The Insurance Information Institute (I.I.I.) has launched the first online edition of The Commercial Lines Market, to help businesses and the media better understand the basics of commercial insurance – what it is and how it works.
Some seven million business establishments buy some kind of commercial insurance. But many are reportedly unaware how the industry that plays such a critical role in the economy functions. The Commercial Lines Market, www.commerciallines.org,explains the insurance process in simple terms from the entities that offer and distribute insurance including surplus lines insurers, the residual market and managing general agents to the major commercial lines coverages.
The site provides an overview of the underwriting, loss control and claim paying processes – the core of the business. It looks at where the industry’s capital comes from and how firms and individuals are compensated. It also provides clarification on investments, accounting, reserving, regulation, reinsurance and the ups and downs of the commercial insurance cycle. The site also looks at the role of offshore entities, which are subject to increasing scrutiny by regulators and Congress.
In addition, the site looks at the global dimension – including world premium volume, foreign sales of property/casualty insurance, and the state of the Lloyd’s and Bermuda markets – including premium and capacity.