Introducing Insurance
Insurance provides protection from the risks associated with everyday life – something that is essential to our peace of mind.
Homes and property can be insured against the risk of burglary, businesses can be indemnified against unexpected loss; our retirement can be secured by a pension; and our financial assets can be protected in the event of death, injury or illness.
The basic principles of insurance are straightforward. Risks are assessed and premiums calculated to cover injury or loss. If an insured event occurs, the insurer pays out the specified level of claim to the policyholder.
Overall, the total premiums must cover the total claims that may need to be paid out. To help ensure that costs are kept as low as possible, and that customers’ needs are met, insurance companies also invest in stocks, bonds and other securities.
The main classifications of insurance are general, life, and health.
General Insurance
General insurance is vital to our modern economy, allowing individuals and businesses to minimise the impact of unexpected and unwelcome events, and organise their activities with greater certainty.
Policies can insure your home and its contents, your business, your car, your vacation, your mortgage, and your liability in the event that you cause injury or loss to someone else.
Life and Pensions
Life insurers offer financial protection for family members in the event of a policyholder’s early death, as well as a variety of ways to save for the future.
Health and Protection
Health coverage helps pay for private medical care for curable or short-term illness or injury. Policies can also provide a monthly disability income if you are unable to work due to sickness, accident or injury.
