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More about insurance:
Going Global: State of Insurance
In the European Union (EU), a
single European insurance market was created by the Third Non-Life
Directive and the Third Life Directive. These regulations, effective in
1994, created a single market and permitted companies to offer insurance
anywhere in the EU, with permission from authority in the head office).
Additionally, consumers were allowed to purchase insurance from any
insurer in the EU.
Global economic downturns affect the insurance industry on the assets
side because of the reduction on returns from investments, and on the
liabilities end by an increase in claims.
Global insurance principally relies on advanced economies. In 2008,
Europe was the principal insurance region, contributing $1,753bn of
premium income. North America came in second at $1,346bn, and $933bn was
contributed by Asia. More than half of all premiums were contributed by
the top four countries. Despite the fact that the US and Japan comprise
only 7% of the global population, they accounted for 40% of world
In 2008, global insurance premiums increased by 3.4%, reaching $4.3
trillion. This heralded a landmark increase in the previous three
decades of a decline in premium income, adjusted for inflation. Life
premiums dropped by 3.5% and non-life premiums fell by 0.8%.
Insurance may be life insurance or non-life insurance, general or
property/casualty. Worldwide, there are regulatory difference in
insurance. Liability insurance provides broad coverage for the insured
against legal claims. Liability insurance protection is twofold. It
provides a legal defense against a lawsuit against the policyholder and
payment (indemnification) upon a settlement or court order on behalf of
the insured. Generally, insurance liability covers only negligence not
wilful or intentional conduct of the insured.
Many types of insurance include elements of liability coverage.
Homeowner's insurance, for example, generally includes liability that
insures against a claim from a person who slips and falls on the
homeowner's property. With automobile insurance liability components
indemnifies the insured against the harm caused by a car crash to life,
health or property.
All-risk insurance covers a wider range of perils or incidents excepting
as noted in the policy. Peril-specific insurance is the opposite in that
it enumerates covered losses noted in the policy. An all-risk car
insurance policy covers all damages by the driver.
With expatriate insurance, organizations and individuals that operate
outside of their home country can cover health, property, liability,
automobiles, and business pursuits. For travelers and expatriates,
travel insurance can be obtained for travel abroad. It typically covers
medical expenses, personal liability, health care, and loss of personal
effects. It typically does not include auto insurance coverage.
Insurance financing vehicles include no-fault insurance, which is
typically used in the car insurance industry. Under no-fault car
insurance, policy holders are indemnified by their insurer even when at
fault for a car accident.