have a duty to their citizens to provide healthcare to those who cannot afford it, and that in poor countries like Haiti, the majority of people cannot really obtain healthcare and other basic necessities simply through their own efforts. I agree with Tracy Kidder that “clean water and health care and school and food ...

Cancer Treatment Worldwide

Cancer industry and Big Pharma's effect on treatment and drugs in the United States of America is different from that of other countries’ largely because of its interaction with the United States Food and Drug Administration (FDA) . The United States’ Patent Office also has its share in the problem. Pharmaceutical companies do not want to fund research into a drug that will not pass through the FDA usage guidelines if it will be off patent before it can be sold for cancer treatment , , . A new law, signed in July 2012 will change how the industry views this. While patent ...

Executive summary

This article describes how the National Trade Union Congress 5 Pillars approach addresses critical contemporary issues affecting Singapore employment industry. Singapore caries the indignity of high unemployment and high poverty levels among several residents. These issues challenged the government to come up with a long lasting solution that would regain public confidence. NTUC emerged with an aim of rescuing Singapore from issues related to job market.

With support from NTUC, the government addressed these issues in a way that it assures the population of persistent development and economic stability. In order to support Singapore in industrial development, NTUC launched five pillars ...

Company external environment can be characterized by societal and task characteristics. In the societal environment the insurance industry continue to suffer low growth and pessimistic projections in terms of the level of sales. Therefore, major insurance companies in Europe and in the U.S.A. try to expand its operations into emerging countries, where the industry is less mature and markets are not yet fully saturated (Ernst & Young). In particular, Asia-Pacific promises lucrative opportunities, as their economies continue to expand and the middle-class is growing. While American and European consumers reduce their spending, domestic markets in emerging countries are growing ...

Abstract

This paper seeks to demonstrate the analytical process of determining insurance metrics by evaluating the effects or risks of location (country), type of industry and number of years on key financial metrics. This paper uses the Analysis of Variance approach to determine the effects of the above-mentioned variables on key financial metrics and identifies where these variables have an impact and where they do not. For simplicity, certain assumptions have been taken. These include the exclusion of the possible effect of sampling errors and the effects of other variables that have not been identified. In doing so, this paper ...

Insurance is a vital aspect and an extensive industry in the market. Its main function is to protect against future risks and losses for instance accidents, fire, floods, disability; health related issues, as well as death. It can also be detailed as a financial protection against any risks that may arise in an uncertain future. The insurance industry is wide and covers various areas of the economy for instance transport, health and even businesses among others. Traditionally, insurance has been characterized as covering two types of risk. The first is pure risk, which is one that has only a single chance of ...

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Life Insurance Introduction Insurance is a means to manage the risk of financial losses incurred due to unforeseen events and contingencies. Unforeseen events can be in the form of accident, illness, fire outbreak or loss of life. These incidents are not only emotionally stressfully, but also financially draining. Insurance is critical for protection of the latter. Primarily, there are three components of an insurance agreement, the insurer, the insured and the policy holder. In case of a life insurance policy, the insured and the policy holder are usually the same person. For a home insurance policy, home is insured and ...

Literature review for insurance

Introduction

Insurance is a broad industry in the market that enables people in managing risks associated to various uncertain events. The insurance industry helps in providing cushion against financial losses that result from various uncertain future events such as fire, floods, theft, disability or health related expenses. The insurance industry thus covers different sectors of the economy including the health care sector. Matters dealing with the health of individuals are uncertain and hence insurance helps people to be able to cover medical expenses in the event of an illness. Most of the health insurance industries have different plans to ensure ...