Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect against the risk of a contingent or uncertain loss.
Terrorism insurance is insurance purchased by property owners to cover their potential losses and liabilities that might occur due to terrorist activities.
Reinsurance is insurance that an insurance company purchases from another insurance company to insulate itself from the risk of a major claims event. With reinsurance, the company passes on ("cedes") some part of its own insurance liabilities to the other insurance company. The company that purchases the reinsurance policy is referred to as the "ceding company" or "cedent". The company issuing the reinsurance policy is referred to as the "reinsurer". In the classic case, reinsurance allows insurance companies to remain solvent after major claims events, such as major disasters like hurricanes or wildfires. In addition to its basic role in risk management, reinsurance is sometimes used to reduce the ceding company's capital requirements, or for tax mitigation or other purposes.
Home insurance, also commonly called homeowner's insurance, is a type of property insurance that covers a private residence. It is an insurance policy that combines various personal insurance protections, which can include losses occurring to one's home, its contents, loss of use, or loss of other personal possessions of the homeowner, as well as liability insurance for accidents that may happen at the home or at the hands of the homeowner within the policy territory.
Property insurance provides protection against most risks to property, such as fire, theft and some weather damage. This includes specialized forms of insurance such as fire insurance, flood insurance, earthquake insurance, home insurance, or boiler insurance. Property is insured in two main ways—open perils and named perils.
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. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe.
Pool Reinsurance Company Limited, also known as Pool Re, was set up in 1993 by the insurance industry in cooperation with the UK Government in the wake of the IRA bombing of the Baltic Exchange in 1992.
Flood insurance is the specific insurance coverage issued against property loss from flooding. To determine risk factors for specific properties, insurers will often refer to topographical maps that denote lowlands, floodplains and other areas that are susceptible to flooding.
The term replacement cost or replacement value refers to the amount that an entity would have to pay to replace an asset at the present time, according to its current worth.
Catastrophe bonds are a subset of insurance-linked securities (ILS) that transfer a specified set of risks from a sponsor to investors. They were created and first used in the mid-1990s in the aftermath of Hurricane Andrew and the Northridge earthquake.
Alternative risk transfer is the use of techniques other than traditional insurance and reinsurance to provide risk-bearing entities with coverage or protection. The field of alternative risk transfer grew out of a series of insurance capacity crises in the 1970s through 1990s that drove purchasers of traditional coverage to seek more robust ways to buy protection.
Satellite insurance is a specialized branch of aviation insurance in which, as of 2000, about 20 insurers worldwide participate directly. Others participate through reinsurance contracts with direct providers. It covers three risks: relaunching the satellite if the launch operation fails; replacing the satellite if it is destroyed, positioned in an improper orbit, or fails in orbit; and liability for damage to third parties caused by the satellite or the launch vehicle.
The 2008 Panzhihua earthquake struck southern Sichuan province, China on August 30 at with a surface-wave magnitude of 6.1, or 6.0 . It is also cited as the Renhe-Huili earthquake, especially in SCEA reports and early CEA reports. It was not an aftershock of the Sichuan earthquake that occurred several months prior. With more than 400 aftershocks, it caused over 40 deaths, the collapse of 10,000 homes and damage to other infrastructure in the provinces of Sichuan and Yunnan. The maximum liedu was VIII.
Natural Hazards Commission – Toka Tū Ake, also known as the Earthquake Commission Toka Tū Ake, is a New Zealand Crown entity that invests in natural disaster research and education as well as providing natural disaster insurance to residential property owners. The Natural Hazards Insurance Act 2023, which came into effect on 1 July 2024, made a number of changes, including changing the name of the Earthquake Commission to Natural Hazards Commission.
Citizens Property Insurance Corporation (Citizens) was created in 2002 from the merger of two other entities to provide both windstorm coverage and general property insurance for home-owners who could not obtain insurance elsewhere. It was established by the Florida Legislature in Chapter 627.351(6) Florida Statutes as a not-for-profit insurer of last resort, headquartered in Tallahassee, Florida, and quickly became the largest insurer in the state. The company has no connection to Louisiana Citizens Property Insurance Corporation, the equivalent entity in Louisiana, or several similarly named "for-profit" subsidiaries in the Hanover Insurance Group.
A major earthquake occurred in Christchurch on Tuesday 22 February 2011 at 12:51 p.m. local time. The 6.2 earthquake struck the Canterbury region in the South Island, centred 6.7 kilometres (4.2 mi) south-east of the central business district. It caused widespread damage across Christchurch, killing 185 people in New Zealand's fifth-deadliest disaster. Scientists classified it as an intraplate earthquake and potentially an aftershock of the 2010 Canterbury earthquake.
The German Nuclear Reactor Insurance Association is an association of German insurers of the nuclear industry located in Cologne. The German Nuclear Reactor Insurance Association also is involved in the reinsurance industry.
The 2016 Kumamoto earthquakes were a series of earthquakes, including a magnitude 7.0 mainshock which struck at 01:25 JST on April 16, 2016 beneath Kumamoto City of Kumamoto Prefecture in Kyushu Region, Japan, at a depth of about 10 kilometres, and a foreshock earthquake with a magnitude 6.2 at 21:26 JST (12:26 UTC) on April 14, 2016, at a depth of about 11 kilometres.
Earthquake insurance for earthquakes in Turkey is compulsory for residential buildings in urban areas. However it is often not enforced.
The effects of climate change on extreme weather events is requiring the insurance industry in the United States to recalculate risk assessments for various types of insurance. From 1980 to 2005, private and federal government insurers in the United States paid $320 billion in constant 2005 dollars in claims due to weather-related losses while the total amount paid in claims annually generally increased, and 88% of all property insurance losses in the United States from 1980 to 2005 were weather-related. Annual insured natural catastrophe losses in the United States grew 10-fold in inflation-adjusted terms from $49 billion in total from 1959 to 1988 to $98 billion in total from 1989 to 1998, while the ratio of premium revenue to natural catastrophe losses fell six-fold from 1971 to 1999 and natural catastrophe losses were the primary factor in 10% of the approximately 700 U.S. insurance company insolvencies from 1969 to 1999 and possibly a contributing factor in 53%.
