There are generally two types of insurance companies. Life Insurance Company and Non-life Insurance Company also referred to as General Insurance Company.

A. Life Insurance Company offers life insurance products providing contracts in respect of people’s lives.

What is Life Insurance?

Life insurance is a Financial Instrument to secure and guarantee family or individual income against the risks of death too soon, permanent total disability or living too long.

Death or permanent disability deny the principal dependants of a breadwinner the financial support; while living beyond income earning age can lead to dependency and deprivation.

In addition, depending on the type of life insurance selected, it can also be a long term avenue for saving and accumulating funds that can be readily available in the medium term in case of need for funds beyond ones current cash inflows. For example; education, purchase of assets, medical expenses, funds for holiday, funeral expenses, etc.

B. General Insurance Company offers products providing contracts in respect of property and financial liabilities. Examples include Motor Insurance, Household Goods Insurance, Fire Insurance, Work Injury Benefits Insurance, Employers Liability Insurance, Professional Indemnity Insurance, Burglary Insurance, Goods in Transit Insurance, Marine Insurance, Medical Insurance, etc.