The insurance business is made up of the following components:
Health and medical
Motor car
Aviation
Marine
Building, household contents
General liability
Employees’ compensation
Personal accident
Consultancy Service
Brokers’ service
Surveying
Loss adjusting
Actuarial Service
Risk Management
Claims Management
Long-term Life Insurance
Individuals
Employees’ benefits
Mandatory Provident Fund (MPF) Schemes/ Other Retirement Protection Schemes
Reinsurance
The insurers who deal directly with the clients pass part or all of the insurance liabilities onto other insurers known as re-insurers which:
Insure the direct insurers in order to dilute their liabilities and risks
Evaluate reinsurance requests from the direct insurers and determine whether to accept reinsurance in accordance with the company’s policies and monitor reinsurance treaties or agreements