Chapter 2 Flashcards
(20 cards)
What are the two main types of risks covered under non-marine classes of business?
First party and third party risks
What is a common characteristic of motor insurance business in the London Market?
Only a small amount is written, mostly under delegated underwriting contracts
What types of risks can non-marine insurance include?
Construction and operational cover
What is the trend regarding cyber insurance?
It is continuing to grow in popularity
What newer product can cover risks associated with business deals?
Mergers and acquisitions insurance
What types of risks are included in aviation classes of business?
First and third party risks
What additional insurance should aviation insureds consider?
Non-marine insurance such as property and employers’ liability
What does aviation insurance mainly cover?
Physical damage to the aircraft and liability to passengers/third parties
What new classes have emerged within the aviation market?
Physical damage and liability insurance for drones and unmanned aerial vehicles
What types of risks are covered under marine classes of business?
First and third party risks
What policies should marine insureds consider purchasing?
Non-marine policies such as property or products liability
What is covered under marine policies?
Vessels and goods carried in vessels
Where are satellites prior to launch covered?
In the cargo market
What types of risks can be covered in both marine and non-marine markets?
Fine art, Jewellers’ Block and general specie risks
In which market are political type risks generally written?
Marine market, but could also be in the non-marine market
What are the two main types of motor insurance written in the London Market?
Fleet insurance and private car insurance
What does motor insurance typically cover?
Physical damage and liabilities
What is the goal of portfolio management in insurance?
Spreading the risks to fulfill the long-term strategy of investors
How can portfolio management be achieved?
By diversifying the business
What issues must all businesses consider now?
ESG issues when running their own businesses and engaging with partners
