How does embedded insurance work?

Embedded insurance integrates coverage into non-insurance products and services. For example, when booking a flight, customers can opt for travel insurance seamlessly. This approach increases accessibility and convenience by offering coverage when and where it is needed.

How does reinsurance help with catastrophe risks?

Reinsurers absorb a portion of catastrophic losses (hurricanes, earthquakes, floods), ensuring primary insurers remain solvent and can continue operations after large-scale disasters.

Can insurable interest exist in business relationships?

Yes, business partners, employers, and creditors may have an insurable interest in key employees or financial obligations.

Can Employer’s Liability Insurance be included in a business insurance package?

Yes, it is often bundled with Workers’ Compensation, General Liability Insurance, or Business Owner’s Policies (BOP) for comprehensive protection. Businesses should work with an insurance broker to determine the best package for their needs.

What services are covered under public health insurance?

Public health insurance typically covers a wide range of services, including hospital visits, surgeries, preventive care, prescriptions, and emergency services. Coverage varies by country and program.

How does reinsurance benefit primary insurers?

Reinsurance reduces claim volatility, increases underwriting capacity, improves financial stability, and allows insurers to write more policies.

How do I file an insurance claim?

To file a claim, you need to notify your insurer, provide relevant documentation (such as photos, bills, or police reports), complete the claim form, and cooperate with any investigation. The insurer will then assess your claim and determine the payout based on your policy.

How does proportional reinsurance work?

In proportional reinsurance, the insurer and reinsurer share premiums and claims in a fixed ratio, ensuring both parties have proportional financial exposure.