Life Insurance Industry Overview

Companies that provide life insurance products.

Full Life Insurance Industry Description

Selective Insurance

The basic concept of insurance is that losses incurred by one party are paid by the other insured parties who haven't had losses. Insured parties are treated as though the risk of loss is the same for all. Insurers have found, however, that they can sufficiently assess risk to offer lower premiums to parties with lower risk. Nonsmokers, for example, are charged lower life insurance premiums than smokers. While this seems reasonable on the surface, it means that parties with a higher risk pay higher premiums, sometimes so high that they are essentially uninsurable, which is generally the case for people infected with HIV. Because of the rapid advances in medical knowledge, more people with preexisting medical conditions or genetically determined diseases may be unable to buy insurance, a prospect that has prompted public policy debate and may lead to more legislative action.

Full Life Insurance Industry Trends

• Alleanza Assicurazioni S.p.A.
• AMB Generali Holding AG
• Americo Life, Inc.

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Hoover's has developed its own industry classifications to better serve its customers. These classifications are mapped to the North American Industry Classification System (NAICS) and the older U.S. Standard Industrial Classification (SIC) system. The Life Insurance maps to a number of NAICS codes including:

Full Life Insurance Industry Codes

• American Council of Life Insurers
  
• American Insurance Association
  
• Health Insurance Association of America
  

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