Global Insurance Industry

by: Djai Tanji

You should keep in mind that best insurance plan for you is the one that gives you greatest flexibility and superb benefits for a low cost. But there is no such thing as an ideal health insurance plans that’s why you have to shop around for insurance plans and get several quotes. You have to consider the co-pays, deductibles and coinsurance requirements that can be applied. See if it also cover the health services you need and also if it covers the health care providers you are presently using. Consider the coverage, like if it offers a family and individual coverage. And of course find out if the company’s reputation in the industry as well as its rating.

Potential changes in the climate poses the greatest strategic risk facing the property and casualty insurance industry. According to a study by Ernst & Young, demographic changes and climate change comes first for the life insurance industry followed by demographic changes and catastrophic events. Experts in the field say that these are the threats that will have the greatest and most far reaching consequences to the insurance sector.

by: Djai Tanji

In addition to the monthly premium costs, you may have other out of pocket expenses and theses costs can be really expensive especially if you have children or other family members who goes to the doctor often. Health insurance plans sometimes require you to pay out of the pocket costs, so you better check. See if you have Co-payment which is the amount you will have to pay every time you visit a health insurance provider. Deductible is the amount you’ll have to give for your medical expenses that is annually usually, before the insurance company starts to pay claims. In coinsurance, the percentage of your medical costs you’ll have to pay after you reach any deductibles that is valid.

by: Djai Tanji

So what doe s a good health insurance policy covers? Well it should contain various types of coverage. Your hospital room, board, hospital fees and incidental services costs once you are hospitalized should be paid by a hospital expense insurance. And surgical expense insurance should be covering surgeons’ fees and other related expenses regarding surgery. A physicians’ expense insurance then covers the visit to a doctor’s office or for a doctor’s hospital visits. And of course your major medical insurance provides super broad coverage with a high maximum benefit that is designed to protect you against losses from devastating sickness.

PricewaterhouseCoopers (PwC) is one of the largest professional services in the world. In 2007, it has earned $25 billion and employed over 160,000 people in 150 countries.

PwC’s three main services are the following: audit and assurance; tax; advisory and consulting
Its specializations include: consumer and industrial products and service; financial services; technology, information, communications and entertainment; government and public sector.

PwC has a global network of specialists that can provide help to investment managers and real estate companies in the areas of governance, risk management, financial reporting and business development strategies. They can advise clients on crucial matters like creating and preserve value in a highly competitive environment, navigating a wave of new regulation, and motivating and taking care of key people.

by: Djai Tanji

Generally, health insurance plans fall into two categories which are the Indemnity plans also known as the reimbursement plans, and Managed care plans such as health maintenance organizations (HMO), preferred provider organizations (PPO) and point of service plans (POS). In indemnity plan, it will allow you to select your own doctors and pay for your medical expenses which can be fully, partly or up to a particular amount per day for a specific number of days. While managed care plans offer a broader coverage but all involves arrangement between the insurer and a chosen network of health care providers like the doctors, hospitals, etc.

http://www.acord.org/dataDictionary/dataDictionary.htm

In this site, you could find a data dictionary for the insurance industry made by ACORD, eEG7 and CSIO under the United Nations initiative to harmonize existing data dictionaries. This dictionary will facilitate information exchanges for placing, claims processing, accounting, and more. Elements in this data dictionary are core components used by the individual standards of organizations to build specific standards for communities and geographies. The common data and definitions have been identified and generalized into one element name and definitions. By doing so, this dictionary forms the solid foundation on which to build standards and ensure interoperability across business sectors including insurance, finance, transport, and healthcare and others.

Hong Kong is a leading insurance center in Asia with a stock of $4.1 billion in foreign direct investment at the end of 1998.

Many foreign insurers and reinsurers, most in the business sector, have positioned to expand their market share in Hong Kong because there is a more liberal regional insurance market after the 1990 Asian financial crisis. China’s accession to the WTO helped accelerate this process

The US and the UK are among HongKong’s insurers as well as other big players in the market. The top 10 insurers take more than one third of the general insurance market while the top 10 long term insurers have more than 80% of the long term insurance market.