There are two main types of insurances: personal and property insurance. Thus, insurance operations can be classified into two basic categories according to the subject matter and scope of insurance:
It includes the following two types:
- Property insurance includes compensation for damage caused to the insured as a result of losses or damages to his property.
- Liability insurance: It guarantees the financial consequences of civil liability that may fall on the shoulders of the insured as a result of bodily, material or non-material damages for others.
Insurance of persons
These insurances can be classified as follows:
- Life insurance: It includes coverage for risks that depend on the life or death of the insured.
- Physical Accident and Illness / Maternity Insurance: It includes coverage of risks to the physical safety of the insured and risks related to illness and childbirth or risks of disability or disability.
- Capitalization: It includes saving with a minimum revenue guarantee.
The most important differences between types of insurances
- Compensation principle: Damage insurance is based on the compensation principle, which stipulates that the compensation owed by the insurer cannot exceed the value of the damages suffered by the insured or to others. In this context, random insurance amounts are determined under the insurance contract.
- Legal solutions: Under the damage insurance contract, the insurer benefits from compensation within the limits of the amount of compensation paid to the insured against other persons who caused by their actions damages resulting in the payment of the amount of the guarantee. For the insured, this substitution is not performed within the framework of personal insurance except in the case of payment of services of a compensatory nature (medical expenses, hospitalization expenses …) stipulated in the insurance contract for sickness and accidents that affect people.
International bodies related to all types of insurances
- International Association of Insurance Supervisors: The Commission is an active member of the International Association of Insurance Supervisors, which includes nearly 200 members and covers 97% of insurance premiums at the international level. This member association of the Financial Stability Board assumes the unifying role and in this context sets the standards applicable to supervision and actors in the insurance market. It also helps to implement it in various members.
- Sustainable Insurance Forum: Aware of the need to include the environment and sustainable development in its activities, the Authority was among the founding members of the Sustainable Insurance Forum. This forum was launched by the United Nations Environment Program and the Insurance Control Department in California (USA), and it aims to improve cooperation between the various international regulatory agencies in order to enable them to implement solutions that are more appropriate to sustainable development challenges, while ensuring development opportunities for the insurance sector.