Everything about General Insurance totally explained
General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance typically comprises any insurance that isn't determined to be
life insurance. It is called
property and casualty insurance in the
U.S..
In the
UK, General insurance is broadly divided into three areas;
personal lines,
commercial lines and
London market.
The
London market insures large commercial risks, for example insuring supermarkets, football players and other very specific risks. It consists of a number of insurers, reinsurers, [P&IClubs], brokers and other companies that are typically physically located in the City of London. The
Lloyd's of London is a big participant in this market.
(External Link
) The London Market also participates in personal lines and commercial lines, domestic and foreign, through
reinsurance.
Commercial lines products are usually designed for relatively small legal entities. These would include workers comp (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations.
Personal lines products are designed to be sold in large quantities. This would include
autos (private car),
homeowners (household), pet insurance, creditor insurance and others.
Market trends
According to a study by
Swiss Re, USA was the largest market for non-life insurance premiums written in 2005 followed by the EU and Japan.
Further Information
Get more info on 'General Insurance'.
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