Introduction to Insurance Industry

Who pays for all these damages? People who live in hurricane prone areas obviously have insurance to fall back on when these disasters strike. It turns out that insurance companies also have insurance for instances like this. When insurance companies get stuck paying out large sums of money to a lot of people, they occasionally need a little help and

After Hurricane Katrina, ten months later, jobs plummeted to an average loss of 95,000. “During the month of November 2005, employment had dropped to 105,300 below the previous year’s figure.” (Dolfman pg. 7) Furthermore, Hurricane Karina in doubt did cause more damage to the economy than expected. The hurricane “affected 19% of U.S. oil production.” (Dolfman pg. 7) Hurricane Katrina completely destroyed 113 offshore oil and gas platforms, occurs damages to457 oil and gas pipelines, and spilled as much oil compared to the Exxon Valdez oil disaster. This devastating event “caused oil prices to increase $3 a barrel,” and gas prices sky-rocketed to $5 a gallon. (Dolfman pg. 7) Lastly, Hurricane Katrina’s impact struck Louisiana’s sugar industry, totaling an estimate of $500 million in “annual crop value.” (Amadeo)

The insurance industry’s performance is highly correlated with the state of the economy and specifically GDP growth. From the data outlined in this report, it is evident that the insurance industry flourishes alongside the economy where factors such as output, unemployment, and other variables are growing as well. Since the 2008 crisis, the Canadian economy has recovered quite well. One of the key concerns going forward is the current exchange rate of the Canadian dollar. Going forward, as the economy goes into a boom it will be crucial for the insurance industry to reach its potential.

A. To start off, currently, in the U.S., about 16 percent of our current population, which is about 44 million people, do not have any health insurance. To insurance companies, healthcare is not a right, like it is in countries like France, it is something that they just currently use as a profit. For them, customers are an asset, because unlike paying for a house or car, you never own insurance. Although the U.S. spends the most on insurance and healthcare, it still ranks as only 37th in the world for health care quality according to the World Health Report.

Benjamin Franklin helped to establish in 1752, what it would be the first mutual insurance company. For many years, the United States government never considered necessary to incorporate a system that would compensate their citizens in case any injury, accident or loss happen to them. It wasn’t until 1735 the first underwrote fire insurance company was created; in Charleston, South Carolina. Underwrite insurance companies are the ones, that analyze all the risk of insuring a particular person or asset and uses that information to set a premium pricing for insurance policies. But it took 20 years to create the first mutual insurance company, one in which policyholders would come together to share the risk.

Smith, J. C., & Medalia, C. (2014). Health insurance coverage in the United States: 2013. U.S. Census Bureau Current population reports 60-250. Retrieved from https://www.census.gov/content/dam/Census/library/publications/2014/demo/p60-250.pdf

This study tests the efficient market theory by measuring the effects of Hurricane Katrina, one of the most deadly and destructive natural disasters to occur in the United States, on stock prices in insurance industry. It hypothesizes that insurance providers who offer services in the areas affected by Hurricane Katrina should incur a loss in the market-price of their stock following the natural disaster. This event study analyzed fifteen publicly-traded major insurance providers and the risk-adjusted rate of return on their stock before and after the date of dissipation of the hurricane, observed as August 30th, 2005. Results show stock returns, although

Insurance companies are a business with the ultimate to goal to make more than they spend.

The billion-dollar industry, should be insurance ran by the government or by private entrepreneurs? Should insurance throughout America be mandatory? Equally important, if it is mandatory, is it taking away the rights of a citizen? These are the billion-dollar questions every American should ponder upon. Basically, insurance specifies to an understanding among two or more gatherings to share, circulate, or exchange a sort of chance, such as the chance as the death toll or harm to possessions. In swap for an expense, the insurer assures to recompense the insured body in the occurrence of a tragic accident. Indemnity businesses offer typical or traditional plans to secure homes, automobiles, cargo, and other types of belongings. The constant

On the morning of August 29, 2005, New Orleans, Louisiana became the site of one of the worst natural disasters in United States history – Hurricane Katrina. Ranked as the single most costly natural disaster and one of the five deadliest hurricanes in the United States, Hurricane Katrina was certainly not an average storm. The hurricane itself did not appear to be extremely abnormal, as Atlantic hurricanes of similar or greater magnitudes have made landfall in the gulf coast over the last 50 years (Keller, 329). However, none of them caused nearly as much damage and death as Hurricane Katrina. With monetary damages of over $125 billion and 1,833 fatalities, it is clear that the

List the information required for each section. Blank 1: Type of Insurance Blank 1a: Insured's ID number Blank 2: Patient first name and last name Blank 3: Patient’s sex and DOB Blank 4: Name of the person that’s Insured Blank 5: Patient's Address Blank 6: Patients relationship to the insured person Blank 7: Insured's address Blank 8: Patient status Blank 9: Other Insured's Name *completed if there is an additional healthcare plan* Blank 9a: Other Insured's Policy or group number Blank 9b: Other Insured's DOB/ Sex Blank 9c: Insured's Employer or School Name Blank 9d: Insurance Plan or Program Name Blank 10a-c: Is patient's condition “related to" Blank 10d: Reserved for Local Use

There are many ways to save money on your car insurance policy. Some of them are obvious like paying for the entire policy rather than making payments or increasing you deductible on your collision coverage. However, the following are three often overlooked ways to pay less.

So, you can see that there are a lot of reasons to buy the hurricane insurance. Analyzing Joe Martinez’s earnings (175 000$ annually), we can say that the total premium for $ 13 000 is quite large amount (7% of annual earnings). If we will compare this amount with his monthly earnings ($ 14 583) it is 89%. But from another point of view, his eventual losses from hurricane’s devastation maximum can be $648 390, in case of 5th and 4th categories of hurricanes. We would like to give an advice to Joe Martinez, to buy standard and wind coverage insurance for $13 000, and he should think about

Insurance agents sell one or more types of insurance, such as life, property, casualty, health, disability, and long-term care (Edwards, 1999, A12). Agents sell insurance policies to individuals and businesses to provide protection against loss or catastrophe. Insurance agents consider the financial status and life situation of their clients, and assist them in selecting their optimal insurance policy. Some policies can be designed to provide retirement income, funds for the education of children, or other benefits (Edwards, 1999, A12).

In the next five years, increased interest rates and increased investment in new activities will promote the vehicle insurance industrial.