Insurance corporations are financial intermediaries which offer direct insurance or reinsurance services, providing financial protection from possible hazards in the future. Show Under an insurance policy, the insurance corporation undertakes to compensate the policyholder for losses caused by a pre-defined event against a fee, or “premium”. Typically, insurance corporations may cover specific kinds of events.
Why are they important?Insurance policies are an important cornerstone of many households’ income and wealth in Europe. Insurance corporations also play an important role in financial markets as institutional investors and investment targets. For these reasons, the ECB collects statistical data on the balance sheets and other financial information of insurance corporations for its analyses of the financial system and household wealth. Insurance corporation statisticsOur insurance corporation statistics combine data on insurance corporations in euro area countries in one harmonised set of statistics. Our statistics show separate information according to the insurance corporations’ operating license. This split results in four reporting sectors: reinsurance, life, non-life and composite insurance. Reinsurance corporations can only engage in (life and non-life) reinsurance business. Composite insurance corporations hold both life and non-life operating licenses. Data on insurance corporations are divided into three sections: balance sheetThe balance sheet section presents the assets and liabilities data for reinsurance, life, non-life and composite insurance corporations, as well as more detailed data for the insurance corporation population as a whole (“total insurance corporations”).The asset section provides information on the holdings of insurance corporations: it shows the investments of the paid premiums and other liabilities, as well as loans provided. It also shows the claims that insurance corporations might have against other parties – for example claims against reinsurance firms resulting from reinsurance contracts. The liabilities section provides information on claims against euro area insurance corporations. These liabilities mainly consist of the funds (“insurance technical reserves”) that insurance corporations have put aside to fulfil their future payment obligations towards policyholders. Liabilities also include insurance corporations’ equity, loans received and other financial obligations. premiums, claims and acquisition expensesThe premiums, claims and acquisition expenses section presents financial data that is closely related to the insurance policies. Premiums refer to the payments policyholders regularly transfer to the insurance corporation in order to be covered in the event of losses. Claims incurred, or simply claims, are the financial obligations arising from both insurance and reinsurance. Acquisition expenses relate to the costs an insurance corporation incurs when issuing new contracts.large insurance groupsThe large insurance groups section contains data collected from approximately 90 insurance groups operating in the European Economic Area (EEA) under the Solvency II regime. These data consist of indicators and growth ratios that the European Systemic Risk Board (ESRB) compiles for the purpose of monitoring financial stability. Harmonised euro area insurance corporation (IC) statistics are available as of the third quarter of 2016. They replace the non-harmonised IC statistics that were previously published by the ECB as part of a broader euro area insurance corporation and pension fund (ICPF) statistical dataset. ICPF statistics are available for the reference periods from the first quarter of 2008 to the second quarter of 2016 on the Statistical Data Warehouse. Data and reportingFor detailed information on the available insurance corporations data series and the relevant reporting framework, see Data and reporting. All pages in this sectionWhat are the 5 types of insurers?Types of Insurers. Different Types of Insurers. There are many different types of property and casualty insurers operating in Texas. ... . Stock Insurance Companies. ... . Mutual Insurance Companies. ... . County Mutual Insurance Companies. ... . Farm Mutual Insurance Companies. ... . Lloyds Plan Companies. ... . Reciprocal Exchanges.. What are the three types of insurance company?Types of Insurance Companies
Among the largest categories of insurance companies are accident and health insurers; property and casualty insurers; and financial guarantors. The most common types of personal insurance policies are auto, health, homeowners, and life.
Which of the following are the different types of insurance companies?Some of the types of insurance companies are:. Standard lines.. Surplus lines.. Captives.. Direct sellers.. Domestic.. Alien.. Lloyd's of London.. Mutual companies.. What is an example of an insurance company?AXA is one of the world's leading insurance groups with major businesses in property and casualty insurance, life insurance, savings, and asset management.
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Which of the following insurers/organizations are not technically insurance companies?
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