...ACCOUNT OF INSURANCE COMPANY Insurance in the Philippines is a booming business with a large number of players, but in fact it has old roots. During the Pre-Spanish Era, there was no insurance; every loss was borne by the person or the family who suffered the misfortune. The first insurance company, in its present concept, to operate here was Lloyd’s of London, which in March 1829 appointed Stracham, Murray & Co. to be its local agent to represent here, in which during this time is the Spanish Era. But in 1898, life insurance was introduced in the country; Sun Life Assurance of Canada first enter and began selling life insurance in the local insurance market of the country. The Philippines got its first purely domestic insurers in the beginning of the 20th century. The first domestic non-life insurance company was the Yek Tong Lin Fire & Marine Insurance Company (today Philippine First Insurance Company) established in 1906. Four years later, 1910, the first domestic life insurance company, the Insular Life Assurance Co., Ltd., was locally-owned and organized. And in 1936, Social insurance was established with the enactment of Commonwealth Act no. 186 which created the Government Service Insurance System (GSIS) which started operations in 1937. The Act covers gov’t employees. But when Union Insurance Society of Canton appointed Russel & Surgis as its agent in Manila in the year 1939, the business transacted the Philippines was then limited to non-life insurance. In 1949...
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...Life Insurance Company New York Life Insurance Company (NYLIC) is ranked among the top mutual life insurers in the U.S, providing life insurance policies both locally and in overseas. It has always retained its core business, which is life insurance and annuities. Employee Benefits NYLIC uses group life insurance to fill the gaps between employees and employers, through simplified underwritings that guarantee coverage for new employees, and provide them with opportunity to supplement their savings (Miller, 2013). Dental benefit is also offered in a flexible and cost-effective way that ensure employees meet their objectives from a value and cost perspective. Long term disability is the third benefit that finanacially protect employees who can no longer work due to diabilities. There is also a health care spending account whereby amount deposited in it is used to cater for an employee’s health-care and dependent-care expenses. Structural Orgnization New York Life Insurance Company, formed under the New York State Laws, is organized into two main subsidiaries that operate in accordance with the defined requirements of this company by the law. They include: New York Life Insurance and Annuity Corporation, and New York Life Insurance Company of Arizona. Due to subsequently reversed course by the company’s Board of Directors, NYLIC strongly and publicly embrace their preferred mutual nature, through advertisements. Qatar Insurance Company Qatar Insurance Company was incorporated...
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...Abstract The liberalization of the Indian insurance sector has been the subject of much heated debate for some years. The policy makers on one hand wanted competition, development and growth of insurance sector, which is extremely essential for channeling the investments in to the infrastructure sector. At the other end the policy makers had also the fear that the insurance premium, which are substantial, would seep out of the country; and thus in the nation's interest, they want to have a cautious approach of opening for foreign participation in this sector. After a long discussion, confrences and fraction among some political parties, IRDA brought consensus among factions of different political parties. Though some changes and some restrictive clauses as regards to the foreign participation were included the IRDA has opened the doors for the private entry into insurance. The number of potential buyers of insurance is certainly attractive but much of this population might not be accessible as it will take a long time for us to trust on private Sector insurance companies and this would be the only major weapon in the hands of public sector insurance companies to move ahead .Now it would be interesting to watch that how long domestic companies can reap the fruits of being Indian and survive and expand in the immense competition from foreign and private players. Whether the insurer is old or new, private or public, expanding the market will present multitude of challenges...
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...Hartford Insurance Company Financial Accounting ACC/537 12/09/2013 Rebecca Kime, Instructor The Hartford Insurance Company, one of America’s largest investment and insurance companies, was founded in 1810 in Hartford, CN. The company was originally stared as a fire insurance company and its then president, Eliphalet Terry, used his own wealth to cover the company’s damage claims. The Hartford has since expanded its company to include other products and services and no longer requires the company’s president to cover its claims. The Hartford was bought and released by ITT Corporation and has continued to grow since. The Hartford now covers auto, fire and life insurance amongst other things. Throughout the years, the Hartford has continued to grow and succeed so in 2012 when they reported net income of $350 million, it was no surprise to anyone. Unfortunately, that success was short lived as they had to restate their financials for the third quarter of 2012 and it resulted in a net loss of $38 million for the year. According to the Hartford “the error resulted from the omission of the impact of certain reinsurance recoverable balances on the gain/loss calculations for the transaction” (The Hartford Restates Q3; Full-Year 2012 Bottom Line Reverses To A Loss,” 2013,). Looking deeper into the restatement of their financials, it looks as though the error may have also been due in part to error in generally accepted accounting principle calculations. The company sold off part...
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...Topic: A new insurance company that sells auto/home/small commercial insurance * Competitive Analysis #1: * Name of service: Property and Casualty Insurances * Parent company: Nationwide Insurance Company * 2 or 3 key features of service: Example of a car insurance Personal Belongings covered under a certain amount, 24 hour claim service , replacement car * Estimated age and gender of the target audience: From 16 to 99 years old, it’s a large target * Tag line / Strap line / Slogan of the product: They changed their tagline from “Life comes at you fast” to “Nationwide is on Your Side” in 2009 * Where the product is advertised (which publications, web, literature, etc.) The products are advertised mainly in TV commercial, that you can also see on their website. They also communicate through social media like Facebook, Twitter etc… You can have bad press on it, for example they took off the ads which were next to a commercial against female violence. It leaded to an outcry. * What do you think are the strengths and weaknesses of their advertising (short statement)? Their strength is the fact that they want to be closer with this advertisement, first by the slogan which want to gather people in a way of trust, further in the different TV commercials because we can see different kind of people to reach more targets. They play on a humoristic ton and that’s why they’re different comparing to other Insurance Companies. Nevertheless...
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...Insurance Sector Analysis Project Details: Subject: Financial Management Topic: Insurance Sector analysis Teacher in charge: KB sir Made by: 1. Abhinav Aggrawal, BFIA 1A Roll number: 75101 2. Akhil Bedi, BFIA 1A Roll number: 75107 3. Jessica Singh BFIA 1A Roll number: 75124 Teacher Remarks: Contents Insurance Sector Analysis 1 Project Details: 2 Acknowledgement 4 An Overview of the project: 5 Objective: 5 A Brief History 8 Insurance Sector: Growth 9 Life insurance: 10 General Insurance 11 Ratio Analysis 13 Return on Equity 14 Combined Ratio 15 Debt Equity 17 Loss Ratio 18 Financial Statement Analysis 19 Profit 20 Share Capital 22 Reserves 24 Premium 26 Investments 28 References 30 Acknowledgement We would like to express our gratitude towards KB sir, who gave us the golden opportunity to peep into the financial world, and comprehend and adopt the techniques of analysis and interpretation. Alongside, he has also guided and directed the progress of this project as a member itself, assisting us at every dead lock. We are really thankful to him. Secondly, we would also like to thank the college authority for facilitating such an exposure and providing amenities that made this project possible. Lastly we would like to express appreciation towards each other for the cooperation and commitment shown by each member of the group, which helped shape this project within the limited time. Thank you...
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...I. Overview of the Insurance industry Insurance companies play a major role in today’s financial industries. While the banking industry is creating assets and wealth, the insurance industry is protecting that wealth. The primary business purpose of an insurance company is to spread risk among people or entities that are exposed to similar risks. The insurance industry thrives in marketing uncertainties, selling promises, and making more money by cycling their revenues back into the nation’s building process. Insurance companies are global by design massive in numbers. The insurance industry, like many other industries, have changed dramatically over the years and is constantly being reshaped by factors such as changing interest rates, tightening legislation, growing competition, and even medical advancements. However, the major difference between the insurance industry and all other industries is that the insurance industry accumulates cash first and pay claims costs in the future. In fact, the insurance company does not even know if a claim will occur, when a claim will occur, and how much the claim will cost. II. Insurance Industry Structure Basic Classifications There are three main types of insurance companies: life, property and liability, and title insurance companies. Companies are further divided into primary policy writing and reinsurance. Primary writing is when insurance companies issue new insurance policies and maintain those policies throughout the policy term...
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...RA Insurance Company: Risk assessment and internal controls Maastricht University School of Business and Economics Maastricht, 20 September 2013 Abel, S. I6077467 Isenia, N. I6064905 Liu, B. I6063209 Study: MSc IB Controlling Course code: EBC4069 Group number: 3 Tutor name: R. Maessen Writing assignment: Case Study RA The case study “ RA (Rest Assured) Insurance Company concerns a company that was involved in a large life insurance scam. RA was facing several risks that had a dramatic impact on the company because of bad decisions, lack of business controls, and a corporate culture that was inefficient and ineffective. The main objective of this case memo is to identify and appropriately assess the risks that the RA insurance company was facing. Further, this case memo introduces internal control solutions to manage those risks. Finally, this case memo provides examples of other companies that have faced problems similar to RA’s “churning” of policies. Identifying and assessing risks There are several strategic, sales & marketing, corporate culture, and corporate governance risks that are causing problems at RA. Firstly, the risk that the maximum amount of possible life insurance is reached is certainly a risk that RA is unable to manage. Although the overall number of life insurance policies was declining, RA continued to put its focus on this product. This might have put additional pressure on the sales force, forcing salesmen perhaps to commit fraud. Although this risk...
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...goal-setting program.” (pg. 202) Many businesses, like Allstate Insurance Companies have their own unique goal-setting programs to help their employees to perform highly and to accomplish corporate goals, but not all these programs are effective. First, “the employee must have the knowledge and ability to attain the goal.” (pg. 202) Allstate gives their employees assessments and roadmaps, for the knowledge of requirements and skills needed for their job title and critical skills needed for advancement. Showing that they do appreciate their employees and wanting them to succeed, they provide tools, resources, and opportunities to help easily accomplish the goals that are motivated for the employees to aim for towards the company. Secondly, “the employee must be committed to the goal, especially if the goal is difficult.” In Allstate, They choose, “a diverse slate of candidates that are identified and developed for each key position.” This shows how the company picks specific people who can commit and handle the goals that are needed to be accomplished within their company. Next, “people need feedback on their progress toward the goal.” In Allstate, employees have to take a survey “diversity Index” which gives feedback through a process called “Quarterly Leadership Measurement System.” This process gives the opportunity for employees to give feedback with ideas or comments that they feel with help with the improving of the company in certain aspect that needs to be brought up like solving...
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...Allstate Insurance Company Professor Wendy Johnson October 30, 2011 Allstate’s Goal-Setting Process Allstate Insurance was founded in 1931 as a part of the Sears Roebuck and Company and was spun off as a separate company in 1993 with 20 percent of the company being offered to the public. In 1995, the remaining 80 percent of the company was again offered to the public and has been its own separate entity since then. Allstate has been a leader in the industry as one of the America’s Most Admired Companies as told by Fortune Magazine in 2007 and 2009. Allstate has also been a leader in the fields of Work/Life Initiatives, Diversity Education, Accountability Measurements, Mentoring Programs, as well as Career Advancement and Development Leadership. While being a leader in these areas, Allstate has been able to retain some of the best managers and leaders at their company and excel in an industry that is very competitive and demanding on each and every person that they employ. One key aspect of Goal Setting, not only for Allstate, but for almost every sustainable business is giving employees the knowledge and ability to attain their goals and also to give those employees the tools that are necessary to carry that goal out. Through the company’s employee development process, all employees receive an assessment of their current job skills and a road map for developing the critical skill necessary for development. This gives all employee a way to set goals that are aligned...
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...Managerial Appls of Info Tech Table of Contents 1. Business problem statement 2. Company background 3. Discussion of business issues 4. Benefits of solving the problem 5. Business/technical approach 6. High level solution 7. References 1. Business problem statement Their mission is to provide financial security and insurance products and has a very important purpose, annuity and investment services for insurance products. Also to provide incentives for families and business owners to reach agreement to set appointments for financial services and several charities that with being a resource center of influence, and investigative units around them. 2. Company background Established in 1845 and located in New York, New York Life Insurance Company is a Fortune 100 company and is the oldest and one of the largest mutual life insurance companies in America. The New York Life maintains operations in all 50 states and many markets in Asia and Latin America. The Company holds the highest rating for financial strength from four major players in the industry life insurance rating. In 2010, New York Life Insurance Company posted record sales in the U.S. individual life insurance, an increase of 39% 1 in 2009 and far above the industry growth of 12% in 2010.2. The New York Life offers a large staff of experts to support all products and give them to personnel training for their first 36 months to guarantee they are fully informed of any decision...
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...methodologies are required to be followed. The following approaches were followed in conducting this term paper. 1.1 Origin of the Report: The report is a partial requirement of the course Risk Management & Insurance (FIN 410). That is why our honorable instructor assigned us to do a term paper on Reliance Insurance Company Limited. The report is conducted based on the financial statement and the website of the company. This report is a reflection of what we have learned in between the course. 1.2 Objective and the Scope of the Report: The report was prepared as a part of our course work. The basic objectives of preparing this report are: * Analyze the financial statement of the insurance company and calculate different ratios. * Different policy the company offers. * Overall structure of the company. 1.3 Methodology of the Report: The term paper was based on different numeric values collected from the financial statement of the company and plotting them in different equations, also some information regarding the company was collected from the company’s website 1.4 Sources of Data: All the data and the information which was required to complete the term paper have been collected from the financial statements and the website of Reliance Insurance Company Ltd. That means, only secondary sources of data was used to complete the term paper, no primary source was used. 1.6 Limitations of the study: Of course this term paper is not flawless and we had several limitations...
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...RESEARCH PAPER ON CORRELATION BETWEEN THE SHARE PRICE OF BANKS & INSURANCE COMPANY Research paper on correlation between the share price of banks & insurance company Course Code: BUS-498 Prepared For: Quazi Sagota Samina Senior Lecturer Faculty of Business Department East West University Prepared By: Md. Manzur Hossain (ID. 2004-3-10-097) Submission Date: 12th April 2007 14th August, 2008 Quazi Sagota Samina Senior Lecturer Faculty of Business Department East West University Subject: Letter of Transmittal Dear Sir: Please accept the accompanying Work Term Report entitled "The Correlation between the Share Price of Bank and Insurance Company." To complete this Term Paper I try to gather as many as information I find. Much of our operating information came from the DES Library. The remaining data came from the textbooks and websites. If you need any further clarification any part of the term paper please do not hesitate to call me. Thanking you. Sincerely, _____________________ Md. Manzur Hossain ID. 2004-3-10-097 Acknowledgement I am doing my research work Under Mis.Sagota Samina. I would like to express my special feelings & great affections with our heartiest appreciation to the most honorable faculty for her kind co-operation. Without her help it was impossible for me to complete the report. Her well-organized method of instruction helped me to understand the critical topics easily...
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...PHOENIX INSURANCE COMPANY LIMITED AN ASSIGNMENT ON Phoenix Insurance Company Limited SUBMITTED TO: Md. Alamgir Hossen Course Instructor Risk Management & Insurance SUBMITTED BY: Md. Awlad Hossain Rayhan Ahmed Md. Shakhawat Ullah 20th BATCH ID- 815 ID- 820 ID- 825 DATE OF SUBMISSION September 06, 2014 INSTITUTE OF BUSINESS ADMINISTRATION JAHANGIRNAGAR UNIVERSITY Letter of transmittal September 06, 2014 Course instructor Risk Management and Insurance Institute of Business Administration, Jahangirnagar University, Savar, Dhaka- 1342 Dear Sir, Here is the term paper on the topic ‘Phoenix Insurance Company Limited’ that you asked us to conduct. We have tried our best to find the real and absolute scenario of insurance business and its real condition in Bangladesh. The market situation and how it reflects with different situations was our best concerns. During preparing this report we tried to introduce ourselves with the insurance industry of Bangladesh. We tried to match our academic knowledge with our findings. We are pleased to be granted this vital opportunity and grateful for your versatile assistance while preparing this term paper. We hope that our work will please you. If you have any inquiry regarding the term paper, we will be available for further information. Sincerely, _______________________ Md. Awlad Hossain (ID- 815) Rayhan Ahmed (ID-820) Md. Shakhawat Ullah (ID-825) 20th Batch, BBA. Executive Summery From this study we will...
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...New York Life Insurance Company began in 1845 when, after the foundation was laid for a new enterprise that would come to be known as the New York Life Insurance Company, Elected Secretary Lewis Benton purchased the first policy for $5,000. So began a legacy of security and a commitment to keeping promises reflected still today in our core values. That passion and commitment to protection has continued unabated for nearly two centuries — seeing the nation evolve and events take place affecting the lives of Americans: from the Civil War, to the Johnstown floods in 1889, to the 1929 stock market crash, to Hurricane Katrina in 2005, 9/11, and of course, the recent recession. New York Life Insurance Company is one of the largest mutual life insurance companies in United States, and one of the largest life insurers in the world, with about $287 billion in total assets under management. The company ranks No.71 on the 2011 Fortune 100 list, making it the highest privately held insurance company on that list. In 2007, NYLIC achieved the best possible ratings by the four independent rating companies (Standard & Poor's, AM Best, Moody's and Fitch). In June 2009, the same four rating companies reaffirmed New York Life's "superior" financial strength, which became a selling point in national TV ad campaigns that same year. The company is now one of only three life insurers to hold the highest ratings currently awarded to any life insurer by all four rating agencies (Moody's: Aaa...
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