From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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Property and casualty insurers

Property and casualty insurers

From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More

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Property and casualty insurers

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- [Instructor] Property and casualty or P&C insurance covers a wide range of risks from protecting physical assets to managing liability exposures. These insurers play a critical role in mitigating financial losses caused by unforeseen events. Today we'll explore the types of risks they cover and how claims are managed in this sector. Now, P&C insurance is categorized into two primary areas, property insurance, which protects tangible assets like homes, cars, and businesses against risks such as fire, theft, and natural disasters, and casualty insurance, which covers liability risks such as bodily injury or property damage caused to others. Examples include general liability, workers' compensation, and professional indemnity. The operations of P&C insurers revolve around underwriting, risk assessment and claims handling. Let's break those down. Underwriting is the process of evaluating risks and determining whether to provide coverage and at what price. P&C underwriters analyze…

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