Insurance.Lecture3

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Insurance.Lecture3

  1. 1. Lecture 3- The Insurance Market
  2. 2. INSURANCE Lecture 3- The Insurance Market
  3. 3. THE NON-LIFE INSURANCE MARKET
  4. 4. NON-LIFE INSURANCE MARKET & BREAKDOWN
  5. 5. NON-LIFE INSURANCE MARKET & BREAKDOWN • Motor (Private & Commercial)
  6. 6. NON-LIFE INSURANCE MARKET & BREAKDOWN • Motor (Private & Commercial) • Household (Private)
  7. 7. NON-LIFE INSURANCE MARKET & BREAKDOWN • Motor (Private & Commercial) • Household (Private) • Commercial Property
  8. 8. NON-LIFE INSURANCE MARKET & BREAKDOWN • Motor (Private & Commercial) • Household (Private) • Commercial Property • Employers Liability
  9. 9. NON-LIFE INSURANCE MARKET & BREAKDOWN • Motor (Private & Commercial) • Household (Private) • Commercial Property • Employers Liability • Public Liability
  10. 10. NON-LIFE INSURANCE MARKET & BREAKDOWN • Motor (Private & Commercial) • Household (Private) • Commercial Property • Employers Liability • Public Liability • Personal Accident
  11. 11. NON-LIFE INSURANCE MARKET & BREAKDOWN • Motor (Private & Commercial) • Household (Private) • Commercial Property • Employers Liability • Public Liability • Personal Accident • Other
  12. 12. INSURANCE CLASSIFICATIONS
  13. 13. INSURANCE CLASSIFICATIONS • First Party - one insurers one’s own life, house, factory etc
  14. 14. INSURANCE CLASSIFICATIONS • First Party - one insurers one’s own life, house, factory etc • ThirdParty - (Liability Insurance) Insuring against one’s potential liability in law to pay damages to another. (some third party insurances are compulsory by law).
  15. 15. MOTOR INSURANCE
  16. 16. MOTOR INSURANCE Private & Commercial
  17. 17. MOTOR INSURANCE
  18. 18. MOTOR INSURANCE • Compulsory by Law (Road Traffic Act 1933).
  19. 19. MOTOR INSURANCE • Compulsory by Law (Road Traffic Act 1933). • Asis Motor Tax (Motor Vehicles Act 2003)
  20. 20. MOTOR INSURANCE • Compulsory by Law (Road Traffic Act 1933). • Asis Motor Tax (Motor Vehicles Act 2003) • Motor Insurance is by far the largest class of Business in the Irish non-life market.
  21. 21. MOTOR INSURANCE RATES
  22. 22. MOTOR INSURANCE RATES •Motor Insurance Rates are mainly driven by claims costs
  23. 23. MOTOR INSURANCE RATES •Motor Insurance Rates are mainly driven by claims costs
  24. 24. MOTOR INSURANCE RATES •Motor Insurance Rates are mainly driven by claims costs •Determined by number of claims, legal & other costs of handling claims).
  25. 25. Reasons why you might need to change your motor insurance cover:
  26. 26. Reasons why you might need to change your motor insurance cover: You got a full drivers licence.
  27. 27. Reasons why you might need to change your motor insurance cover: You got a full drivers licence. • You want to increase or decrease your level of cover.
  28. 28. Reasons why you might need to change your motor insurance cover: You got a full drivers licence. • You want to increase or decrease your level of cover. • You have built up more driving experience and have no previous claims for a certain length of time.
  29. 29. Reasons why you might need to change your motor insurance cover: You got a full drivers licence. • You want to increase or decrease your level of cover. • You have built up more driving experience and have no previous claims for a certain length of time. • You want to add or remove a named driver on your policy.
  30. 30. Reasons why you might need to change your motor insurance cover: You got a full drivers licence. • You want to increase or decrease your level of cover. • You have built up more driving experience and have no previous claims for a certain length of time. • You want to add or remove a named driver on your policy.
  31. 31. Reasons why you might need to change your motor insurance cover: You got a full drivers licence. • You want to increase or decrease your level of cover. • You have built up more driving experience and have no previous claims for a certain length of time. • You want to add or remove a named driver on your policy.
  32. 32. • You've changed car, job or where you live.
  33. 33. • You've changed car, job or where you live. • You've started to use your car for work or have stopped using it for work
  34. 34. • You've changed car, job or where you live. • You've started to use your car for work or have stopped using it for work • You want to pay more of the excess on your policy in return for a lower premium.
  35. 35. • You've changed car, job or where you live. • You've started to use your car for work or have stopped using it for work • You want to pay more of the excess on your policy in return for a lower premium. • You want to be the main named driver on the policy
  36. 36. • You've changed car, job or where you live. • You've started to use your car for work or have stopped using it for work • You want to pay more of the excess on your policy in return for a lower premium. • You want to be the main named driver on the policy • You bought a new car or a second car.
  37. 37. • You've changed car, job or where you live. • You've started to use your car for work or have stopped using it for work • You want to pay more of the excess on your policy in return for a lower premium. • You want to be the main named driver on the policy • You bought a new car or a second car. • You modified your car.
  38. 38. • You've changed car, job or where you live. • You've started to use your car for work or have stopped using it for work • You want to pay more of the excess on your policy in return for a lower premium. • You want to be the main named driver on the policy • You bought a new car or a second car. • You modified your car.
  39. 39. • You've changed car, job or where you live. • You've started to use your car for work or have stopped using it for work • You want to pay more of the excess on your policy in return for a lower premium. • You want to be the main named driver on the policy • You bought a new car or a second car. • You modified your car.
  40. 40. What cover do you need?
  41. 41. What cover do you need? • By law, you must have at least third-party insurance. And you need to make sure your insurance is renewed annually so that you are covered.  
  42. 42. What cover do you need? • By law, you must have at least third-party insurance. And you need to make sure your insurance is renewed annually so that you are covered.   • How much cover do you need and how much does it cost? This will depend what level of cover you choose.
  43. 43. What cover do you need? • By law, you must have at least third-party insurance. And you need to make sure your insurance is renewed annually so that you are covered.   • How much cover do you need and how much does it cost? This will depend what level of cover you choose. • How can you save money? discounts
  44. 44. What cover do you need? • By law, you must have at least third-party insurance. And you need to make sure your insurance is renewed annually so that you are covered.   • How much cover do you need and how much does it cost? This will depend what level of cover you choose. • How can you save money? discounts
  45. 45. What cover do you need? • By law, you must have at least third-party insurance. And you need to make sure your insurance is renewed annually so that you are covered.   • How much cover do you need and how much does it cost? This will depend what level of cover you choose. • How can you save money? discounts
  46. 46. Types of motor insurance
  47. 47. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving.
  48. 48. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including:
  49. 49. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including: • Third party cover
  50. 50. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including: • Third party cover • Third-party, fire and theft cover
  51. 51. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including: • Third party cover • Third-party, fire and theft cover • Comprehensive cover
  52. 52. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including: • Third party cover • Third-party, fire and theft cover • Comprehensive cover
  53. 53. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including: • Third party cover • Third-party, fire and theft cover • Comprehensive cover You can buy insurance directly from insurance companies over the phone, internet or by mail, and also from insurance brokers who can deal with insurance companies on your behalf.
  54. 54. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including: • Third party cover • Third-party, fire and theft cover • Comprehensive cover You can buy insurance directly from insurance companies over the phone, internet or by mail, and also from insurance brokers who can deal with insurance companies on your behalf. not cover you for any damage you do to your own car.
  55. 55. Types of motor insurance If you own a motor vehicle, by law you must have motor insurance - at least third-party insurance. It is a very serious offence if you do not have motor insurance while driving. If caught, you may have to pay fines, get penalty points and may be disqualified from driving. You can choose from three levels of motor insurance including: • Third party cover • Third-party, fire and theft cover • Comprehensive cover You can buy insurance directly from insurance companies over the phone, internet or by mail, and also from insurance brokers who can deal with insurance companies on your behalf. not cover you for any damage you do to your own car.
  56. 56. Third-party cover
  57. 57. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does
  58. 58. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover
  59. 59. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover In addition to third-party cover, you can claim for loss or damage to your own car or motorbike as a result of fire or theft, but not accidental damage to your vehicle.
  60. 60. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover In addition to third-party cover, you can claim for loss or damage to your own car or motorbike as a result of fire or theft, but not accidental damage to your vehicle. • items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy.
  61. 61. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover In addition to third-party cover, you can claim for loss or damage to your own car or motorbike as a result of fire or theft, but not accidental damage to your vehicle. • items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance.
  62. 62. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover In addition to third-party cover, you can claim for loss or damage to your own car or motorbike as a result of fire or theft, but not accidental damage to your vehicle. • items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance. • driving other cars - this provides you with third-party cover when driving someone else's car.
  63. 63. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover In addition to third-party cover, you can claim for loss or damage to your own car or motorbike as a result of fire or theft, but not accidental damage to your vehicle. • items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance. • driving other cars - this provides you with third-party cover when driving someone else's car. • replacement or hire car - the cost of this is covered if your own car is off the road as a result of an accident.
  64. 64. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover In addition to third-party cover, you can claim for loss or damage to your own car or motorbike as a result of fire or theft, but not accidental damage to your vehicle. • items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance. • driving other cars - this provides you with third-party cover when driving someone else's car. • replacement or hire car - the cost of this is covered if your own car is off the road as a result of an accident. Check your cover and excess
  65. 65. Third-party cover This is the minimum legal requirement and pays out for claims that other people make against you for damage or injury caused by your driving.  This type of insurance does Third-party, fire and theft cover In addition to third-party cover, you can claim for loss or damage to your own car or motorbike as a result of fire or theft, but not accidental damage to your vehicle. • items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance. • driving other cars - this provides you with third-party cover when driving someone else's car. • replacement or hire car - the cost of this is covered if your own car is off the road as a result of an accident. Check your cover and excess
  66. 66. Comprehensive cover
  67. 67. Comprehensive cover
  68. 68. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle.
  69. 69. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle. This type of cover costs more than the other two policies but the cover also will usually include other benefits such as:
  70. 70. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle. This type of cover costs more than the other two policies but the cover also will usually include other benefits such as: • windscreen and glass cover.
  71. 71. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle. This type of cover costs more than the other two policies but the cover also will usually include other benefits such as: • windscreen and glass cover. • cover for damaged or stolen personal belongings - this usually applies to items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy.
  72. 72. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle. This type of cover costs more than the other two policies but the cover also will usually include other benefits such as: • windscreen and glass cover. • cover for damaged or stolen personal belongings - this usually applies to items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance.
  73. 73. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle. This type of cover costs more than the other two policies but the cover also will usually include other benefits such as: • windscreen and glass cover. • cover for damaged or stolen personal belongings - this usually applies to items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance. • driving other cars - this provides you with third-party cover when driving someone else's car.
  74. 74. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle. This type of cover costs more than the other two policies but the cover also will usually include other benefits such as: • windscreen and glass cover. • cover for damaged or stolen personal belongings - this usually applies to items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance. • driving other cars - this provides you with third-party cover when driving someone else's car. • replacement or hire car - the cost of this is covered if your own car is off the road as a result of an accident.
  75. 75. Comprehensive cover This gives you cover for third-party injuries and liabilities, as well as fire, theft and accidental damage to your vehicle. This type of cover costs more than the other two policies but the cover also will usually include other benefits such as: • windscreen and glass cover. • cover for damaged or stolen personal belongings - this usually applies to items stolen from a locked boot or glove compartment. The amount you can claim depends on your policy. • recovery service and emergency breakdown assistance. • driving other cars - this provides you with third-party cover when driving someone else's car. • replacement or hire car - the cost of this is covered if your own car is off the road as a result of an accident.
  76. 76. Check your cover and excess
  77. 77. Check your cover and excess You should always check your policy for details about what it does and does not cover.
  78. 78. Check your cover and excess You should always check your policy for details about what it does and does not cover. Most motor insurance policies include an 'excess' clause under which you must pay the first portion of any loss or damage to your own property, usually up to a few hundred euro.
  79. 79. Check your cover and excess You should always check your policy for details about what it does and does not cover. Most motor insurance policies include an 'excess' clause under which you must pay the first portion of any loss or damage to your own property, usually up to a few hundred euro. You will not be able to claim for amounts less than the excess. The higher the level of excess, the lower your insurance premium should be.
  80. 80. Check your cover and excess You should always check your policy for details about what it does and does not cover. Most motor insurance policies include an 'excess' clause under which you must pay the first portion of any loss or damage to your own property, usually up to a few hundred euro. You will not be able to claim for amounts less than the excess. The higher the level of excess, the lower your insurance premium should be.

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