How can technology help reduce insurance fraud?

Technology like AI, blockchain, predictive analytics, and fraud detection software enhances fraud prevention. Blockchain ensures data integrity, while AI analyzes patterns to identify fraud. Digital verification methods help insurers authenticate claims and policyholder information efficiently.

Can small businesses afford cyber insurance?

Yes, many insurers offer policies tailored for small businesses. Given the increasing risk of cyberattacks, even small companies benefit from coverage to protect against costly data breaches.

Can I switch from private health insurance to public health insurance?

In many cases, citizens can switch from private to public health insurance, especially if their income changes or they lose eligibility for private coverage. Check with local authorities for specific guidelines.

Can a policyholder have multiple insurance policies?

Yes, a policyholder can have multiple insurance policies. For example, they may have health, life, auto, and property insurance with different insurers or with the same insurer depending on their needs and preferences.

Can a ceding company retain part of the risk even after reinsurance?

Yes, ceding companies often retain a portion of the risk to maintain financial incentives for sound underwriting and minimize over-reliance on reinsurers for claim payments.

What is non-proportional reinsurance?

Non-proportional reinsurance covers losses only when they exceed a predefined amount, providing financial protection against major claims.

How do insurers choose the right treaty reinsurer?

Insurers assess financial strength, claims-paying ability, reputation, risk appetite, and past performance of reinsurers before entering a treaty agreement. Credit ratings from agencies like AM Best or S&P also guide selection decisions.

How much liability coverage do I need on my homeowners insurance?

The amount of liability coverage you need depends on factors like the value of your assets, risk level, and personal preference. Typically, a minimum of $100,000 is recommended, but higher limits may be advisable.