Category Intelligence on General Insurance Australia covers the following
Insurance is a coverage that protects businesses from loss, due to events that may occur during the normal course of business. There may be many types of insurance for business, including coverage for property damage, legal liability, and employee-related risks. Large corporates evaluate their insurance needs based on potential risks, which can vary depending on the type of environment the company operates. The insurance industry is classified globally as life and non-life insurance, where property and casualty form a sub-category of non-life insurance
Property Damage and Business Interruption
Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft.
Business Interruption insurance is a form of insurance coverage that replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or natural disaster.
General and Product Liability Insurance
General and product liability insurance is a form of insurance coverage that replaces business income lost, as a result of an event that interrupts the operations of the business, such as fire or a natural disaster. .
Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance is a branch of marine insurance.
Directors and Officers Insurance
Directors and officers liability insurance is a liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification for loss or advancement of defence cost in the event an insured suffers, such a loss, as a result of legal action brought for alleged wrongful acts in their capacity as directors and officers.
Employment Practices Liability
The Employee Practices Liability Insurance (EPLI) is a type of liability insurance targeted at companies and employers to protect them against liability. It provides indemnity for loss arising from a claim as a result of an employment wrongful act committed in the course of conducting business.
Crime/Fraud insurance protects the company's assets against the act of fraud from employees or unknown third parties. Modern exposures, such as identity theft, data breach, and reputational expenses are considered as frauds and covered under crime/fraud insurance.
Credit Risk Insurance
Credit risk insurance protects the business from non-payment of commercial debt. It makes sure that the invoices will be paid and allows to reliably manage the commercial and political risks of trade, resulting in safer and more strategic accounts receivable management.
Australia is observed to be mature market in general insurance industry. It is observed that the overall insurance profit was up by 4% to USD 5,010 million for the year-ended June 30, 2018
It has been observed that the number of emerging trends that will impact the insurance industry will increase over five years. These trends will impact the industry in both short and long terms. The trends are split among those, driven by technological advances and impacted by regulatory developments.
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