What is Insurance?

Insurance is a form of risk management, primarily used to hedge against the risk of a contingent or an uncertain loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for payment.
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 2013 in leading countries is as follows:

Rank Country Life Premiums Non Life Premiums Amount % change from prior year % of total world premiums
1 United States $532,858 $726,397 $1,259,255 -1.1% 27.13%
2 Japan 422733 108773 531506 -15.2 11.45
3 United Kingdom 222893 106750 329643 2.4 7.1
4 P.R. China 152121 125844 277965 13.3 5.99
5 France 160156 94598 254754 7.2 5.49
6 Germany 114349 132813 247162 6.3 5.33
7 Italy 117978 50576 168554 17.1 3.63
8 South Korea 91204 54223 145427 -4.9 3.13
9 Canada 52334 73010 125344 0.6 2.7
10 Netherlands 26005 75135 101140 5.5 2.18


More Information Related to Insurance

Meaning of Insurance Types of Insurance Insurance Information
Insurance Policy Ski Insurance Family Insurance
Affordable Insurance Senior Insurance Mobile Phone Insurance
Shipping Insurance Employee Health Insurance Individual Health Insurance
Pet Insurance Dental Insurance Accident Insurance
Aircraft Insurance Cooperative Insurance Society Insurance Risk
Business Insurance Real Estate Insurance Commercial Vehicle Insurance
Motorcycle Insurance Industrial Insurance Sentry Insurance
Disability Insurance Veterinary Pet Insurance Flight Insurance
Concord Insurance USA Holiday Insurance College Health Insurance
Building Insurance Texas Insurance Department Group Health Insurance
Reinsurance Best Insurance General Liability Insurance
Insurance Glossary Insurance Agent Insurance Benefits
Insurance Broker Insurance Claim Insurance Coverage
Mortgage Insurance Insurance Premium Insurance Quote
Insurance Rate USA Insurance


More Information on Insurance Country wise
Global Insurance USA Insurance Japan Insurance
China Insurance India Insurance Russia Insurance
Germany Insurance France Insurance Canada Insurance
Australia Insurance Dubai Insurance Singapore Insurance
Netherlands Insurance Belgium Insurance Morocco Insurance
Mexico Insurance Italy Insurance UK Insurance
Kuwait Insurance Denmark Insurance Vietnam Insurance
Norway Insurance Spain Insurance Ukraine Insurance
Sweden Insurance Egypt Insurance Finland Insurance
Indonesia Insurance Iceland Insurance Malaysia Insurance
Switzerland Insurance Greece Insurance South Africa Insurance
Austria Insurance Luxembourg Insurance Turkey Insurance
Slovakia Insurance Portugal Insurance Poland Insurance


More Information on Insurance In USA States
Georgia Insurance Pennsylvania Insurance
Delaware Insurance Texas Insurance
Florida Insurance Westfield Insurance
Arizona Insurance USA Insurance
Alaska Insurance Alabama Insurance
Arkansas Insurance California Insurance
Connecticut Insurance Colorado Insurance