INSURANCE

Insurance

The insurance sector is consisting of companies that offer risk management in the form of insurance contracts. The basic concept of insurance is that one party, the insurer, will guarantee payment for an uncertain future eventuality. Meanwhile, another party, the

insured or the policyholder, pays a smaller premium to the insurer in exchange for that protection on that uncertain future occurrence.

As an industry, insurance is regarded as a developing, safe sector with the increasing awareness to general public. This perception is not as strong as it was in the 1970s and 1980s, but it is still generally true when compared to other financial sectors.

KEY TAKEAWAYS

The insurance industry is made up of 2 types’ life & general.
Life insurance companies focus on legacy planning and replacing human life value, health insurers cover medical costs, and property casualty/accident insurance is aimed at compensating the losses max to the amount of sum assured.
Insurance companies can be structured either as a traditional stock company with outside investors or mutual companies where policyholders are the owners.

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