General insurance or non-life insurance policy, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. General insurance is typically defined as any insurance that is not determined to be

life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract between an insurance policy holder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death ...

. It is called

property Property is a system of rights that gives people legal control of valuable things, and also refers to the valuable things themselves. Depending on the nature of the property, an owner of property may have the right to consume, alter, share, r ...

and

casualty Casualty may refer to: *Casualty (person), a person who is killed or rendered unfit for service in a war or natural disaster **Civilian casualty, a non-combatant killed or injured in warfare * The emergency department of a hospital, also known as ...

insurance in the

United States The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territorie ...

and Canada and non-life insurance in Continental Europe. In the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and North ...

, insurance is broadly divided into three areas: personal lines, commercial lines and London market. The London market insures large commercial risks such as supermarkets, football players, corporation risks, and other very specific risks. It consists of a number of insurers, reinsurers,

P&I Clubs Protection and indemnity insurance, more commonly known as P&I insurance, is a form of mutual maritime insurance provided by a P&I club. Whereas a marine insurance company provides "hull and machinery" cover for shipowners, and cargo cover for cargo ...

, brokers and other companies that are typically physically located in the

City of London The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London fr ...

Lloyd's of London Lloyd's of London, generally known simply as Lloyd's, is an insurance and reinsurance market located in London, England. Unlike most of its competitors in the industry, it is not an insurance company; rather, Lloyd's is a corporate body gov ...

is a big participant in this market. The London market also participates in personal lines and commercial lines, domestic and foreign, through

reinsurance Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself (at least in part) from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insu ...

. Commercial lines products are usually designed for relatively small legal entities. These would include workers' compensation (employers liability), public liability,

product liability Product liability is the area of law in which manufacturers, distributors, suppliers, retailers, and others who make products available to the public are held responsible for the injuries those products cause. Although the word "product" has br ...

, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. Personal lines products are designed to be sold in large quantities. This would include autos (private car),

homeowners Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insura ...

(household), pet insurance, creditor insurance and others.

ACORD The Association for Cooperative Operations Research and Development (ACORD) is a non-profit organization in the insurance industry. ACORD publishes and maintains an archive of standardized forms. ACORD has also developed a comprehensive library of ...

, which is the insurance industry global standards organization, has standards for personal and commercial lines and has been working with the Australian General Insurers to develop those XML standards, standard applications for insurance, and certificates of currency.

Types of general insurance

General insurance can be categorised in to following: *

Motor An engine or motor is a machine designed to convert one or more forms of energy into mechanical energy. Available energy sources include potential energy (e.g. energy of the Earth's gravitational field as exploited in hydroelectric power gen ...

Insurance: Motor Insurance can be divided into two groups, two and four wheeled

vehicle insurance Vehicle insurance (also known as car insurance, motor insurance, or auto insurance) is insurance for cars, trucks, motorcycles, and other road vehicles. Its primary use is to provide financial protection against physical damage or bodily injury r ...

. *

Health insurance Health insurance or medical insurance (also known as medical aid in South Africa) is a type of insurance that covers the whole or a part of the risk of a person incurring medical expenses. As with other types of insurance, risk is shared among ma ...

: Common types of health insurance includes: individual health insurance, family floater health insurance, comprehensive health insurance and critical illness insurance. *

Travel insurance Travel insurance is an insurance product for covering unforeseen losses incurred while travelling, either internationally or domestically. Basic policies generally only cover emergency medical expenses while overseas, while comprehensive policies ...

: Travel insurance can be broadly grouped into: individual travel policy, family travel policy, student travel insurance, and senior citizen health insurance. *

Home insurance Home insurance, also commonly called homeowner's insurance (often abbreviated in the US real estate industry as HOI), is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insura ...

: Home insurance protects a house and its contents. * Marine insurance: Marine insurance covers goods, freight, cargo, and other interests against loss or damage during transit by rail, road, sea and/or air. * Commercial insurance: Commercial insurance encompasses solutions for all sectors of the industry arising out of business operations. * Accident insurance: Accidents of different types are possible at any time, at any place and in case of any person or object. Persons and vehicles are more prone to accidents causing injuries and damages. * Fire insurance : In order to get the asset, stock or machines insured against fire, a proposal form is to be filled in and submitted to the insurance company. The insurance company examines the proposal with due regards to various factors and the periodical amount of premium is fixed. * Theft insurance * Property insurance * Aviation insurance * Livestock insurance * Crop insurance

Market trends

The United States was the largest market for non-life insurance premiums written in 2005 followed by the

European Union The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...

and Japan.

References

{{Authority control Types of insurance Actuarial science

Types of general insurance

Market trends

See also

References