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1、Non-BankFinancialInstitutionsWeek3–September14,2005Non-BankFinancialInstitutionsInsurance-typeLifeandpropertyandcasualtyPensionfundsAssetmanagementfirmsandfundsSecuritiesfirmsOthersFinancecompaniesMortgagebankersGovernment-sponsoredagenciesInsuranceLiabilitiesPromisetopayd
2、ependingoncontingencyLife-Payupondeath,orretirementPropertyandcasualty-Payonoccurrenceofaccidentorlossduetotheftorhazard(fire,weather,earthquake,flood)DifferencesbetweenlifeandaccidentLifeprobabilitiesknownwithaccuracyCasualtyhastworisks:incidenceandseverityInsuranceServic
3、esLifeandannuitycontractProbabilitiesusuallynotinfluencedbyinsuredCashflowsfromcoveragearepredictableCancellations,lapses,policyloansCasualtycontractPeriodshortPolicy-holdersinfluencetheincidenceandseverityofclaimsLifeInsuranceContractsAgeAgeRetirementRetirementDeathDeathW
4、holeLifeContractLimitedPayLifePremiums,BenefitsPremiums,BenefitsLifeInsuranceContracts(cont’d)AgeAgeRetirementRetirementDeathDeathEndowmentPolicyLifeandAnnuityPremiums,BenefitsPremiums,BenefitsInsuranceDistributionLifeinsuranceOrdinaryGroupIndustrialCreditIndependentagents
5、EconomicsofinsurancemarketingCompensationofagentsandbrokersPoliticalpowerintheinsuranceindustryInsuranceCompanyIncomeRevenue:PremiumincomeEarnedpremiumsInvestmentincomeExpenses:PolicyBenefitsandLossesDirectpaymentstoclaimantsLossexpenses(evaluation,processing)Marketingexpe
6、nsesNon-interestexpenseLaborandrelatedexpensesCommunication,feesInsuranceMarketLifeInsuranceAssetsRoleofInsuranceEquityEquityininsuranceissometimesreferredtoassurplussinceitrepresentspremiumcollectionsaboveclaimspaymentsIncomeisapproximately:Premiums+investmentincome–claim
7、sIncome/lossaddsto/subtractsfromequityEquityorsurplusabsorbslargesurgesinclaimsasincatastrophes(e.g.Katrina)InsuranceBalanceSheetsBalancesheet:liabilitiesareinsurancereserves,unearnedpremiums,andsurplus(plusequitycapital)Assetsareinvestmentsincorporateandmunicipalbonds,rea
8、lestate,equities,BalancesheetmanagementconsistsofmatchingassetriskstoliabilityrisksManyli
