INNOVATIONS IN NON-LIFE INSURANCE

In order to survive and advance in the market, insurance companies must continuously design the offer and introduce new forms of services. When creating new non-life insurance types or subtypes, it is necessary, first of all, to have in mind a completely new form of coverage that was not previously in the market, that is, within the offer of the insurer itself. On the other side, there are numerous gradual innovations that in modern market circumstances imply improvement of existing insurance policies, merger and separation of risk coverage and several forms of parametric insurance. In this paper, special attention was paid also to the drivers of introducing innovations into non-life insurance. The most important of these are the insurance cycle, environmental perils, control environment and the latest technological advancements.

Key words: innovations in insurance, non-life insurance, types of innovations in insurance, completely new forms of coverage, gradual innovations, innovations’ drivers.