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Published May 3, 2023
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20 of the most notable insurance carrier failures:
Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
Confederation Life Insurance Company (1994) - A Canadian life insurance company that went bankrupt due to a combination of mismanagement and a weak real estate market.
Mutual Benefit Life Insurance Company (1991) - A US-based mutual life insurance company that went bankrupt due to bad real estate investments and poor management.
First Capital Life Insurance Company (1991) - A life insurance company that went bankrupt due to high levels of junk bond investments.
Penn Treaty American Corporation (2009) - A US-based long-term care insurance company that went bankrupt due to a lack of reserves to pay claims.
Home Insurance Company (2003) - A US-based property and casualty insurance company that went bankrupt due to a combination of poor underwriting practices and losses from the 9/11 terrorist attacks.
Reliance Insurance Company (2001) - A US-based property and casualty insurance company that went bankrupt due to a combination of mismanagement and large losses from asbestos claims.
HIH Insurance (2001) - A major Australian insurance company that went bankrupt due to a combination of poor management, inadequate reserves, and fraud.
Equitable Life Assurance Society (2000) - A UK-based mutual life insurance company that went bankrupt due to a combination of guaranteed annuity rate liabilities and poor investment returns.
American International Group (AIG) (2008) - AIG was one of the largest insurance companies in the world when it faced financial distress during the 2008 financial crisis. The company had invested heavily in mortgage-backed securities and credit default swaps, and faced liquidity problems when the value of those investments plummeted. The US government stepped in with a bailout to prevent the company's collapse.
Conseco (2002) - A US-based life and health insurance company that went bankrupt due to a combination of high-risk investments and aggressive accounting practices.
Executive Risk (1997) - A US-based specialty insurance company that went bankrupt due to large losses from professional liability claims.
Kemper Insurance (2001) - A US-based property and casualty insurance company that went bankrupt due to a combination of asbestos and environmental claims, along with poor investment returns.
National Heritage Life Insurance Company (1999) - A US-based life insurance company that went bankrupt due to a combination of bad investments and fraudulent accounting practices.
Northland Insurance Company (1990) - A US-based property and casualty insurance company that went bankrupt due to a combination of underpriced policies and bad investments.
Pacific Mutual Life Insurance Company (1997) - A US-based mutual life insurance company that went bankrupt due to large losses from real estate investments and a decline in policy sales.
St. Paul Fire and Marine Insurance Company (2001) - A US-based property and casualty insurance company that went bankrupt due to a combination of asbestos and environmental claims, along with poor investment returns.
Standard Life Assurance Company (1990) - A UK-based life insurance company that went bankrupt due to large losses from investments in commercial property and stocks.
The Equitable Life Assurance Society (1991) - A US-based life insurance company that went bankrupt due to a combination of bad investments and fraudulent accounting practices.
Transit Casualty Company (1986) - A US-based property and casualty insurance company that went bankrupt due to underpriced policies and excessive risk-taking.
It's worth noting that while insurance company bankruptcies can have serious consequences for policyholders, they are relatively rare. Most insurance companies are able to weather economic downturns and other challenges without going bankrupt.
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Executive Life Insurance Company (1991) - One of the largest life insurance companies in the US, it went bankrupt due to investment losses in junk bonds.
The auto insurance company with the most complaints is United Automobile Insurance, which receives roughly 40 times more complaints than the average insurer its size, according to the latest NAIC complaint index.
U.S. insurance company insolvencies peaked in the early 1990s, with more than 50 companies becoming insolvent in 1992 alone, according to a study by the Society of Actuaries and Canadian Institute of Actuaries. In recent years, that number has been less than 10 annually.
Transportation, construction, and warehousing have the worst failure rates with 30%-40% of these businesses surviving five years, while approximately 50% of all businesses make it to their fifth year.
As the insurance sector grapples with multifaceted challenges, identifying and understanding these risk factors is the first step in crafting a resilient strategy for the future.
The category-5 hurricane killed more than 1,800 people and resulted in damage amounting to between US$100bn and US$145bn – including a reported US$45bn in insured losses. The entire 2005 season cost insurers around US$130bn in total, estimates claim.
Life insurance is a very difficult product to sell. Simply getting your prospect to acknowledge and discuss the fact they are going to die is a hard first step.
The 2008 financial collapse was responsible for the most expensive insurance payout of all time as the worldwide implosion of the financial sector saw countless businesses, financial institutes and economies suddenly fail, requiring a staggering payout of £15.4 trillion in total.
The industry recorded a net underwriting loss for 2022 of $26.9 billion, more than six times the $3.8 billion underwriting loss in 2021. The underwriting loss in 2022 was the largest the industry has seen since 2011.
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