Overview of Insurance Market by Subsector & Products

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