![]()
Télécharger
U.S. Insurance Industry Financial Overview
Through 2014, the U.S. insurance industry continued to report consecutive years of good financial performance and, in the aggregate, remained in sound financial condition. Positive net income again raised reported surplus of both the life and health (L/H) and the property and casualty (P/C) sectors to record levels. The L/H sector reported approximately $354 billion of capital and surplus at the end of 2014, and the P/C sector reported approximately $689 billion in policyholders’ surplus, up from $332 billion and $665 billion, respectively, at the end of 2013.
The L/H and P/C sectors both also recorded increases in aggregate net written premiums in 2014. The L/H sector’s net written premiums reached $648 billion in 2014, largely the result of growth in sales of annuity products. P/C sector net written premiums were $503 billion in 2014, a record-high level. Solid gains were reported for both commercial and personal lines of business as premium rate increases and growth in the U.S. economy drove growth in aggregate premiums.
While both sectors of the insurance industry were profitable in 2014, net income for both declined from the record levels set in 2013. Growth in L/H sector revenues, which was slowed by only a slight increase in net investment income, was outpaced by growth in total expenses, and led to a 23 percent decline in pretax income compared to 2013. Significantly lower realized capital losses compared to 2013 held the decrease in net income to a lower 13 percent, or approximately $38 billion. The P/C sector reported a 9 percent decrease in net income, mainly due to a 19 percent decline in underwriting gains. The P/C sector’s loss ratio increased in 2014, following low catastrophe losses in 2013.
However, the sector’s combined ratio remained below 100 for the second consecutive year.16 P/C sector net income was reported at approximately $65 billion.
The insurance industry remained active in the U.S. capital markets. In the aggregate, the insurance industry raised $8 billion in new equity capital in 2014. Debt financing remained attractive as interest rates remained historically low, and the insurance industry sold an aggregate $37 billion in new debt.
Merger and acquisition (M and A) activity declined in 2014 in terms of the number of transactions that were announced, but the aggregate value of those deals, $14 billion, marked a 79 percent increase over the 2013 level. By the middle of 2015, M and A activity increased significantly, with announcements of five major deals, with an aggregate value of nearly $132 billion. Several of these transactions were in the health insurance sector, and might signal competitive changes in market share.
Finally, the Report also highlights the growing role of alternative risk-transfer capital in the insurance industry. While this remains a small share of the total capital committed to reinsurance underwriting, its growth continues to put downward pressure on reinsurance premiums. The past year has witnessed continued growth not only in catastrophe bonds and other insurance-linked securities, but a very rapid pace of growth in industry-loss warranties and collateralized reinsurance. Once considered an innovative market segment, these alternative forms of risk transfer appear to be taking on permanent presence in insurance markets.
U.S. Insurance Industry Financial Overview
Arterial Gas Embolism (AGE) means signs and symptoms due to gas entering the arterial system as a result of overpressurization of gas-containing body structures during a Covered Dive.
Cohabitant means Your domestic partner, provided proof, as outlined below, is provided to United States Life:
1. evidence of financial interdependence including joint bank accounts, jointly owned property, joint credit cards or designation of beneficiary of life insurance or pension benefits;
2. evidence of cohabitation;
3. evidence of a prior relationship of at least 6 months, with an expectation of future commitment;
4. indication of an exclusive mutual commitment;
5. evidence of attainment of the age of majority;
6. statement that the person is not legally married;
7. statement that You is not related by blood to the domestic partner; and
8. if a resident of a city, municipality or other governing jurisdiction that allows for filing as domestic partners, evidence of such filing.
Common Carrier means a vehicle or service licensed to carry passengers for hire on a regularly schedule basis.
Coverage means the insurance that an Insured Person has under the Group Policy.
Covered Dive means a recreational dive or diving while a scuba instructor, dive master, underwater photographer, or while performing research under the auspices and following the diving safety guidelines of the American Academy of Underwater Scientists (AAUS). A dive begins upon entry into the water and ends upon exit from the water. A Covered Dive must begin while Coverage is in force.
Covered Diving Accident means DCI or any Injury as the result of a Covered Dive, regardless of the depth.
Custodial Care means care:
1. provided primarily for the maintenance of the Insured Person; and
2. essentially designed to assist the Insured Person in the activities of daily living.
Custodial care does not include care primarily provided for its therapeutic value in the treatment of Injury.
Decompression Illness (DCI) means Decompression Sickness (DCS) or Arterial Gas Embolism (AGE).
Such illness must be a direct result of a Covered Dive.
Decompression Sickness (DCS) means signs and symptoms due to gas in the tissues resulting from a Covered Dive.
Diving Equipment means diving equipment that is worn on the diver’s person that is lost or damaged due to an Injury or DCI that requires urgent transportation or hospitalization. Diving Equipment does not include watches, their glasses or covers, torn straps or buckles, or photographic equipment of any kind.
Eligible Person means a person or dependent who satisfied the eligibility requirements for the Policyholder. The classes of Eligible Persons and Eligible Dependents are described in the Certificate Schedule.
Home Country means the country where the Insured Person permanently resides. Such country must be declared in advance with United States Life.
Hospital means an institution that is run for the care and treatment of sick or injured persons as inpatients and meets all the following requirements:
1. is operated according to the laws pertaining to hospitals in the jurisdiction in which it is located;
2. is under the supervision of a medical staff and has one or more physicians available at all times;
3. maintains organized facilities for major surgery or has facilities available to it on a pre-arranged basis;
4. provides 24 hours a day service by registered graduate nurses (RN’s); and
5. is not, other than incidentally a place for the aged or mentally ill or a nursing or convalescent home.
Hyperbaric Chamber means a pressure vessel approved for recompression of diving accident victims and/or use of hyperbaric oxygen therapy, specifically for use for recompression of AGE or DCS.
Injury means accidental bodily injury of an Insured Person, that is direct and independent of all other causes, and occurs while Coverage is in force.
Inpatient means an Insured Person who is confined as a registered bed patient in a hospital for whom a room and board charge is made.
Insured Member means a Member who has Coverage under the Group Policy. An Insured Member is referred to in the Certificate as You.
Insured Person means You or Your Eligible Dependent who has Coverage under the Group Policy.
Intensive Care Unit means a separate part of a hospital that is reserved for critically and seriously ill patients who require highly skilled nursing care and constant or close and frequent audiovisual nursing observation. The intensive care unit must provide its patients with:
1. room and board;
2. nursing care by Nurses who work only in the unit; and
3. special equipment and supplies that are primarily for use within the unit.
Medically Necessary or Medical Necessity means services or supplies received while an Insured Person has Coverage that United States Life determines to be:
1 . appropriate and necessary for the symptoms, diagnosis or direct care and treatment of a Covered Diving Accident;
2. provided for the symptoms, diagnosis or direct care and treatment of a Covered Diving Accident; and
3. within standards of good medical practice within the organized medical community; and
4. not primarily for the convenience of the Insured Person, Insured Person’s Physician or another provider; and
5. the most appropriate supply or level of service that can be safely provided.
Nurse means a Registered Nurse (RN), Licensed Practical Nurse (LPN) or Licensed Vocational Nurse (LVN) who is licensed by the State Board of Nursing. If covered nursing services are required outside the jurisdiction of the United States, Nurse means a healthcare practitioner providing nursing services who is licensed or certified to provide such services in the country or district where the services are rendered.
Other Medical Expense Insurance means medical expense insurance provided by any other insurance or welfare plan or prepayment arrangements (including Blue Cross or Blue Shield plans), regardless of whether the other insurance is provided on an individual, family, or group basis, or through an employer, union or membership in an association. If insurance were provided on a provision of service basis, then, for purposes of this definition, the amount shall be that which the services rendered would have cost in the absence of the insurance.
Outpatient Treatment means Medically Necessary services and supplies provided to an Insured Person in a Physician’s office or Outpatient department of a Hospital for which no room and board charge is made.
Physician means a duly licensed medical practitioner who operates within the scope of his or her license and provides services covered under the Group Policy. The term does not include the Insured Person or any person related to the Insured Person by blood, marriage, or adoption.
Reasonable and Customary Charges means charges for medical services and supplies that are not more than the usual charge in the locality where such services or supplies are received. The nature and severity of the condition will be taken into account.
0 Comments