General insurance can be categorised in to following: This would include autos (private car), homeowners (household), pet insurance, creditor insurance and others.ĪCORD, which is the insurance industry global standards organization, has standards for personal and commercial lines and has been working with the Australian General Insurers to develop those XML standards, standard applications for insurance, and certificates of currency. Personal lines products are designed to be sold in large quantities. There are many companies that supply comprehensive commercial insurance packages for a wide range of different industries, including shops, restaurants and hotels. These would include workers' compensation (employers liability), public liability, product liability, commercial fleet and other general insurance products sold in a relatively standard fashion to many organisations. The London market also participates in personal lines and commercial lines, domestic and foreign, through reinsurance.Ĭommercial lines products are usually designed for relatively small legal entities.
Lloyd's of London is a big participant in this market. It consists of a number of insurers, reinsurers, P&I Clubs, brokers and other companies that are typically physically located in the City of London. The London market insures large commercial risks such as supermarkets, football players and other very specific risks. In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines and London market. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe. General insurance is typically defined as any insurance that is not determined to be life insurance. General insurance or non-life insurance policies, including automobile and homeowners policies, provide payments depending on the loss from a particular financial event. Non-life insurance premia written in 2005
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