What is the purpose of insurance?
Insurance is a contract in which an insurer promises to pay the insured party a sum of money if one or more specified events occur in the future, in return for regular small payments – known as premiums. The purpose of insurance is to reduce your exposure to the effects of particular risks.
Natural disasters are large-scale geological or meteorological events that have the potential to cause loss of life or property.
Floods, storms, earthquakes, droughts, forest fires and volcanic eruptions are among the most devastating types of natural catastrophe
Man-made Disasters
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- can include hazardous material spills, fires, groundwater contamination, transportation accidents, structure failures, mining accidents, explosions, major fires, aviation, shipping and railway accidents, and the release of toxic substances into the environment Human-made disaster is disaster resulting from man-made hazards as opposed to natural disasters resulting from natural hazards. … Human-made disaster involves an element of human intent, negligence, or error; or involving a failure of a man-made system. It is also called as man-made disaster.
Natural Disasters
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Tornadoes and Severe Storms.
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Hurricanes and Tropical Storms.
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Floods.
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Wildfires.
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Earthquakes.
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Drought.