Liability Insurance
From Open Risk Manual
Definition
Liability Insurance (also Casualty Insurance) denotes non-life insurance products that can protect an insured against loss from third party lawsuits and similar legal claims arising from non-intentional acts (malpractice, negligence etc.)
Solvency II Liability Risk Groups
For Solvency II purposes liability insurance falls under the non-life category. It comprises of the following subtypes:
- Professional malpractice liability
- Liabilities of employers arising out of death, illness, accident, disability or infirmity of an employee in the course of the employment.
- Directors and officers insurance obligations (arising out of the management of that company, or losses of the company)
- Personal liability (liabilities of natural persons in their capacity of private householders)
- Reinsurance of liability insurance
