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Commercial Insurance Underwriting

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Commercial Insurance Underwriting University of Illinois Urbana Champaign Finance 230 Insurance Companies Founded in 1911 Issued the country s first Worker s ... – PowerPoint PPT presentation

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Title: Commercial Insurance Underwriting


1
Commercial Insurance Underwriting University of
Illinois Urbana Champaign Finance 230
2
Who are We?
Mike Myers, CPCU, ARM Regional Underwriting
Manager Sue Myers, CPCU, ARM, AIC Commercial
Lines Underwriter
3
Insurance Companies
  • Founded in 1911
  • Issued the countrys first Workers Compensation
    policy
  • Member of the Liberty Mutual Group
  • 95 on the Fortune 500 List
  • 23.5 Billion Revenue
  • Over 40,000 employees
  • 6th largest property/casualty company in the
    United States

4
Insurance Group
  • Founded in 1917
  • 1.2 billion in revenues
  • 20th largest commercial insurance writer and 57th
    largest Property / Casualty company in the
    United States
  • 2,200 employees

5
Overview
  • Types of Insurance
  • Commercial Insurance
  • Different Markets in Commercial Insurance
  • Underwriting

6
Different Types of Insurance
  • Personal Insurance
  • Health Insurance
  • Life Insurance
  • Commercial Insurance
  • International Insurance
  • Reinsurance
  • Specialty Insurance

7
Why Insurance Is Awesome
  • Supports Injured People Who Cannot Work
  • Pays Bills/Expenses of a Business Closed By a
    Fire
  • Protects Families from Unexpected Loss of Income
  • Protects a Persons Assets
  • Helps People Recover From Disasters

8
Commercial Insurance
Insurance for Businesses
9
What Risks Do Businesses Have? Workers Autos Prop
erty Liability
Courtesy of www.bullesdoxygene.com
10
Workers Compensation
  • Provides no-fault benefits to workers injured on
    the job
  • Types of benefits payable
  • Medical
  • Disability
  • Rehabilitation
  • Death

11
Workers Compensation
What are some of the sources of Workers
Compensation claims?
  • Hospital
  • Veterinarians
  • Grocery Stores
  • Television Network Sports
  • Insurance Companies

12
Workers Compensation
Courtesy of www.craneaccidents.com
13
Auto
  • Protects the owner against losses arising out
    of the use of an automobile in business.
  • Types of coverage include
  • Business Auto
  • Garage
  • Trucking

14
Auto
15
Auto
16
Property
  • Protects against the perils like
  • Fire
  • Theft
  • Vandalism
  • Wind
  • Covers
  • Buildings
  • Contents / Stock
  • Business Income

17
Property
California Wildfires 10/23/07
Courtesy of www.news.yahoo.com/photos/
18
Property
California Wildfires 10/24/07
Courtesy of www.news.yahoo.com/photos/
19
Liability
  • Protects the owner of a business for suits or
    claims for negligence of
  • Premises
  • Products Produced
  • Services Provided

20
Liability
  • New Massive China Toy Recall

Msnbc Headline 8/14/2007
Courtesy of Chip Somodeville / Getty Images
21
Commercial Insurance
  • Insuring Businesses
  • Small Market
  • Middle Market
  • National Market

Complexity of Risk and Coverage
Handling Expenses
Size
22
Functions of an Insurance Product
  • Claims Handles Claims and Pays the Losses
  • Loss Control Identifies and Controls Risk
  • Actuarial Predicts and Estimates Risk
  • Underwriting Accepts and Prices Risk

23
Underwriting - Simply Stated
  • Analyzes a customers business risk
  • Decides whether to insure the risk
  • Decides coverages to offer
  • Decide appropriate structure
  • Forecasts costs / Price transferred risk

24
Underwriting Skill Set
  • English Speech
  • Finance Accounting
  • Statistics
  • Law
  • Common Sense

25
Its All About Risk
  • Can have millions of dollars in limits on every
    account, even the smallest
  • Take on additional exposure with each added
    coverage
  • Even the best accounts could have a million
    dollar claim (or Larger!)

26
  • Any Questions?

27
Thank you University of Illinois Urbana
Champaign Finance 230
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