What challenges does Insurtech face?

Challenges include data privacy concerns, regulatory compliance, cybersecurity risks, and resistance from traditional insurers. Additionally, integrating new technologies into legacy systems can be complex. However, continuous advancements and collaborations help address these obstacles over time.

How is reinsurance regulated?

Reinsurance is regulated through national and international regulatory frameworks, requiring adequate capital reserves, financial reporting, and compliance with solvency standards to protect policyholders.

Is insurable interest required in health insurance?

Generally, individuals only buy health insurance for themselves or dependents, so insurable interest is inherent and not separately required.

How do I purchase Employer’s Liability Insurance?

You can buy it through an insurance provider, broker, or agency specializing in business liability coverage. Compare quotes from multiple insurers, assess policy terms, and ensure it meets your business’s legal and financial protection needs.

Is public health insurance free?

Public health insurance may be free or low-cost, depending on the country’s system. In many cases, funding comes from taxes, and citizens may not have to pay premiums, but there may still be co-pays or fees.

What is quota share reinsurance?

Quota share reinsurance is a proportional agreement where the insurer and reinsurer share premiums and claims based on a fixed percentage.

How long does it take for an insurance claim to be processed?

The processing time varies depending on the claim type and insurer. Simple claims (such as health or minor auto repairs) may be settled within days, while complex claims (such as property damage or liability claims) may take weeks or months to complete.

Why do insurance companies need reinsurance?

Reinsurance helps insurers manage financial stability, comply with solvency regulations, expand underwriting capacity, and mitigate risks associated with large claims.