Property Insurance
From Open Risk Manual
Definition
Property Insurance is a generic category used to describe all non-life insurance products that can protect an insured against loss of, or damage to, property for specified peril(s) (fire, flood, windstorms etc.)
Motor insurance is frequently separated, being a very widely used specific type of property insurance of personal and commercial vehicles.
Solvency II Risk Subtypes
For Solvency II purposes property insurance falls under the non-life category. It comprises of the following subtypes:
- Non-life premium and reserve risk
- Non-life lapse risk
- Non-life catastrophe risk
