Statistics and market data on Insurance
The category ‘Insurance’ presents data on this essential part of our lives. Insurance, essentially, is risk aversion. It is defined as being the equitable transfer of risk from one entity to another in exchange for payment. An insurer, or a carrier of insurance, is the company selling the insurance. The insured, also known as the policy holder, is the individual or entity purchasing the policy. The premium
is the amount of money that is charged for a certain amount of insurance coverage. Insurance operates through pooling resources from a large number of insured entities, the pooling of funds allows the payment for the losses that some may incur. Potentially, any risk that is able to be quantified can be insured and for this reason there are a vast array of insurance policy types in existence, some of the most common ones include auto insurance, health insurance
, accident, sickness and unemployment insurance, casualty insurance, life insurance, burial insurance and property insurance
. Insurability, whether a certain type of loss can be insured in theory, is generally determined by whether the risks in question share common characteristics. When looking into taking out an insurance policy, it is advisable to search for the best priced package as prices often vary from one insurer to the next.