Property and Casualty Insurance Homeowner's insurance, renter's insurance, car insurance — all terms you're likely aware of and types of insurance you likely have. But have you heard the term Property and Casualty insurance? If this is new to you and you're thinking "great, do I need this too?", the answer is yes. But the good news is it's already part of the insurance policies you're looking into or already have. Let's explain this further. What is Property and Casualty insurance? Property and Casualty insurance, also referred to as P&C insurance, is essentially joint coverage to protect you from certain risks. Like the first half of the name suggests, property insurance covers things...
Continue reading...
Property and Casualty Insurance Property and casualty insurance are types of coverage that protect the things you own (like your home, car, and other belongings, or even your pets). These insurances also include liability coverage. This helps protect you if you’re found legally responsible for an accident that causes injuries to another person or damages to their property. What is property and casualty insurance? P&C insurance does not include other types of insurance coverage such as life insurance, health insurance, and fire insurance. Property Insurance Broadly speaking, property insurance refers to your personal belongings ie. stuff you own. However, depending on the type of...
Continue reading...
As you compare insurance policies, you will encounter several terms and definitions unique to the insurance world. “Property and casualty insurance” is a term you’ll see across a variety of insurance products — including policies for personal, employee or business use. It’s helpful to understand what property and casualty insurance is and how it benefits you, including what this generic insurance term doesn’t cover. What is property and casualty insurance? Property and casualty is the broad term for the insurance categories that protect the items you own. This includes liability coverage. You may also see it referred to as P&C insurance or P&C for short. Property and casualty...
Continue reading...
33-1-206 Casualty insurance Montana Code Annotated 2021 33-1-206. Casualty insurance. (1) Casualty insurance includes: (a) vehicle insurance, which is insurance against loss of or damage to any land vehicle or aircraft or any draft or riding animal or to property while contained in or on or being loaded or unloaded in or from a land vehicle, aircraft, or animal from any hazard or cause and against any loss, liability, or expense resulting from or incidental to ownership, maintenance, or use of any land vehicle, aircraft, or animal, together with insurance against accidental death or accidental injury to individuals, including the named insured, while in, entering, alighting from...
Continue reading...
Property and casualty insurance is actually an umbrella term which includes many forms of insurance. Homeowners insurance is one type of property and casualty product, as is renters insurance, auto insurance, and powersports insurance. The term property and casualty insurance typically contains two primary coverage types: liability coverage and property protection coverage. As it relates to a homeowners insurance policy, property and casualty insurance may cover your belongings and/or another individual’s expenses in the aftermath of an accident occurring from the result of your negligence. For instance, if a guest suffers an injury in your home as a result of your negligence, property and...
Continue reading...
This report from Capgemini identifies the top 10 trends in Property & Casualty (Nonlife) insurance in 2018, exploring their impact on a variety of business goals, including: Trend 1: Connected devices help insurers proactively mitigate risk and provide value-added services. Key Implications: Competitive differentiation, increased customer retention, additional revenue streams, lower claims costs. Trend 2: New business models are explored. Key Implications: New business models generate new revenue streams with cost implications possibly mitigated by emerging technologies such as blockchain. Trend 3: Increase in automation of processes, leveraging RPA and AI. Key Implications:...
Continue reading...
Morgan Stanley today announced that it has teamed up with industry-leading insurance brokers HUB International, Marsh Private Client Services, and Willis Towers Watson to offer Property & Casualty (P&C) insurance. P&C insurance will be available for Morgan Stanley’s high net worth clients and their families to mitigate potential risks associated with property loss and general liability, and is an expansion of its current suite of insurance offerings. Through this new arrangement, HUB International, Marsh Private Client Services, and Willis Towers Watson will assist Morgan Stanley clients in assessing their risk exposures and provide solutions to help them protect their assets....
Continue reading...
Current estimates (from various sources) of the cost to the worldwide P&C insurance industry range between US$80bn - US$100bn. To put this into context, the cost of the World Trade Centre event was US$40bn and the insured costs of Hurricane Katrina (according to Swiss Re) was US$80bn. We have yet to realise the full impact of Covid-19 on the economy let alone the insurance industry, but we want to give clients a few pointers on how the industry could be affected and what this means for you in the future especially for Property & Casualty (P&C) market. Claims resulting from Covid-19 will certainly be made under the following types of policy. Event Cancellation and Contingency (...
Continue reading...
OLDWICK, N.J.--( BUSINESS WIRE )--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Protective Property & Casualty Insurance Company (Protective) (St. Louis, MO). The outlook of these Credit Ratings (ratings) remains stable. The ratings reflect Protective’s balance sheet strength, which AM Best categorizes as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM). The ratings also reflect the rating lift from its parent, Protective Life Insurance Company. Protective specializes in providing coverage for vehicle service contracts and guaranteed...
Continue reading...
Act of God – An accident or event resulting from natural causes, without human intervention or agency, and one that could not have been prevented by reasonable foresight or care—for example, flood, lightning, tornado, earthquake, or a storm. Actual Cash Value (ACV) - the cost to replace property minus the allowance for the property's depreciation. Admitted Insurer - sometimes referred to the "licensed insurer". An insurer authorized by the state insurance department to sell insurance within the state. Agent/Agency - sells, solicits, or negotiates insurance for compensation and represents or acts on the behalf of another party. Adjuster – The person who investigates and settles...
Continue reading...
