ࡱ> jliy bjbj =*{{Y %rrrrr8$<o8"@@@nnnnnnn$QqtTnrnrr@@nRr@r@nnfvl@cmi>nn0oiWtWt|llWtrmnnoWt 8: Overview of Insurance Companies Size, Structure and Composition of the Industry Insurance Industrys Structure Life Insurance Property/Casualty Insurance Other Types of Nonlife Insurance Firms and Products Financial guarantee insurance Credit insurance (for short-term trade receivables) Private mortgage guaranty insurance (PMI) Reinsurance Catastrophe bonds Weather-related derivatives and insurance Life Insurance Companies In 1988: 2,300 life insurance companies with aggregate assets of $1.12 trillion. Mid 2000s: 1,300 companies / $4.7 trillion (2009). 3 largest wrote 25% of new premium business (2008) Demutualization Adverse selection Insured have higher risk than general population Alleviated by grouping of policyholders into risk pools Life Insurance Products: Ordinary life Term life, Whole life, Endowment life. Variable life, Universal life, Variable universal life. Group life Others Annuities Private pension funds Accident and health insurance Property and casualty (liability) insurance companies Currently about 2,700 companies. Highly concentrated. Top 10 firms have 48% of market in terms of premiums written. Top 100: 87% Balance Sheets of Insurance Companies Insurance Company Operations Source of revenues Premiums received on insurance policies Investment earnings on reserves Major expenses Benefit (loss) payments Additions to reserves Operating expenses Investment expenses Balance sheets of Life Insurance companies Long-term liabilities: Net policy reserves to meet policyholders claims Long-term assets Need to generate competitive returns on savings components of life insurance policies Bonds, equities, government securities Policy loans Balance sheets of P/C Insurance companies Similar to life insurance cos. But, P/C hold shorter-term securities since claims are unexpected (greater liquidity risk) Hold less reserves. Have much more equity relative to assets Performance evaluation of P/C companies Performance ratios Loss Ratio = Loss Expenses / Total Premiums Earned Expense Ratio = Operating Expenses / Total Premiums Earned Combined Ratio = Loss Ratio + Expense Ratio Operating Ratio = Combined Ration (after dividends) Investment Yield Overall Profitability = 100% - Operating ratio Loss ratio has changed over time: 60% in 1951; 80% in 1996; 73% in2009 Expense ratio has fallen over time: 34% in 1951; 26.2% in 1996; 27.5% in 2009 Combined ratio has increased over time: 94.3% in 1951; Since 1981, over 100%; 100.4% in 2009. Overall Profitability: 1980s 1990s Higher yields on stocks, higher interest rates increased investment yield to cover costs + losses Lower yields recently have led to low profitability and even losses in some years Regulation of Insurance Companies Insurance Company Regulation Regulated at state not federal level Licensing & solvency requirements Mutual insurance funds by state Rate regulation Product regulation     PAGE  PAGE 2   !Qop  ( . / 1 C \ b c u üñyqyi^i^W h<0hqhlMhqCJaJhqCJaJhPCJaJhlMh~\CJaJ hlMh~\h`n(h}vRhh-8 h>jh>j h>jh~\h>jCJaJhlMh>jCJaJ h;^h;^h;^h;^o(h{7h{75CJaJ hjhjh~\5CJ aJ h'Hh35CJ aJ h'Hh~\5CJ aJ  !Qp! 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