OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating of B (Fair) and the Long-Term Issuer Credit Ratings of “bb” of American Federated Insurance Company (AFIC) and American Federated Life Insurance Company (AFLIC). The outlook of these Credit Ratings (ratings) is stable. Both companies are known collectively as American Federated Insurance Companies and are domiciled in Flowood, MS. The ratings of AFIC reflect its balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings also reflect drag from the parent holding company,...
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Mpumalanga govt official in court for 'stealing' life insurance payout from cousin's wife A Mpumalanga government official appeared in court for theft. The charges relate to a life insurance payout meant for his cousin's wife. It is alleged he had the payout transferred into his personal bank account. A Mpumalanga government official appeared in the Mhala Magistrate's Court in Bushbuckridge on Tuesday on charges of theft relating to a life insurance payout. According to provincial police spokesperson Brigadier Leonard Hlathi, 46-year-old Dingani Johnson Ngwenyama's court appearance stems from allegations that he was involved in transferring a lump sum meant for his cousin's...
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LONDON--( BUSINESS WIRE )--Quantzig, a leading analytics advisory firm that delivers customized analytics solutions, has announced the completion of its free resource that explains the top five steps to detect and prevent insurance fraud. The remarkable growth in the use of hand-held devices and social platforms have transformed several industries. In such a rapidly transforming environment, insurance fraud remains the biggest concern for top banking firms. The growing competitive pressures have forced insurers to harness digitization by leveraging fraud analytics. To proactively address the skyrocketing insurance frauds, it has become imperative for insurers to develop a reliable and...
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Insurance brokers are right up there with the taxman when we talk about least popular professions. Insurance is a grudge purchase, not even the most enthusiastic shopaholic gets any exhilaration from a new policy or having to deal with insurance companies in South Africa. However, the reality is that paying a monthly insurance premium is still better than rebuilding your house, at your own expense, after fire damage, paying for an emergency surgical procedure out of pocket or replacing a totaled car with your retirement savings. For the informed consumer navigating insurance policies doesn’t need to be a nightmare. The key to not finding yourself at war with your insurance broker is first,...
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insurance company Insurance Company insurance company a financial institution which UNDERWRITES the risk of loss of, or damage to, personal and business assets (general INSURANCE ) and life and limb (life and accident insurance). Some companies specialize in one or other of these areas, but others (referred to as ‘composites’) operate in both sectors. Insurance companies issue insurance policies to cover a variety of contingencies (fire, flooding, breakage, theft, death, etc.), involving potential financial loss to policy holders or their dependants in return for regular payments of a premium. An insurance company operates by pooling risk among a large number of policy holders...
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Insurance Companies CRIF has been providing the insurance industry with added-value solutions and information services to support decision-making and prevent fraud for over 20 years. During this time CRIF has been working alongside insurers in every phase of the customer relationship to improve performance, support competitive advantage and mitigate risks. CRIF provides a range of services to the insurance industry which help in the management of broker acquisition, ongoing monitoring, and the overall process of general and life insurance for both SMEs and personal insurance lines. This includes pensions, life insurance and general insurance such as motor, home, personal injury, health,...
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Kapitalplaceringar 3:e kvartalet 2019 Capital investments, 3rd quarter 2019 Market value of insurance companies’ capital investments is rising Statistical news from Statistics Sweden and Swedish Financial Supervisory Authority 2019-11-29 9.30 Insurance companies’ net sales of investment assets amounted to SEK 2 billion in the third quarter of 2019. Total holdings amounted to SEK 5 223 billion at the end of the period, compared with SEK 5 088 billion at the end of the previous quarter. Strong market development in shares and participations After the third quarter, the market value of insurance companies’ holdings in shares and participations amounted to SEK 3 276 billion, compared with SEK 3...
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One of Australia’s biggest life insurance companies abruptly stopped insurance pay-outs to a woman with cervical cancer because it discovered she had sought help for mental health years before her diagnosis. TAL Life Limited began investigating the woman’s medical history because she’d taken out income protection insurance four months before her cancer diagnosis in December 2013, and after finding she’d sought help for mental health between 2007 and 2009, avoided her contract of insurance claiming she had failed to disclose a prior history of depression. It stopped paying her $5,000 a month, which it had done between January 2014 and May 2014, and told her it wouldn’t have offered her cover...
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Why Do Insurance Companies Advertise So Much? How many insurance ad campaigns can you name off the top of your head? Probably a lot. Most of these campaigns are zany, full of jingles and catchphrases. They tend to be the kind of ads that stick in your head. Now think about insurance companies. Do you know which brands supply each of your policies? How much is the deductible in your health plan? Everyone should know the answers to these questions. Yet according to a 2016 survey by PolicyGenius, half the country still can’t define a deductible. Insurance is a competitive space, which is why companies create talking ducks to get our attention and cut through the clutter. But a desire to...
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The benefits of captive insurance companies BY ROBERT E. BERTUCELLI, CPA For many years, large corporations in this country have enjoyed many benefits from operating their own captive insurance companies. Most were established to provide coverage where insurance was unavailable or unreasonably priced. These insurance subsidiaries or affiliates were often domiciled offshore, especially in Bermuda or the Cayman Islands. The risk management benefits of these captives were primary, but their tax advantages were also important. In recent years, smaller, closely held businesses have also learned that the captive insurance entities can provide them significant benefits. These include the...
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