What technologies are driving Insurtech?

The key technologies behind Insurtech include artificial intelligence (AI), machine learning, blockchain, the Internet of Things (IoT), big data analytics, telematics, cloud computing, and robotic process automation (RPA). These innovations help automate processes, improve risk assessment, and enhance fraud detection.

What is car insurance liability coverage?

Car insurance liability coverage pays for damages or injuries you cause to others in an accident. It includes bodily injury liability, covering medical costs, and property damage liability for repairing other vehicles.

Can indemnity insurance cover business losses?

Yes, business indemnity insurance covers property damage, legal liabilities, and financial losses due to covered events like theft, fire, or lawsuits.

What does Employer’s Liability Insurance cover?

It covers claims where an employee sues the employer for workplace injuries or illnesses. It typically includes legal defense costs, settlements, medical expenses, lost wages, and damages awarded due to employer negligence.

What is the difference between HMO and PPO health insurance plans?

An HMO (Health Maintenance Organization) plan requires policyholders to choose a primary care physician (PCP) and get referrals for specialists. It typically offers lower premiums and out-of-pocket costs but limits the network of doctors and hospitals. A PPO (Preferred Provider Organization) plan offers more flexibility in choosing healthcare providers, without needing referrals, but generally has higher premiums and out-of-pocket expenses.

Why do life insurance premiums increase with age?

Life insurance premiums rise with age because the risk of health issues and mortality increases, making it costlier to provide coverage.

How does a ceding company determine the amount of risk to transfer?

The ceding company evaluates its financial strength, risk tolerance, regulatory requirements, and portfolio composition to decide how much risk to retain and how much to transfer. Actuarial analysis and historical claims data play key roles in this decision.

Which is the most profitable insurance company?

Berkshire Hathaway’s insurance division, including GEICO and reinsurance operations, consistently ranks among the most profitable insurers due to strong underwriting and investment performance.