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Lecture Risk management and insurance - Lecture No 9: Types of insurers and marketing systems

In this chapter, the learning objectives are: Overview of private insurance in the financial services industry, types of private insurers, agents and brokers, types of marketing systems, group insurance marketing. | Types of Insurers and Marketing Systems Lecture No. 9 1 Objectives Overview of Private Insurance in the Financial Services Industry Types of Private Insurers Agents and Brokers Types of Marketing Systems Group Insurance Marketing 2 Overview of Private Insurance in the Financial Services Industry The financial services industry consists of: Commercial banks Savings and loan institutions Credit unions Life and health insurers Property and casualty insurers Mutual Funds Securities brokers and dealers Private and state pension funds Government-related financial institions 3 Exhibit 5.1 Assets of Financial Services Sectors, 2007 ($billions) 4 Overview of Private Insurance in the Financial Services Industry Changes in the financial services industry include: Consolidations The number of firms has declined due to mergers and acquisitions Convergence Existing financial institutions now sell a wide variety of financial products that earlier were outside their core business area 5 Types of . | Types of Insurers and Marketing Systems Lecture No. 9 1 Objectives Overview of Private Insurance in the Financial Services Industry Types of Private Insurers Agents and Brokers Types of Marketing Systems Group Insurance Marketing 2 Overview of Private Insurance in the Financial Services Industry The financial services industry consists of: Commercial banks Savings and loan institutions Credit unions Life and health insurers Property and casualty insurers Mutual Funds Securities brokers and dealers Private and state pension funds Government-related financial institions 3 Exhibit 5.1 Assets of Financial Services Sectors, 2007 ($billions) 4 Overview of Private Insurance in the Financial Services Industry Changes in the financial services industry include: Consolidations The number of firms has declined due to mergers and acquisitions Convergence Existing financial institutions now sell a wide variety of financial products that earlier were outside their core business area 5 Types of Private Insurers Size of the insurance market, 2007 Life and health insurers: 1009 These insurers sell life and health insurance products, annuities, mutual funds, pension plans, and related financial products Property and casualty insurers: 2723 These insurers sell property and casualty insurance and related lines, including marine coverages and surety and fidelity bonds 6 Exhibit 5.2 Top Twenty U.S. Life/Health Insurance Groups by Revenues, 2007 ($ millions) 7 Exhibit 5.3 Top Twenty U.S. Property/ Casualty Companies by Revenues, 2007 ($millions) 8 Types of Private Insurers Insurers can be classified by their organizational form: Stock insurers Mutual insurers Reciprocal exchanges Lloyd’s of London Blue Cross and Blue Shield Plans Health maintenance organizations (HMOs) Other types of private insurers 9 Types of Private Insurers A stock insurer is a corporation owned by stockholders Objective: earn profit for stockholders Increase value of stock Pay dividends Stockholders elect board of