CONTRACT’S LIABILITY INSURANCE
American International Group Inc. (AIG) through its member companies around the world provides effective services to the contractors and business companies with its global experience and network. Multinational Companies admit to their membership.
Only which experienced claim professionals familiar with the legal requirements of the country to provide effective services and handling worldwide liability claims. CNP provides its services to member countries with a true worldwide risk management tool.
PROGRESS OF LIABILITY INSURANCE
The liability claims totaled $84 billion in 2002 world wide. It one-sixth of all non-life claims. The costs of general liability claims grew faster than overall economic activity in developed nations. The most problematic lives of liability insurance are product liability, medical malpractices, directors and officers, errors, omissions and employment practices liability.
Insurers face the problem of premium calculations as the traditional methods of actual calculations are not suitable for it. So, they adopt risk prevention measures, limit accumulated risk. Insurers have to be vigilant in pricing and offering cover for liability risks. They pay more attention to wording and policy language. Insurers should cease underwriting if the limit may cross insurability and beyond imagination.
The growth of liability insurance depends upon economic factors, medical expenses, property value and wages, life spans legal expenses and others. The severity of claims is affected by rising medical costs, property value and wages. Trust and compensation are also influencing liability claims.
The growth rate of liability insurance during 1998-2004 was 8.8% twice than the growth rate in non-life insurance
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