Overview of Insurance Market by Subsector & Products
Ted Wainman
20 years: CA & educator
In the final video on his series on "Insurance Capital & Regulation", Ted explains us about the five key segments of the market which includes "Life & health", "Property & casualty", "Multi-line insurers", "Reinsurers" and "Insurance brokers".
In the final video on his series on "Insurance Capital & Regulation", Ted explains us about the five key segments of the market which includes "Life & health", "Property & casualty", "Multi-line insurers", "Reinsurers" and "Insurance brokers".
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Overview of Insurance Market by Subsector & Products
14 mins 11 secs
Key learning objectives:
Understand the three key categories of life and health products
Outline the 5 segments of the insurance market
Identify the primary P&C products
Identify the types of life insurance policies
Understand the main life-contingent annuities and investment products
Identify the types of accidents and health products
Overview:
The global insurance market premiums exceed five trillion dollars. So, what does the overall market look like?
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What are the 5 segments of the insurance market?
- Life & health - Consists of companies providing primarily life, disability, indemnity or supplemental health insurance
- Property & casualty - Consists of companies providing primarily property and casualty insurance
- Multi-line insurers - Companies with diversified interests in life, health, property and casualty insurance
- Reinsurers - Companies providing primarily reinsurance to insurers
- Insurance brokers - Companies providing insurance and reinsurance brokerage services
What are the primary P&C products?
- Automobile - It covers personal injury, automobile damage sustained by the insured and liability to third parties for losses caused by the insured
- Homeowners insurance - Homeowners insurance covers the house and other structures on the property, as well as personal possessions inside the house, against a wide variety of perils including windstorms, fire and theft. Homeowners insurance also covers additional living expenses (the cost of living elsewhere while the house is being restored after a disaster)
- Workers’ compensation - It provides coverage for benefit payments to employees for work-related injuries, deaths and diseases, regardless of fault
- Commercial multiple peril - It is a package coverage including most property and liability coverage except workers’ compensation, automobile insurance, and surety bonds
- Professional liability - It covers physicians, surgeons, dentists, hospitals, engineers, architects, accountants, attorneys, directors, and other professionals from liability arising from error or misconduct in providing or failing to provide professional service
- Fire and allied lines - It provides coverage for fire, windstorm, hail and water damage (but not floods)
- Inland marine - It provides coverage for property that may be transported from one place to another, as well as bridges, tunnels and other instrumentalities of transportation
- Ocean marine - It is coverage for ships, cargos (goods and merchandise), and freight - as well as workers, passengers and crews
- Accident & Health - It covers loss by sickness or accidental bodily injury, including disability income insurance and accidental death and dismemberment insurance
- Fidelity insurance - It protects employers for loss due to embezzlement, misappropriation of funds or fraud by an employee
- Surety insurance - It is a three-party agreement in which the insurer agrees to pay a second party or make complete an obligation in response to the default, acts, or omissions of an insured
What are the three key categories of life and health products?
- Life insurance policies
- Life-contingent annuities and investment products
- Accident and health
What are the types of life insurance policies?
- Term insurance
- Whole life
- Endowment insurance
- Universal life
- Variable life
- Variable universal life
What are the main life-contingent annuities and investment products?
- Life-contingent annuity
- Investment contract
- Fixed annuity
- Variable annuity
- Deferred annuity
- Immediate annuity
- Qualified annuity
- Non-qualified annuity
What are the types of accident and health products?
- Medical indemnity contracts
- Disability income contracts
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Ted Wainman
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