The executive regulations of the cooperative insurance companies monitoring system in the Kingdom of Saudi Arabia are known as “transferring the burden of risks from the insured to the insurance companies” and the insurance aims from “returning the insured to his financial position that directly precedes the loss.” And the contemplative of the insurance market find there are different types of insurance, all of which aim to cover and compensate against potential risks, so any risk can be measured, often it can be insured.
Therefore, insurance varies with a variety of potential risks. Insurance has been divided in terms of coverage into 3 main types are (1) general insurance (2) health insurance (3) protection and savings insurance.
Different types of insurance have arisen from these types, including:
Personal accident insurance: This type of insurance covers the risks of personal accidents and provides compensation in the event of a person’s death or disability due to injury in an accident occurring anywhere in the world.
Work Injury Insurance: covers the costs of work and employee injury injuries, which covers medical, legal and compensatory expenses.
Product Liability Insurance: covers risks related to legal liability as a result of injury to individuals or property that occurs as a result of the products provided by the insured.
Transferred Money Insurance: It is insurance that covers the risks of stealing or losing money when moving it from different places, such as moving it between the bank’s branches or between companies and banks and others.
Vehicle insurance : It is one of the most popular types of insurance that covers the damage to vehicles that arise from traffic accidents, fires, thefts, and others.
Professional liability insurance: It is coverage against breaching the duty of the profession such as negligence, error, oversight or default. The most important of this type of insurance is insurance against errors in the practice of medical professions.
Medical profession errors insurance: It is the insurance that covers all errors that occur from individuals working in the medical field such as doctors or nurses and others.
Theft and burglary insurance: It is the insurance that covers the costs of the risks related to theft and that covers the value of property and losses related to the use of force and violence.
Property insurance: This type of insurance covers potential risks to private property, including factories, companies, goods, and warehouses, as it is insured in the event of any disaster such as fire, lightning, or otherwise.
Insurance breach of trust: It covers all financial losses that occur as a result of a breach of trust from the employees of the insured person, whether by criminal acts, theft or embezzlement of the insured person.
Marine insurance: It covers the risks of various accidents that occur in cruises, which may include risks related to cargo, ships, and passengers.
Aviation or air insurance: It covers against the risks of various accidents that occur in aviation, which may include risks related to passengers, aircraft, luggage, and cargo.
Road transport insurance: It covers the risks related to road transport, which may cover goods and vehicles.
Energy insurance: the dangers to energy installations such as oil installations, energy suppliers, and the like.
Engineering insurance: It covers the risks of engineering works, which may include actual loss or damage to property, equipment, machinery, machinery, equipment, and tools responsible towards others.
Health ( medical ) insurance: It is the insurance that covers the costs of general illnesses and accidents and covers the costs of medicines, doctors ’review, surgeries, all medical and therapeutic services and supplies, and medical program management.
Protection insurance: It is for the person to pay a contribution amount, provided that the company covers the risks related to the effects of death and the total, partial or temporary permanent disability of the individual and groups.
Insurance protection with savings: It is a protection insurance in addition to the possibility of obtaining the proceeds of the value of saving at a specific time in the future.
Travel insurance: It covers all kinds of risks that may occur in travel such as loss of luggage, loss of funds, flight delays and medical emergencies.