Page 45 - Insurance Times July 2022

challenges might reduce premium revenue and undermine
asset quality for main insurers.

Reinsurance Lines
1. Property reinsurance - Fire and Engineering
It is primarily concerned with a variety of various types of
4. Marine Cargo reinsurance
initial insurance businesses. The reinsurance contract
Most nations' marine cargo industry is dominated by the
completely covers physical loss or damage to real and
ocean and air transit, but in countries like India, inland
personal property, as well as the financial repercussions of
transit via rail, road, or waterways accounts for a significant
such loss or damage, as defined in the original policy.
percentage of the premium.

2. Accident/Liability Reinsurance
Motor, personal accident, burglary, jeweller's block, non-
traditional insurances, and a variety of liability insurances
cover the risk of legal exposures to third parties and the 5. Aviation reinsurance
general public as a result of products sold, as an employer,
Aviation reinsurance makes advantage of all types of
a director, or executive, like software vendors, like stock
reinsurance protection that have been created throughout
exchanges, banks, and financial institutions.
time. Although the challenges connected with aviation
insurance are not uncommon, it is unusual to find a class of
3. Marine Reinsurance
company where they all exist at the same time. Because
Hull insurance is classified into two major groups, namely
risks are put in all nations through reinsurance exchange,
Ocean-going boats, such as bulk carriers, tankers, and
the aviation insurance industry is global. On a global scale,
OBOS.
this results in a competitive and free market. Reinsurance
Local vessels such as barges, lighters, launches, tugs, is important in aviation insurance since about 80% of all
dredgers, trawlers, and so on. aircraft are reinsured.
The Insurance Times, July 2022 45