Operation Of Insurance Company – Chapters 5 & 6, Rejda (2014) “People who work for insurance companies do a lot more than just sell insurance.” — Insurance Information Institute
In 2015, insurance companies recorded $4,554 billion in premiums worldwide, with life for 55.6% and non-life for 44.4%. Life insurance increased by 4.0% while non-life increased by 3.6%. About 82.4% of the spending came from developed markets, where about 8.1% of GDP or $3,440 per person was spent on insurance. In emerging markets, an average of only 2.9% of GDP or $135 per person was spent on insurance. On average in the world, 6.2% of GDP goes to insurance. The average cost of insurance per person is $621.2
Operation Of Insurance Company
Volum Premium Change (in %) Global share (in USD million) nominal market 2015 Classified Economy (in USD) (in %) 1 United States 1,316, % % 2 Japan , 3 PR China , 4 United Kingdom , France , Germany , 7 Italy , 8 South Korea , 9 Canada , 10 Taiwan , 19 Hong Kong , 24-3 3
How Works The Pledging A Life Insurance Contract In The Context Of Operations On The Contract
Special measures Change (in %) World share (in USD million) market share 2015 Classification Economy (in USD) (in %) 1 United States USD 552, % % 2 Japan , 3 United Kingdom 214, PR China , France , Italy 145, South Korea 98, Germany, Taiwan, India, Hong Kong, 24–4 4
Volum Premium Change (in %) World share (in million USD) nominal market 2015 Classification Economy (in USD) (in %) 1 United States 763 USD, % 37.81% 2 PR China , 3 Germany , 4 Japan , United Kingdom , France , 7 Canada , 8 Netherlands , 9 South Korea , 10 Italy , 15 Taiwan , 41 Hong Kong , 24-5 5
Economic Index Human GDP GDP per capita (million) (US$ billion) (US$ thousand) United States $18,089 56.3 PR China 1, , Japan , Germany , United Kingdom , France , 7 India , , Italy , Brazil , Canada , 22 Taiwan 34 Hong Kong 24-6
Classification of the Economy Total Life Non-life Business Business Business 1 Cayman Islands $12,619 $12,105 2 Switzerland , $4,078 $3,292 3 Hong Kong 6, , 4 Luxembourg 5, , ,866 5 Finland 4, , 6 Denmark 4, , 7 ,40 ,712 United Kingdom 4, , ,066 9 United States 4, , ,376 10 Taiwan 4, , 53 PR China 24-7
Valuing A Secure Life
Economic Trends Total Life Non-Life Business Business Business 1 Cayman Islands % 0.8% % 2 Taiwan 3 Hong Kong 4 South Africa 5 Finland 6 South Korea 7 Japan 8 Netherlands 9 Great Britain 10 Denmark 40 PR China 24-8
As of 30 September 2016, there are 161 licensed insurance companies in Hong Kong, of which 94 are pure general insurers, 48 are long-term insurers and the remaining 19 are integrated insurers. In 2014, the total investment of Hong Kong’s insurance industry increased by 13.3% to HK$339.3 billion, accounting for 15.04% of Hong Kong’s gross domestic product.
L13 Total long-term business in 2014 Brand Name of insurer Short name Office Premiums Market share m % 1 AIA International Limited AIA International 47, 139 15.9 2 HSBC Life (International) Limited HSBC Life 46, 803 15.8 3 Prudential Hong Kong Limited Prudential HK) Life 36,108 12.2 4 China Life Insurance (Overseas) Company Limited China Life 27,393 9.3 5 Manulife (International) Limited Manulife (Int’l) 21,043 7.1 6 AXA China Region Insurance Company ( Bermuda) Limited AXA China (Bermuda) 17, 5.8 7 BOC Group Life Assurance Company Limited BOC Group Life 16, 809 5.7 8 Hang Seng Insurance Company Limited Hang Seng Insurance Company 12, 158 4.1 9 FWD Life Insurance Company (Bermuda Life) Limited, FW 584 3.6 10 Sun Life Hong Kong Limited Sun Life Hong Kong 6,925 2.3 Total 81.8 Other (Remaining Insurers) 18.2 Total Market 100.0 Life (2001) Company Profile ($M) and Four Sales Market 1 American International Assurance 10, 33 (18.2%) 2 AXA China Reg Insurance 6, 75 1 ( 11.9%) 3 Life Injury .980 (10.5%) 4 HSBC Life .607 (9.9%) 5 Care Assurance .535 (6.2%) Minor .209 (56 .6%) Total marketing .858 (100%)
Figure 2.16 Top 10 Insurers in terms of total premiums in 2013 Rank of insurers Rank Total Sales M% 1. AXA General Insurance Hong Kong Limited 3,501 8.4 2. Zurich Insurance Company 2,615 6.3 3. Bupa (Asia) Limited 2 , 094 . Bank of China Insurance Company Group Limited 1, 784 4.3 5. China Taiping Insurance (HK) Company Limited 1, 782 6 . AIG Insurance Hong Kong Limited 1,713 4.1 7. QBE Hongkong & Shanghai Insurance Limited 1,423 3.4 8. Asia Insurance Company, Limited 1,416 9. CNOOC Insurance Limited 1,409 10. MSIG Insurance (Hong Kong) Limited 1,082 2.6 Total investment All expenses recorded on top 10 insurance in 2013 18,819 45.2 Similar figure for 2012 16,077 40.9 24-11
Zimbabwean Insurance Market Governance, Risk And Compliance Market Analysis And Forecast 2015 By Amolmalu
12 Insurance Companies… …a good way to participate in large pools, … to offer individual customers the reduction in risk allowed by the law of large numbers. Insurance companies also provide value added services like loss management, claims processing etc.
The financial services industry includes: Commercial banks Mutual funds and credit unions Life and health insurance companies Property and casualty insurance companies Mutual funds Computers and brokerage Four private and state funds Financial institutions related to state administration 13
Consolidation The number of companies is shrinking due to mergers and acquisitions Convergence Existing financial institutions sell more products money they didn’t have before in their core business Changes in distribution systems Periodic payments: a pay-to-pay system Computerized Internet Changes in. frame type Electronic interference interference Interference interference
Size of Insurance market, 2010 Life and health insurance companies: 1,061 These insurance companies sell life and health insurance products, annuities, mutual funds, retirement plans, and financial products. ratio. related matters, including maritime sharing and stability and integrity
Pdf) Successful Business Strategies For Insurers Entering And Growing In Emerging Markets
Mutual Insurance Company Ownership and management: owned by shareholders Policy ownership: non-measurable contracts Assets and liabilities Mutual Insurance Company Ownership and management: owned by insurers Strengths in life insurance Changing corporate structure mutual insurance due to mergers, separations and joint ventures of holding companies: Reverse transactions; Lloyd’s of London; Design of the blue Cross and blue shield; Health Organizations (HMOs); Insurers; etc.
An insurance company is a company owned by shareholders Objectives: to make a profit for shareholders Increase the price of shares Pay dividends Shareholders elect a board of directors Shareholders bear all loss The Insurer cannot provide a free policy.
An insurance company is an organization owned by policyholders. ; There are no shareholders and the insurer does not issue any reviewable policies. additional costs if the financial performance of the insurer is not good. is social. or religious organizations
The corporate structure of insurance companies has changed due to: Increase in mergers Demutualization, when a joint company becomes an insurance company: Net conversion Mergers Pooled reinsurance Formation of joint holding companies A holding company is a company that directly or indirectly controls an authorized company. insurer
Solved Jerry Rawls Is The Purchasing Manager For The
25 Exchanges with business people (1/3) The agent is someone who is a legal representative of the principal and is authorized to act on behalf of the main Authority who can: Show Clearly Show Of the principal is legally responsible for all actions of the principal acting within the principal’s position
26 Agents and brokers (2/3) Insurance companies have the authority to bind the policyholder The policy provides temporary coverage until the policy is actually written Usually there is no authority of the life insurance agency that binds the insurer The insurer must confirm before doing so. the policy works
The broker is someone who is the legal representative of the insured and: requests requests and tries to close the insurance with the appropriate insurer, a commission is paid by the insurance company where the business, there is no authority to bind the insurer, the current CUHK broker: AON
29 Classification and calculation of rates The rate refers to the determination of the cost of insurance and the determination of the cost of the cost of the cost of the insurance The unit of expression is the unit of measure used in determining the cost of insurance. the amount of the premium must be sufficient to cover all damages and costs during the period of insurance
Solved Comprehensive Insurance Company Has Two Product
30 Classification and Classification The rates and expenses are estimated by the marketer based on the company’s loss experience and industry data. technologists are digitally savvy, socially isolated and have a bad reputation – more than a percentage of SoAs Actuaries are incorrect in future Actuaries’ c.
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