Insurance falls into four main categories:
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Wholesale – Focused on Lloyds Market Association.
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Retail – The buyer approaches the underwriter to take out an insurance policy.
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Reinsurance - Insurance companies approach other insurance companies to get insurance for their business and to protect their assets and the claims made by their clients.
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Specialist insurance -
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Credit and political risk (knowledge of worldwide political affairs is paramount)
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Terrorism/piracy (liaison with experts in the area to assess risk of insuring)
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Kidnap and ransom
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Fine art
The main types of insurance are:
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General insurance
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Life and pensions
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Health and protection
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Investment
General insurance
General insurance plays a vital role in the modern economy. It lets individuals and businesses minimise the impact of unexpected and unwelcome future events, and helps them organise their lives and businesses with greater certainty. The insurance industry pays out £74 million per working day in general insurance claims.
Life and Pensions
Life insurers offer valuable financial protection in the event of your early death if members of your family are dependent on your earnings, as well as a variety of ways of saving for the future. The industry pays out almost £222 million per working day in pension and life insurance claims.
Health and protection
The insurance industry offers peace of mind by providing ways of paying for private medical care for curable or short-term illness or injury. It also enables you to plan for old age and to protect your financial assets, but still pay for appropriate levels of care. There is a range of policies designed to provide a monthly income if you are unable to work due to sickness, accident or injury, until you are able to re-join the workforce.
Investment
The insurance industry has £1,139 billion invested in company shares and other assets on behalf of millions of savers in the UK and elsewhere. It accounts for over 17% of investments in the London stock market.