Hurricane Ian’s widespread damage is another disaster for Florida’s already shaky insurance industry. Even though home insurance rates in Florida are nearly triple the national average, insurers have been losing money. Six have failed since January 2022. Now, insured losses from Ian are estimated to exceed US$40 billion Hurricane risk might seem like the obvious problem, but there is a more insidious driver in this financial train wreck. Finance professor Shahid Hamid, who directs the Laboratory for Insurance at Florida International University, explained how Florida’s insurance market got this bad – and how the state’s insurer of last resort, Citizens Property Insurance, now carrying more...
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Hurricane Ian is speeding toward the Gulf Coast of Florida at a perilous time for property owners in the state, who have been weathering an insurance crisis that the Category 4 storm could now exacerbate. Numerous insurance companies in Florida have closed their doors in recent years in a slow-moving collapse for the industry, forcing rates to spike and property owners to turn to the state-owned insurer of last resort. “Florida’s property insurance market was the most volatile in the U.S. before Hurricane Ian formed and will most likely become even more unstable in the wake of the storm,” said Mark Friedlander, a director at Insurance Information Institute in Florida. Flaws in laws and...
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How to evaluate LIC IPO and other insurance companies? An aggressive growth focus like private insurers could also increase value of LIC's future business If the actual or intrinsic value of the company is much higher than its prevailing market value, the investor can consider buying shares in it; when the intrinsic value is lower than market value, one can consider selling the stock and taking profit. The question is this: how does one value life insurance companies? The components of value are as follows: Value of other non-operating assets Value of existing business Value of future business According to various sources of information, LIC has thousands of buildings across cities. The...
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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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