Insurance Products

The Act recognises and defines insurance business according to various classes of insurance contracts, separated into two (2) broad categories: long-term insurance and general insurance.

Long term insurance contracts generally as the name suggests extend over several years with a minimum term of typically five (5) years and may exceed thirty (30) years. These types of contracts cover pensions, death benefits, income benefits in the case of poor health, critical illness benefits in the case of a diagnosis of a defined severe medical condition, and investment type products among others.

General insurance contracts cover a wide range of events, ranging from fires, car accidents, flooding, damage to cargo on marine vessels or aircraft, business interruptions, professional malpractice, public liability claims, medical expenses incurred from hospitalisation, etc.

The categories as defined in the Act are as follows:

Long-term insurance covers General Life business (Class 1), Health business (Class 2) and Annuities and Pensions (Class 3).

General insurance covers Accident and Liability (Class 1), Motor (Class 2), Marine and Aviation (Class 3) and Fire (Class 4).