Another insurance cost slicing approach

Reaching the age of retirement is a well deserved event that warrants the reward of being able to really experience the greater things in life. But working hard over the span of ones life surely takes a toll on personal health. Because of this, more and more senior citizens will need some sort of aid in their living situations. Data shows that as many as 50 % of our nations elderly are in need of assisted care. In addition, as the amount of individuals needing these programs heightens, so does cost. Fortunately, there are multiple methods to minimize month to month prices that are not nearly as complex as one may believe. One approach is to utilize the web. The internet has reinvented the buying and selling of goods and services. Therefore, it goes without saying that insurance (like everything else) is more affordable online. Being dubious about this concept is perfectly reasonable, but if bought right, it can cut your insurance costs by as much as 30 %. There are numerous reasons as to why insurance rates are lower from online retailers. Selling insurance internet is highly competitive due to the fact that so many salespersons utilize the web as a selling tool. Therefore, with increasing rivalry comes decreasing costs for potential customers. Next, think about daily operational costs for local lenders, they have supplemental costs like rental fee and office essentials to deal with. An online retailer has marginal operation cost obligations and can as a result sell at a lesser rate. Another insurance cost slicing approach is to make your monthly payments a routine. You may not think it, but insurance suppliers notice steady payment patterns because they result in a significant amount of savings for the agency. For instance, if you pay your dues on the same day every month then the insurance firm doesn't have to worry about the cost of distributing your statement. The money you save for the agency by paying your bills on time is reprimanded via lower monthly costs. Last but not least, the sooner you obtain a policy, the less you will have to pay in the future. Even if you are years from pension, it is crucial to note that almost ten percent of Americans, even those as young as 40, need facilitated care. Purchasing insurance earlier on in life is a safeguard for when you are older, as effective money maintenance and costs become more and more hard to overcome as you age.

2013 IRS Tax Limits for Long-Term Care Insurance

2013 IRS Tax Limits for Long-Term Care Insurance :Individual taxpayers can treat premiums paid for tax-qualified long-term care insurance for themselves, their spouse or any tax dependents (such as parents) as a personal medical expense. The yearly maximum deductible amount for each individual depends on the insured's attained age at the close of the taxable year (see Table 1 for current limits). These deductible maximums are indexed and increase each year for inflation. 

 The Internal Revenue Service (IRS) announced increased deductibility levels for individuals purchasing long term care insurance policies purchased in 2013 (Rev Procedure 2012-41).

Attained Age before Close of Taxable year
40 or less	$ 360
More than 40 but not more than 50	$ 680
More than 50 but not more than 60	$1,360
More than 60 but not more than 70	$3,640
More than 70	$4,550

For calendar year 2013, the per-diem limitation under Section 7702B(d)(4) for periodic payments received under a qualified long-term care insurance contract is $320 (the 2012 limit was $310).

asian insurance market forecast 2013

Best Insurance Stock Today - asian insurance market forecast 2013 , Asian insurance industry forecast 2013 : For insurers operating in developing markets, growing wealth from the burgeoning middle class represents a major source of premium and profit potential, via the sale of wealth management and personal lines insurance. Insurers operating in more mature markets can grow by enhancing product and service offerings to meet the more complex financial planning needs of consumers.  Insurers pursuing these opportunities must also deliver an acceptable return on capital. Regulators in many markets are evaluating efforts in Europe and the US to strengthen insurer solvency, and taking steps in this direction  according to a new report from  Ernst & Young

Ernst & Young’s expectation is that the majority of the region will experience common regulatory approaches and language, but the rules will be appropriate to their own market’s situation. Beyond prudential regulation, regulators are focusing on improving consumer protection and increasing product transparency. As regulations develop, insurers need to adapt their products and business models accordingly.

 A familiar litany of economic issues will persist in 2013 as existed in 2012: struggles with keeping the eurozone whole, protests in the streets, volatile financial markets, high rates of unemployment, and low rates of growth in the developed world all combining to make the 2013 economy a difficult environment in which to generate profitable growth.

 In 2013, domestic and international insurers in Asia-Pacific will benefit from the region’s organic premium growth potential, brought about by high levels of conomic growth and rising insurance penetration rates. Our outlook last year indicated that growth-seeking insurers would look to Asia-Pacific, and this continues to be the case.

The region leads the world in expected GNP growth rates, despite a slowdown in overall global economic growth. Standouts include China, Hong Kong, India, ndonesia, Vietnam, Malaysia and Thailand. Each country has experienced rapid development of its financial markets and services sectors.

In the current economic environment, insurers will need to be more selective about which markets to enter or exit, addressing both geographies and product lines; which distribution models to utilize; and how best to manage costs while maintaining  productivity. Mergers, acquisitions and divestitures are increasingly on the agenda for local, regional and non-Asian insurers.

 Desirable targets include companies with access to strong bancassurance or other distribution channels, entities with an established presence in the market, companies with a complementary product set, and organizations that have already invested in new technologies to reach customers. An increase in transaction activity is expected, with non-insurers focused on distribution access. Insurers need to ensure their goals and strategies are aligned with the target acquisitions, and that they have invested in the operational support systems to make the ventures succeed.

The increasing emergence of health insurance and pensions across the region presents another growth opportunity. It is anticipated that many insurers will critically assess how to access the high potential represented by these markets in 2013, although implementation of these plans via transactions and/or distribution agreements may take longer to materialize.Download Full Ernst & Young Anaysis

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prospect of indonesia insurance industry 2013

best insurance stock today - prospect of indonesia insurance industry 2013 : Oct. 15 (Fitch) Fitch Ratings says in a new report, the rating outlook for the life insurance sector and general insurance in Indonesia is Stable, supported by a growing domestic market, sustained premium growth and strong regulatory requirements.

Fitch expects a steady premium growth in 2013, driven by increased prosperity in Indonesia, low market penetration, and increasing the awareness of natural disasters. Insurance penetration in Indonesia is still low, at 1.7% compared with 8.1% in the U.S., 11.8% in the UK and over 4% in neighboring countries such as Singapore and Malaysia.

The premium of the insurance sector in Indonesia grew 15.5% yoy to Rp 68.9 trillion in the first half of 2012. In Fitch's view, the increasing regulatory requirements, including the minimum capital to Rp 70 billion in 2012 and USD 100 billion in 2014, will drive market consolidation is more stringent. The number of insurance companies will shrink due in part to smaller insurance and weak will join with other companies to meet the new capital requirements or forced to exit the market.

In the long term, this is expected to help develop a greater awareness of the risks and improve the ability of insurance companies to manage capital resources. Foreign ownership in the Indonesian market with low insurance penetration rate is also expected to increase due to slower growth in mature markets, such as America, Japan and Korea. It is also driven by the limits on foreign ownership in Indonesia, at 80% is much higher than in other Asian countries.

Negatively, the prospect of growth in the insurance industry in Indonesia is hampered by the level of institutional transparency, public disclosure, and risk management are limited. Fitch, however, believes that the industry operating environment can be improved gradually by strengthening regulatory requirements and increasing interest of foreign investors. Outlook Stable may be under pressure from rising insurance losses was significantly unforeseen disaster in Indonesia. Exposure to natural disasters highlight the importance of insurance companies manage their exposure to natural disasters in a sustainable and prudent.

Economic slowdown, which Fitch looked at as less likely at this point, can also block the growth of the insurance market in Indonesia. The potential loss in investment due to the escalation of the euro crisis, may also cause Outlook revised to Negative. The report, '2013 Outlook: Indonesian Insurance Sector - Strong Industry Growth Prospects amid Strengthening Regulatory Requirements', available at www.fitchratings.com.

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Saudi insurance growth rate predictions 2013

Best Insurance Stock - Saudi insurance growth rate predictions 2013 : A number of executive officials of several insurance companies agreed that the annual growth rate of the insurance sector would increase by 13 percent during 2013. With a state budget that is about 15 percent higher than previous year's, there will be more spending and investment in government projects, part of which will go to the sector given healthcare projects, medical error costs and engineering insurance that is a must for a government project.

Metib Al-Roughi, president of Weqaya Insurance, said the rate increase prediction is attributed to the state's huge budget spending which will reflect on insurance market shares for companies. The Minister of Finance's statement said that direct spending will be on education and healthcare indicates that several types of insurance will grow. Insurance relation to the state's budget lies in the costs of medical errors and the obligatory engineering insurance of projects, in addition to property insurance.

Fahd Al-Husni, executive president of the Saudi Reinsurance Company, said the sector in Saudi Arabia has been witnessing notable growth during the last 5 years. From 2007 to 2011 the volume of installments increased from SR 8.5 billion to SR 18.5 billion. Government spending and economic development projects have contributed in this growth, he said, adding that it is expected that the state budget contribute to increasing demand for different kinds of insurance, especially engineering, property and energy and marine insurances because they are directly linked to projects related to infrastructure, transportation, construction, ports, electricity and water.

Reinsurance plays a vital role in supporting the economy because it provides insurance companies with an additional underwriting capacity (maximum amount of financial risk companies assume) that enables the companies to assume more risks and larger amounts of transactions without having to increase their capital or financial surpluses. This will allow them to play their role in insuring development and infrastructure projects.

Adel Aleisa, chief executive officer of Solidarity Saudi Takaful Company, said the sector is capable of providing different insurance solutions to accommodate all projects included in the national budget.

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USBI Share repurchase program 2013

USBI Share repurchase program 2013 : United Security Bancshares, Inc. ("USBI"), a Delaware corporation based in Thomasville, Alabama, announced that its Board of Directors has extended USBI's existing share repurchase program pursuant to which USBI may repurchase up to 642,785 shares of its common stock.

According to a release, the repurchase program, which was originally approved by the USBI Board of Directors on January 19, 2006, has been extended to expire on December 31, 2013. To date, USBI has repurchased approximately 400,482 shares of common stock under the share repurchase program. Share repurchases under the repurchase program may be made through open market and privately negotiated transactions at times and in such amounts as management deems appropriate in accordance with regulatory requirements. The repurchase program does not obligate USBI to acquire any particular number of shares and may be suspended at any time at USBI's discretion.

United Security Bancshares, Inc. is a bank holding company that operates nineteen banking offices in Alabama through First United Security Bank. In addition, the Company's operations include Acceptance Loan Company, Inc., a consumer loan company, and FUSB Reinsurance, Inc., an underwriter of credit life and credit accident and health insurance policies sold to the bank's and ALC's consumer loan customers.

ASI Stock Prices target Buy Rating by BGB Securities

ASI Stock Prices target Buy Rating by BGB Securities, asi insurance shares prices : BGB Securities reiterated their buy rating on shares of American Safety Insurance Holdings (NYSE: ASI) in a research note issued to investors on Friday. The firm currently has a $27.00 target price on the stock.


“ASI announced its expected exposure to 4Q12 CAT losses of between $6M and $7M after tax. The losses relate to Hurricane Sandy and due to the size and nature of the storm are impacting all three segments; E&S, ART, and Assumed Reinsurance. The top end of the CAT range equates to a loss of approximately $0.76 per share pre-tax and $0.68 after-tax.

 This equates to approximately 13.3% of additional loss ratio points. We now estimate the 4Q12 loss ratio to be 78.2% for the quarter. We maintain our BUY rating and our price target of $27. Our price target is approximately 0.75x our 2013E diluted BVPS of $36.24 with a 2013E ROAE of 6.3%. We believe the future P/B multiple for ASI will rise given the market’s anticipation of price strengthening and improving expense ratios.,” BGB Securities’ analyst wrote.

Shares of American Safety Insurance Holdings opened at 18.92 on Friday. American Safety Insurance Holdings has a one year low of $15.75 and a one year high of $22.32. The stock’s 50-day moving average is currently $17.32. The company has a market cap of $186.9 million and a P/E ratio of 36.08.

Separately, analysts at FBR Capital initiated coverage on shares of American Safety Insurance Holdings in a research note to investors on Thursday, December 20th. They set an outperform rating and a $24.00 price target on the stock.

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