General Insurance

NON LIFE POLICIES - COVER PROPERTY NOT LIFE
Types
1. Home and Contents
2. Motor Vehicle Insurance
  1. CTP
  2. Third Party, Fire and Theft
  3. Comprehensive
3. Business Insurance
4. Mortgage Loss/ Lender's Mortgage insurance/ Protgage Protection Insurance
5. Workers compensation insurance
6. Travel Insurance
Reinsurance
1. Insurers transfer portions of risk portfolios to other parties by some form of agreement in order to reduce the likelihood of having to pay a large obligation resulting from an insurance claim
2. This allows insurance companies to reduce their risk associated with underwritten policies by spreading risks accross alternative institutions
Underwriting Cycle
1. Premiums rise, terms and conditions tighten
  1. Insurers make profits,capital flows in, competition rises
    1. Premium rates fall, terms and conditions relax
      1. Insurers suffer losses, supply contracts
        Back to square one ^^^^^^^^^^^^^

Resource summary

	Created by c.costa almost 11 years ago