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What is Insurance?
An insurer is a company selling the insurance; an insured or policyholder is the person or entity buying the insurance policy. The insurance rate is a factor used to determine the amount to be charged for a certain amount of insurance coverage, called the premium.
Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.An insurance contract promises to make good to the insured a certain sum in consideration for a payment in the form of premium from the insured.
The insured receives a contract called the insurance policy which details the conditions and circumstances under which the insured will be compensated. Market integration among the world economies has largely benefited the financial market.
Congruously, the insurance industry over the world has grown very rapidly. The statistics on the world insurance conducted by Swiss Re shows that world insurance premium reached $4.3 trillion in 2010. Premium collections from both life and non-life sources have increased by 3.2 and 2.1 percent respectively.
Insurance business and premiums for 2010 in leading countries is as follows:
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