Niche insurance
Niche Insurance
Niche Insurance (pronunciation: /ˈniːʃ ɪnˈʃʊərəns/) is a specialized form of Insurance that caters to specific, often overlooked or underserved, sectors of the market.
Etymology
The term "Niche Insurance" is derived from the word "niche" (from French niche, meaning "recess") and "insurance" (from Middle English ensuren, meaning "to make sure"). In this context, it refers to insurance products that are designed to meet the specific needs of a targeted group or sector.
Definition
Niche Insurance is a type of insurance that is specifically designed for unique or specialized areas that are not typically covered by traditional insurance policies. These can include areas such as Pet Insurance, Travel Insurance, Drone Insurance, and Event Insurance, among others.
Related Terms
- Specialty Insurance: A broader term that encompasses all types of insurance that are not standard, including Niche Insurance.
- Underwriting: The process by which an insurance company evaluates the risk of insuring a specific person or asset.
- Risk Management: The identification, assessment, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events.
- Insurance Premium: The amount of money that an individual or business must pay for an insurance policy.
See Also
External links
- Medical encyclopedia article on Niche insurance
- Wikipedia's article - Niche insurance
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