Showing posts with label Insurance companies. Show all posts
Showing posts with label Insurance companies. Show all posts
Tuesday, February 19, 2013
Thursday, February 14, 2013
Zurich Posts $ 3.9 Billion Net Income, Farmers GWP up 24% to $4.4 Billion
The Zurich Insurance Group reported a business operating profit (BOP) of $4.1 billion and net income attributable to shareholders (NIAS) of $3.9 billion for the year ended December 31, 2012.
Zurich’s report gave the following highlights for 2012:
– NIAS* of $3.9 billion, up 3 percent compared with 2011, Q4 NIAS of $983 million, up 82 percent compared with prior year
– BOP* of $4.1 billion, down 4 percent compared with 2011, Q4 BOP of $569 million, down 42 percent compared with prior year
– Combined ratio of 98.4 percent, compared with 98.9 percent in 2011
– BOPAT ROE 9.3 percent, down from 10.2 percent in 2011; NIAS ROE of 11.8 percent comparable to last year
– Pricing and portfolio management discipline generate strong underlying profitability
– Accelerating top-line growth in target markets
– Excellent investment performance delivering 7 percent total return
– Strong capital base and cash flows support a sustainable and attractive dividend proposal of CHF 17 [$18.40]
*Zurich noted that some prior periods, as indicated, “have been restated. The ending 2012 shareholders’ equity is unaffected by the restatement. Due to the restatement, third quarter 2012 BOP and NIAS were higher by $264 million and $194 million respectively.”
“We delivered a solid performance in 2012, a year characterized by ongoing economic challenges. Our dividend proposal is again very attractive and reflects our confidence in the success of Zurich’s business strategy as well as the Group’s strong cash generation and capital base,” said CEO Martin Senn.
“The integration of our acquired insurance businesses in Latin America and Malaysia is progressing well and contributing meaningfully to growth as evidenced in the strong contribution to profitability from these areas. In addition, during 2012, we expanded our bank distribution agreements through alliances in the Middle East, Italy, Spain and Indonesia.”
“We continue to execute our proven strategy, growing our business in emerging markets while delivering a resilient performance in mature markets. This strong underlying profitability ensures we remain well positioned to continue to deliver for our customers, employees and shareholders in 2013,” he concluded.”
The earnings report also noted that the Group ”remains focused on delivering its targets. The underlying loss ratio for General Insurance continued to improve in 2012 and was 61.4 percent at year end. The business segment showed a strong underlying performance, which was adversely impacted by weather-related events, a continued decline in investment income as well as decreases in favorable development on reserves established in the prior years and by the previously announced financial adjustments in Germany.”
Zurich said its global life business “maintained profitability levels while continuing to show growth in gross written premiums, policy fees and insurance deposits. The business segment strategy of diversifying geographically into target markets and diversifying product mix into protection and fee-based offerings is offsetting the volume and margin pressures in Europe.
“Farmers showed an increase in BOP of 5 percent in the management services company, while the second consecutive year of significant weather-related events and the absence of favorable prior year loss development compared with 2011 led to losses from reinsurance operations.”
The section of the report, which detailed Farmers operations in 2012, noted that its “business operating profit decreased by $72 million to $1.4 billion or by 5 percent, primarily due to a net underwriting loss incurred by Farmers Re.”
Farmers Management Services business operating profit, however, “increased by $71 million to $1.4 billion or by 5 percent, primarily driven by the increase in gross earned premiums in the Farmers Exchanges, which are managed but not owned by Farmers Group, Inc., a wholly owned subsidiary of the Group. Farmers Re business operating profit deteriorated by $142 million to a loss of $26 million, mainly reflecting the absence of favorable development of reserves established in prior years, which benefited Farmers Re during 2011.”
Zurich added that its Farmers Management Services management fees and other related revenues” increased by $79 million to $2.8 billion or by 3 percent, which was driven by the 3 percent increase in gross earned premiums in the Farmers Exchanges.
“The 24 percent increase to $4.4 billion in gross written premiums of Farmers Re was mainly a result of changes in the All Lines quota share reinsurance agreement, as well as the 3 percent gross written premiums growth in the Farmers Exchanges. These changes were an increase in the Farmers Re participation in the Farmers Exchanges business to 20 percent effective December 31, 2011 from 12 percent throughout 2011 and a decrease in the All Lines participation to 18.5 percent effective December 31, 2012, subject to regulatory approval.”
The report added that “non-core businesses recorded an increased business operating profit of $128 million resulting from an increased profit from other run-off businesses.
“Total return on Group investments, which includes investment income, net capital gains and losses and impairments as well as changes in net unrealized gains and losses reported in shareholders’ equity, was 7 percent, an increase of 1.7 percentage points compared with 2011. This excellent investment performance was achieved through a disciplined approach to investing relative to liabilities underpinned by prudent risk management.
“The Group preserved an excellent capital position with shareholders’ equity increasing by $3 billion to $34.5 billion.
Source: Zurich Insurance
Zurich’s report gave the following highlights for 2012:
– NIAS* of $3.9 billion, up 3 percent compared with 2011, Q4 NIAS of $983 million, up 82 percent compared with prior year
– BOP* of $4.1 billion, down 4 percent compared with 2011, Q4 BOP of $569 million, down 42 percent compared with prior year
– Combined ratio of 98.4 percent, compared with 98.9 percent in 2011
– BOPAT ROE 9.3 percent, down from 10.2 percent in 2011; NIAS ROE of 11.8 percent comparable to last year
– Pricing and portfolio management discipline generate strong underlying profitability
– Accelerating top-line growth in target markets
– Excellent investment performance delivering 7 percent total return
– Strong capital base and cash flows support a sustainable and attractive dividend proposal of CHF 17 [$18.40]
*Zurich noted that some prior periods, as indicated, “have been restated. The ending 2012 shareholders’ equity is unaffected by the restatement. Due to the restatement, third quarter 2012 BOP and NIAS were higher by $264 million and $194 million respectively.”
“We delivered a solid performance in 2012, a year characterized by ongoing economic challenges. Our dividend proposal is again very attractive and reflects our confidence in the success of Zurich’s business strategy as well as the Group’s strong cash generation and capital base,” said CEO Martin Senn.
“The integration of our acquired insurance businesses in Latin America and Malaysia is progressing well and contributing meaningfully to growth as evidenced in the strong contribution to profitability from these areas. In addition, during 2012, we expanded our bank distribution agreements through alliances in the Middle East, Italy, Spain and Indonesia.”
“We continue to execute our proven strategy, growing our business in emerging markets while delivering a resilient performance in mature markets. This strong underlying profitability ensures we remain well positioned to continue to deliver for our customers, employees and shareholders in 2013,” he concluded.”
The earnings report also noted that the Group ”remains focused on delivering its targets. The underlying loss ratio for General Insurance continued to improve in 2012 and was 61.4 percent at year end. The business segment showed a strong underlying performance, which was adversely impacted by weather-related events, a continued decline in investment income as well as decreases in favorable development on reserves established in the prior years and by the previously announced financial adjustments in Germany.”
Zurich said its global life business “maintained profitability levels while continuing to show growth in gross written premiums, policy fees and insurance deposits. The business segment strategy of diversifying geographically into target markets and diversifying product mix into protection and fee-based offerings is offsetting the volume and margin pressures in Europe.
“Farmers showed an increase in BOP of 5 percent in the management services company, while the second consecutive year of significant weather-related events and the absence of favorable prior year loss development compared with 2011 led to losses from reinsurance operations.”
The section of the report, which detailed Farmers operations in 2012, noted that its “business operating profit decreased by $72 million to $1.4 billion or by 5 percent, primarily due to a net underwriting loss incurred by Farmers Re.”
Farmers Management Services business operating profit, however, “increased by $71 million to $1.4 billion or by 5 percent, primarily driven by the increase in gross earned premiums in the Farmers Exchanges, which are managed but not owned by Farmers Group, Inc., a wholly owned subsidiary of the Group. Farmers Re business operating profit deteriorated by $142 million to a loss of $26 million, mainly reflecting the absence of favorable development of reserves established in prior years, which benefited Farmers Re during 2011.”
Zurich added that its Farmers Management Services management fees and other related revenues” increased by $79 million to $2.8 billion or by 3 percent, which was driven by the 3 percent increase in gross earned premiums in the Farmers Exchanges.
“The 24 percent increase to $4.4 billion in gross written premiums of Farmers Re was mainly a result of changes in the All Lines quota share reinsurance agreement, as well as the 3 percent gross written premiums growth in the Farmers Exchanges. These changes were an increase in the Farmers Re participation in the Farmers Exchanges business to 20 percent effective December 31, 2011 from 12 percent throughout 2011 and a decrease in the All Lines participation to 18.5 percent effective December 31, 2012, subject to regulatory approval.”
The report added that “non-core businesses recorded an increased business operating profit of $128 million resulting from an increased profit from other run-off businesses.
“Total return on Group investments, which includes investment income, net capital gains and losses and impairments as well as changes in net unrealized gains and losses reported in shareholders’ equity, was 7 percent, an increase of 1.7 percentage points compared with 2011. This excellent investment performance was achieved through a disciplined approach to investing relative to liabilities underpinned by prudent risk management.
“The Group preserved an excellent capital position with shareholders’ equity increasing by $3 billion to $34.5 billion.
Source: Zurich Insurance
Monday, January 28, 2013
Reliance Life Insurance launches super endowment plan
Mumbai: Reliance Life Insurance, a part of Reliance Capital, today announced a new plan that offers guaranteed life cover and maturity benefits.
The plan Reliance Life Insurance Super Endowment Plan would provide life insurance coverage for the full policy term by paying for just half of the selected policy period, a company statement said.
"This new product is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents," Reliance Life Insurance Chief Executive Officer Anup Rau said.
The new plan is available for customers in the age group 8-60 years with a minimum sum assured of Rs 1 lakh. The policyholder can opt for two policy terms ¿ 14 years or 20 years.
An interesting feature of the policy is that the premium payment term is only half the policy term - 7 years for a 14 year policy; and 10 years for a 20 year policy ¿ while the Life Cover is valid for the entire period.
"This is ideal for people who want to limit their premium payment commitment period but like to enjoy Life Cover for a longer time. Policyholders will be entitled for guaranteed maturity benefits at the end of the policy period," Rau said.
Reliance Life Insurance is one of India's top private sector life insurance companies with business premium, including renewal premium of over Rs 5,498 crore for the year ended March 31, 2012
The plan Reliance Life Insurance Super Endowment Plan would provide life insurance coverage for the full policy term by paying for just half of the selected policy period, a company statement said.
"This new product is in line with our philosophy to enable customers across all income segments to insure their life and provide security to their dependents," Reliance Life Insurance Chief Executive Officer Anup Rau said.
The new plan is available for customers in the age group 8-60 years with a minimum sum assured of Rs 1 lakh. The policyholder can opt for two policy terms ¿ 14 years or 20 years.
An interesting feature of the policy is that the premium payment term is only half the policy term - 7 years for a 14 year policy; and 10 years for a 20 year policy ¿ while the Life Cover is valid for the entire period.
"This is ideal for people who want to limit their premium payment commitment period but like to enjoy Life Cover for a longer time. Policyholders will be entitled for guaranteed maturity benefits at the end of the policy period," Rau said.
Reliance Life Insurance is one of India's top private sector life insurance companies with business premium, including renewal premium of over Rs 5,498 crore for the year ended March 31, 2012
Monday, December 31, 2012
Universal Property and Casualty Insurance company
The best property insurer is the one with very cheap premium providing the most coverage. That answer is extremely subjective to who is responsive the question "which is the best property insurance company?" Mine is that the best is what we tend to all assume once expose that question. everybody needs to assume they need the simplest policy ever issued. despite what, once we have a loss, we tend to believe we'll be taken care of and created whole, indemnify.
The real answer lays in what square measure you expecting from your insurance underwriter. Most insurance shoppers haven't any plan what they have thus however will anyone extremely answer that question? What shoppers expect is what ought to be asked. does one need your insurance underwriter to pay claims during a quick truthful|a good} manner? Is it fair to pay as very little as attainable to the insured if it's a quick payout? does one need 24/7 client support? does one need to be notified of optional coverages compete email or regular mail? wherever will the agent match into the equation? however can a coated loss have an effect on my renewal premium and will I report it?
Coverage in householders HO-3 policies is universal with the most issue being the lodging coverage A limit. the opposite property coverages square measure percentages of the lodging quantity with minimum percentages permitting every company to supply higher however not lower percentages for every coverage limit, i.e. separate structures, personal property/contents and loss of use. a lot of significantly, in HO-3 homeowners' policies, is that the coated perils. Homeowners' policies square measure "All Peril" policies that means ALL losses (anything which will damage your house) square measure coated unless excluded within the policy by the insurance supplier.
Investment property house owners square measure during a totally different boat once it involves property insurance wants. Landlords square measure in want of stateless person (dwelling property or lodging fire) policy varieties. the most distinction between atomic number 67 and stateless person is that the coated perils. stateless person policies square measure "Named Peril" policy varieties victimization identical named perils for DP-1 and distended named perils for DP-3. That strictly means solely perils listed within the policy square measure coated. No exceptions.
Dwelling Property policy varieties are wont to cowl primary residences of lesser quality or poor maintenance. These square measure viewed as higher risk of loss therefore the premiums square measure usually higher per $1,000 of coverage to offset the bigger probability of paid claims. Also, if the property is found during a high risk space, like on the seacoast, home house owners have few selections of policy varieties with stateless person being the sole possibility, usually.
Some further coverages to induce shoppers attention are: fraud, foundation coverage, extended cost, personal injury liability, no price further insured (important for investors victimization property mangers), and $0 glass replacement. These square measure some of {the further|the extra} options insurance corporations seldom pay claims on and square measure happy to feature for extra premiums or even no additional charge.
With over two,000 property & casualty insurance corporations in operation within the u. s., there's not one higher than the other. the massive name corporations that publicize the least bit the sporting events, radio stations, tv channels and currently throughout the net square measure all giving identical factor with some bells and whistles somewhat totally different than the opposite huge guy. the simplest property insurance underwriter for you is that the one giving the best coverage limits, most bells and whistles with very cheap premium.
The real answer lays in what square measure you expecting from your insurance underwriter. Most insurance shoppers haven't any plan what they have thus however will anyone extremely answer that question? What shoppers expect is what ought to be asked. does one need your insurance underwriter to pay claims during a quick truthful|a good} manner? Is it fair to pay as very little as attainable to the insured if it's a quick payout? does one need 24/7 client support? does one need to be notified of optional coverages compete email or regular mail? wherever will the agent match into the equation? however can a coated loss have an effect on my renewal premium and will I report it?
Coverage in householders HO-3 policies is universal with the most issue being the lodging coverage A limit. the opposite property coverages square measure percentages of the lodging quantity with minimum percentages permitting every company to supply higher however not lower percentages for every coverage limit, i.e. separate structures, personal property/contents and loss of use. a lot of significantly, in HO-3 homeowners' policies, is that the coated perils. Homeowners' policies square measure "All Peril" policies that means ALL losses (anything which will damage your house) square measure coated unless excluded within the policy by the insurance supplier.
Investment property house owners square measure during a totally different boat once it involves property insurance wants. Landlords square measure in want of stateless person (dwelling property or lodging fire) policy varieties. the most distinction between atomic number 67 and stateless person is that the coated perils. stateless person policies square measure "Named Peril" policy varieties victimization identical named perils for DP-1 and distended named perils for DP-3. That strictly means solely perils listed within the policy square measure coated. No exceptions.
Dwelling Property policy varieties are wont to cowl primary residences of lesser quality or poor maintenance. These square measure viewed as higher risk of loss therefore the premiums square measure usually higher per $1,000 of coverage to offset the bigger probability of paid claims. Also, if the property is found during a high risk space, like on the seacoast, home house owners have few selections of policy varieties with stateless person being the sole possibility, usually.
Some further coverages to induce shoppers attention are: fraud, foundation coverage, extended cost, personal injury liability, no price further insured (important for investors victimization property mangers), and $0 glass replacement. These square measure some of {the further|the extra} options insurance corporations seldom pay claims on and square measure happy to feature for extra premiums or even no additional charge.
With over two,000 property & casualty insurance corporations in operation within the u. s., there's not one higher than the other. the massive name corporations that publicize the least bit the sporting events, radio stations, tv channels and currently throughout the net square measure all giving identical factor with some bells and whistles somewhat totally different than the opposite huge guy. the simplest property insurance underwriter for you is that the one giving the best coverage limits, most bells and whistles with very cheap premium.
Sunday, December 30, 2012
How to get low cost auto liability insurance quotes from reputable companies
Liability car insurance is the heart of an auto policy. With the exception of recent Hampshire and Wisconsin, all the states need that you simply have this coverage.
When you are guilty in an automotive vehicle accident liability coverage pays bodily injury and property injury expenses for the individuals you blistered. It additionally pays for his or her medical bills and lost wages, and it pays for your legal defense bills and court prices if you are sued.
Liability insurance is written as 3 numbers. for instance if you reside within the state of recent royalty, the minimum liability needs area unit 25/50/10. meaning you want to carry:
* $25,000 value of bodily injury coverage per person
* $50,000 value of bodily injury coverage per accident
* $10,000 value of property injury coverage per accident
Other Coverage you'll need
Collision associate degreed comprehensive cowlage - Liability coverage doesn't cover the price of repairing or commutation your automotive once have an accident, therefore you'll need to buy collision and comprehensive coverage.
Collision coverage pays to repair or replace your automotive once you are concerned in associate degree accident. Comprehensive coverage pays to repair or replace your automotive once your automotive is taken, or once it's broken by devilry, fire, or acts of nature.
PIP (personal injury protection) - This coverage pays for your associate degreed your passenger's medical expenses once you are concerned in an accident. It additionally pays for your and your family's medical expenses once you are hit by a automotive whereas walking.
Uninsured automobilist coverage - This pays for expenses associated with your injuries caused by associate degree uninsurable driver, associate degree underinsured driver, or a hit-and-run driver.
Cheap automotive vehicle insurance Quotes
The best thanks to get low cost liability automotive vehicle insurance is to travel to associate degree insurance comparison web site wherever you'll get rate quotes from variety of various firms.
Visit http://www.LowerRateQuotes.com or click on the subsequent link to urge low cost automotive vehicle insurance quotes from top-rated firms and see what proportion you'll save. you'll get additional tips and recommendation in their Articles section, and obtain associate degreeswers to your queries from an insurance skilled by victimisation their on-line chat service.
When you are guilty in an automotive vehicle accident liability coverage pays bodily injury and property injury expenses for the individuals you blistered. It additionally pays for his or her medical bills and lost wages, and it pays for your legal defense bills and court prices if you are sued.
Liability insurance is written as 3 numbers. for instance if you reside within the state of recent royalty, the minimum liability needs area unit 25/50/10. meaning you want to carry:
* $25,000 value of bodily injury coverage per person
* $50,000 value of bodily injury coverage per accident
* $10,000 value of property injury coverage per accident
Other Coverage you'll need
Collision associate degreed comprehensive cowlage - Liability coverage doesn't cover the price of repairing or commutation your automotive once have an accident, therefore you'll need to buy collision and comprehensive coverage.
Collision coverage pays to repair or replace your automotive once you are concerned in associate degree accident. Comprehensive coverage pays to repair or replace your automotive once your automotive is taken, or once it's broken by devilry, fire, or acts of nature.
PIP (personal injury protection) - This coverage pays for your associate degreed your passenger's medical expenses once you are concerned in an accident. It additionally pays for your and your family's medical expenses once you are hit by a automotive whereas walking.
Uninsured automobilist coverage - This pays for expenses associated with your injuries caused by associate degree uninsurable driver, associate degree underinsured driver, or a hit-and-run driver.
Cheap automotive vehicle insurance Quotes
The best thanks to get low cost liability automotive vehicle insurance is to travel to associate degree insurance comparison web site wherever you'll get rate quotes from variety of various firms.
Visit http://www.LowerRateQuotes.com or click on the subsequent link to urge low cost automotive vehicle insurance quotes from top-rated firms and see what proportion you'll save. you'll get additional tips and recommendation in their Articles section, and obtain associate degreeswers to your queries from an insurance skilled by victimisation their on-line chat service.
Thursday, December 27, 2012
Property and Casualty Insurance E-Business in Asia
More insurance firms in Asia area unit victimization the net as a channel, and therefore the portion of premium financial gain from this channel is growing.
In the report Property and Casualty Insurance E-Business in Asia: Trends and Best Practices, Celent appearance at property and casualty insurance e-business growth in Asia and identifies best practices within the on-line sales space, including:
* Marketing: victimization numerous ways to extend web site traffic.
* Product: providing product that target a transparent user group; providing each prepacked and r la menu edges.
* Process: rising method automation; providing a demo of the acquisition method, real time quotation, numerous payment ways, elaborated claims, and alternative service info and after-sales service.
* Content: rising content quality and readability; providing product comparison tools and added info, presentation slides, or multimedia system content.
* Communication: providing numerous contact ways and integration call centre and client feedback.
Celent additionally examines the explanations and analyzes the drivers for the event of property and casualty insurance e-business in Asia, and comes the expansion of the market over consecutive 5 years.
"In several countries in Asia, the net is evolving from being strictly associate degree info and communication medium to a crucial channel," says Wenli Yuan, Senior Analyst with Celent'sAsian monetary Services cluster and writer of the report.
"New mobile offerings like smartphones and tablets area unit dynamical consumers' behavior and expectations," adds KyongSun Kong, Analyst with Celent'sAsian monetary Services cluster and writer of the report. "Customers in Asia area unit more and more victimization mobile devices to consume content, and mobile technology has the potential for increasing consumers' use of technology to each access insurance info and get insurance."
This report focuses on insurance new business purchased through the electronic channel. The report examines the expansion of web users, mobile broadband subscriptions, and smartphone and pill users in Asian countries. it's at property and casualty insurance e-business market size growth trends and on-line product trends, introducing best practices, and creating suggestions for insurers with relevancy rising property and casualty insurance on-line sales.
In the report Property and Casualty Insurance E-Business in Asia: Trends and Best Practices, Celent appearance at property and casualty insurance e-business growth in Asia and identifies best practices within the on-line sales space, including:
* Marketing: victimization numerous ways to extend web site traffic.
* Product: providing product that target a transparent user group; providing each prepacked and r la menu edges.
* Process: rising method automation; providing a demo of the acquisition method, real time quotation, numerous payment ways, elaborated claims, and alternative service info and after-sales service.
* Content: rising content quality and readability; providing product comparison tools and added info, presentation slides, or multimedia system content.
* Communication: providing numerous contact ways and integration call centre and client feedback.
Celent additionally examines the explanations and analyzes the drivers for the event of property and casualty insurance e-business in Asia, and comes the expansion of the market over consecutive 5 years.
"In several countries in Asia, the net is evolving from being strictly associate degree info and communication medium to a crucial channel," says Wenli Yuan, Senior Analyst with Celent'sAsian monetary Services cluster and writer of the report.
"New mobile offerings like smartphones and tablets area unit dynamical consumers' behavior and expectations," adds KyongSun Kong, Analyst with Celent'sAsian monetary Services cluster and writer of the report. "Customers in Asia area unit more and more victimization mobile devices to consume content, and mobile technology has the potential for increasing consumers' use of technology to each access insurance info and get insurance."
This report focuses on insurance new business purchased through the electronic channel. The report examines the expansion of web users, mobile broadband subscriptions, and smartphone and pill users in Asian countries. it's at property and casualty insurance e-business market size growth trends and on-line product trends, introducing best practices, and creating suggestions for insurers with relevancy rising property and casualty insurance on-line sales.
Property-Casualty Insurers Continue their Quest for Growth and Underwriting gains in 2013, According to Ernst & Young
NEW YORK, Dec. 18, 2012 /PRNewswire/ -- In spite of the unsure economic setting and restricted investment financial gain opportunities, property-casualty insurers are ready to pursue growth opportunities in 2013 through acquisitions, international international growth and products solutions that focus on new insured risks and coverage, predicts painter & Young in its international Insurance Center U.S. Property-Casualty Outlook.
"Outperforming competitors would force insurers to maximise client gain and persistence by continued to speculate in infrastructure, systems, intellectual capital and technology," says David Netherlander , international Insurance consultatory Leader at painter & Young LLP. "Insurance carriers will seize growth opportunities by up analytical and decision-making capabilities, cross-selling product and mistreatment selling information to extend client retention and encourage business growth. Growth and gain ways ought to be developed across the enterprise and balanced against the risks they will manufacture."
Ernst & Young believes that the subsequent economic process can drive U.S. property-casualty insurance companies' priorities over the approaching months:
-- Invest within the business for the long run, as a response to the tough investment setting. customers more and more look to technology-enabled transformation to enhance the insurance service expertise. they require period solutions that may be delivered through mobile communication and alternative channels. Such expectations square measure tough to realize while not substantial insurance technology upgrades that offer period insurance interaction with customers. Technology may also enhance operational efficiencies, increase underwriting productivity and contribute to higher oversight of the claims method. Early detection of potential adverse claims through associate degreealytical capabilities will sharpen an insurer's competitive edge, whereas yielding value savings in times of economic volatility.
-- inure changes within the regulative setting. In 2013, insurers can confront rising activity from state and regulative authorities that specialize in strengthening insurance economic condition protection systems, like economic condition II, the National Association of Insurance Commissioners' economic condition Modernization Initiative to look at the U.S. insurance capital adequacy system, and therefore the NAIC's Own Risk economic condition Assessment. to organize and address regulative pressures to reinforce risk management, insurers should increase their information management, coverage and analytical resources, and their organizations' ability to integrate risk information across disciplines. this might need extra investment in education and alternative ways. providing a lot of of the economic condition framework continues to be ongoing, insurers ought to be versatile to remain on prime of rising regulative trends, whereas getting ready for escalating information, coverage and governance demands.
-- Exploit opportunities and address challenges with 'Big Data". Insurers have a chance to integrate and leverage information capabilities across the whole worth chain, from distribution and underwriting to client service and claims. Explosive growth within the abundance and kinds and information, and therefore the speed with that it's delivered, demand a replacement company operative structure and increased governance systems to deal with information security. the first step involves obtaining existing information management capabilities so as to extract significant data and integrate information from multiple sources usually housed in numerous useful areas. Insurers can ought to invest in talent with the ability sets necessary to gather, analyze, bare and manage huge volumes of information.
-- determine growth opportunities and start to execute them. Acquisitions square measure a technique for insurers to diversify and expand by location, product or distribution supply. Premium growth opportunities within the U.S. might derive from insuring new or rising exposures in cyber liability, engineering and energy. Meanwhile, by mistreatment selling information to focus on those customers possibly to shop for multiple insurance policies, insurers will leverage opportunities to expand their businesses and increase retention over the long run. Given the drawbacks to being focused entirely in one country, insurers will profit by turning to rising markets in Asia-Pacific and geographic area, that supply lower insurance penetration rates and potential for economic growth.
The complete Property-Casualty Insurance business 2013 Outlook report are often found at computer network.ey.com/insurance.
About painter & Young's international Insurance Center
From economic process to technological innovation, businesses round the world square measure exploring new and alternative ways of achieving their potential. By finance in dedicated international business Centers round the world, painter & Young will offer you a worldwide perspective on your assurance, tax, dealings and consultatory desires, no matter your business. The Centers function a hub for sharing industry-focused data, sanctioning our international network of execs to grant you extremely responsive recommendation that helps you contend additional effectively in your business. It's however painter & Young makes a distinction.
About painter & Young
Ernst & Young could be a international leader in assurance, tax, dealings and consultatory services. Worldwide, our 167,000 folks square measure united by our shared values associate degreed an unwavering commitment to quality. we tend to create a distinction by serving to our folks, our shoppers and our wider communities win their potential.
Ernst & Young refers to the world organization of member companies of {ernst|Ernst|Max painter|painter} & Young international restricted, every of that could be a separate legal entity. painter & Young international restricted, a United Kingdom of Great Britain and Northern Ireland company restricted by guarantee, doesn't offer services to shoppers.
This news unleash has been issued by painter & Young LLP, a U.S. client-serving member firm of painter & Young international restricted.
SOURCE painter & Young LLP
"Outperforming competitors would force insurers to maximise client gain and persistence by continued to speculate in infrastructure, systems, intellectual capital and technology," says David Netherlander , international Insurance consultatory Leader at painter & Young LLP. "Insurance carriers will seize growth opportunities by up analytical and decision-making capabilities, cross-selling product and mistreatment selling information to extend client retention and encourage business growth. Growth and gain ways ought to be developed across the enterprise and balanced against the risks they will manufacture."
Ernst & Young believes that the subsequent economic process can drive U.S. property-casualty insurance companies' priorities over the approaching months:
-- Invest within the business for the long run, as a response to the tough investment setting. customers more and more look to technology-enabled transformation to enhance the insurance service expertise. they require period solutions that may be delivered through mobile communication and alternative channels. Such expectations square measure tough to realize while not substantial insurance technology upgrades that offer period insurance interaction with customers. Technology may also enhance operational efficiencies, increase underwriting productivity and contribute to higher oversight of the claims method. Early detection of potential adverse claims through associate degreealytical capabilities will sharpen an insurer's competitive edge, whereas yielding value savings in times of economic volatility.
-- inure changes within the regulative setting. In 2013, insurers can confront rising activity from state and regulative authorities that specialize in strengthening insurance economic condition protection systems, like economic condition II, the National Association of Insurance Commissioners' economic condition Modernization Initiative to look at the U.S. insurance capital adequacy system, and therefore the NAIC's Own Risk economic condition Assessment. to organize and address regulative pressures to reinforce risk management, insurers should increase their information management, coverage and analytical resources, and their organizations' ability to integrate risk information across disciplines. this might need extra investment in education and alternative ways. providing a lot of of the economic condition framework continues to be ongoing, insurers ought to be versatile to remain on prime of rising regulative trends, whereas getting ready for escalating information, coverage and governance demands.
-- Exploit opportunities and address challenges with 'Big Data". Insurers have a chance to integrate and leverage information capabilities across the whole worth chain, from distribution and underwriting to client service and claims. Explosive growth within the abundance and kinds and information, and therefore the speed with that it's delivered, demand a replacement company operative structure and increased governance systems to deal with information security. the first step involves obtaining existing information management capabilities so as to extract significant data and integrate information from multiple sources usually housed in numerous useful areas. Insurers can ought to invest in talent with the ability sets necessary to gather, analyze, bare and manage huge volumes of information.
-- determine growth opportunities and start to execute them. Acquisitions square measure a technique for insurers to diversify and expand by location, product or distribution supply. Premium growth opportunities within the U.S. might derive from insuring new or rising exposures in cyber liability, engineering and energy. Meanwhile, by mistreatment selling information to focus on those customers possibly to shop for multiple insurance policies, insurers will leverage opportunities to expand their businesses and increase retention over the long run. Given the drawbacks to being focused entirely in one country, insurers will profit by turning to rising markets in Asia-Pacific and geographic area, that supply lower insurance penetration rates and potential for economic growth.
The complete Property-Casualty Insurance business 2013 Outlook report are often found at computer network.ey.com/insurance.
About painter & Young's international Insurance Center
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SOURCE painter & Young LLP
Wednesday, December 26, 2012
Top Property and Casualty Insurance companies
The property casualty insurance business these days faces plenty of challenges as well as market pressures, technology, rising claim price, expense management, legislation, compliance and additional. the highest property and casualty insurance corporations got to take these challenges in good spirits. They usually do things with a special approach to line themselves except the competition.
These high activity corporations particularly maintain economical operational models; they meet the requirements of their purchasers and with success execute their business strategy. There square measure some benchmark practices that set apart the highest activity corporations from the remainder of the trade.
Operational potency
Today corporations should manage vital changes in workloads and workflows all told areas of their organization as a results of technological advances and dynamic market conditions. the highest property & casualty insurance corporations have concerning nineteen fewer workers once measured against premiums written. conjointly web-based technology, enterprise content management, prophetic modeling have considerably wedged on operational models.
The ability to change to new technology has provided vital savings in expense and a additional economical work force. as an example, imaging and automatic advancement has provided the businesses the chance to modify the rear workplace operations whereas still keeping the customer-facing activities within the field. they need conjointly succeeded in maintaining a employees to management magnitude relation of half-dozen.8 to 1, as compared to five.3 to 1, on the common. This distinction in employees to management equals a savings of nearly $2,200 per worker, on the common.
Customer Focus
Most often, once corporations begin to expertise increasing demands from their purchasers, it's simple for them to urge lost within the myriad of request and presumably lose specialize in the purchasers. client services have gone on the far side simply union the policy holders. Insurance companies grasp that they need plenty of consumers to support each internal and external.
The top corporations consciously service all the purchasers, as well as the policy holders, employees, agents and out of doors service partners. as a result of they believe with superior client service and simple doing business, client loyalty and retention are going to be improved considerably.
Strategic Execution
Companies that wish to stay competitive should clearly perceive their core competencies with that to develop and execute their company strategy. the highest property & casualty insurance corporations invariably attain superior results through the mixture of effective distribution channels, product focus, technology and powerful market information among their target areas. each company that has been able to quickly maximize these strengths can invariably have an incredible competitive edge.
Based on the higher than benchmarks, some high activity property and casualty insurance corporations square measure as follows:
Accident Fund
Acuity
Amerisure corporations
ANPAC
American state State Automobile Association
Canal Insurance cluster
Chubb cluster
GEICO
Germania Insurance cluster
farm Mutual Casualty cluster
When you would like the services of a high property and casualty insurance underwriter, invariably certify that they satisfy these basic benchmarks, and by therefore doing you'll be secure a good service. The insurance trade and their services square measure even additional required within the twenty first century than ever as a result of our society these days is troubled with such a lot of dangers and uncertainties, thus the increasing would like for insurance.
These high activity corporations particularly maintain economical operational models; they meet the requirements of their purchasers and with success execute their business strategy. There square measure some benchmark practices that set apart the highest activity corporations from the remainder of the trade.
Operational potency
Today corporations should manage vital changes in workloads and workflows all told areas of their organization as a results of technological advances and dynamic market conditions. the highest property & casualty insurance corporations have concerning nineteen fewer workers once measured against premiums written. conjointly web-based technology, enterprise content management, prophetic modeling have considerably wedged on operational models.
The ability to change to new technology has provided vital savings in expense and a additional economical work force. as an example, imaging and automatic advancement has provided the businesses the chance to modify the rear workplace operations whereas still keeping the customer-facing activities within the field. they need conjointly succeeded in maintaining a employees to management magnitude relation of half-dozen.8 to 1, as compared to five.3 to 1, on the common. This distinction in employees to management equals a savings of nearly $2,200 per worker, on the common.
Customer Focus
Most often, once corporations begin to expertise increasing demands from their purchasers, it's simple for them to urge lost within the myriad of request and presumably lose specialize in the purchasers. client services have gone on the far side simply union the policy holders. Insurance companies grasp that they need plenty of consumers to support each internal and external.
The top corporations consciously service all the purchasers, as well as the policy holders, employees, agents and out of doors service partners. as a result of they believe with superior client service and simple doing business, client loyalty and retention are going to be improved considerably.
Strategic Execution
Companies that wish to stay competitive should clearly perceive their core competencies with that to develop and execute their company strategy. the highest property & casualty insurance corporations invariably attain superior results through the mixture of effective distribution channels, product focus, technology and powerful market information among their target areas. each company that has been able to quickly maximize these strengths can invariably have an incredible competitive edge.
Based on the higher than benchmarks, some high activity property and casualty insurance corporations square measure as follows:
Accident Fund
Acuity
Amerisure corporations
ANPAC
American state State Automobile Association
Canal Insurance cluster
Chubb cluster
GEICO
Germania Insurance cluster
farm Mutual Casualty cluster
When you would like the services of a high property and casualty insurance underwriter, invariably certify that they satisfy these basic benchmarks, and by therefore doing you'll be secure a good service. The insurance trade and their services square measure even additional required within the twenty first century than ever as a result of our society these days is troubled with such a lot of dangers and uncertainties, thus the increasing would like for insurance.
