From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
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Specialty insurers
From the course: The ABCs of the Banking and Insurance Business: AML, KYC, the NAIC, IFRS, and More
Specialty insurers
- [Instructor] Specialty insurers operate in niche markets, providing coverage for risks that don't fit into the standard categories of life, health, or property and casualty insurance. From satellites and orbit to professional liability, these insurers play a crucial role in the global economy. Specialty insurance covers risks that are unusual, high value or required deep expertise. Some examples include things like marine insurance, which covers ships, cargo, and liability at sea. Cyber insurance, which protects against data breaches and cyber-attacks. Event insurance for high profile gatherings like concerts or sporting events. Aviation insurance covering aircraft in their operations, and even kidnap and ransom insurance tailored for high-risk professions. One critical segment of specialty insurance, however, is reinsurance. Reinsurers provide insurance for other insurance companies, helping them manage large or catastrophic risks. For instance, if a primary insurer issues coverage…
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