EMERGING MARKETS
Liability insurance is growing in emerging markets. It has taken diversified forms of development viz., commercial general liability, professional indemnity, directors and officers D & O liability, product recall, personal liability, motor liability, social security systems. The liability insurance has taken the form of third party risks, export financial protection. Liability insurance covers the financial consequences arising out of the insured’s obligation to pay compensation for harm caused to third parties. There may be commercial as well as personal risks.
Liability insurance is called, “long-tail” business where the claim picture will be fully developed long after the policy has expired Globalization and burgeoning international trade stimulate demand for liability insurance.Ethical, moral, cultural, religious and social norms and standards play an important role for development of liability insurance.
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