
Non- life insurance refers to the insurance of goods and properties. The insurance which is done for the physical properties other than human life is known as non-life insurance. The individual or organizations have to suffer a huge loss from the destruction of their physical things. Thus, they can ensure their properties against the varieties of risks. Such risks may be risk, marine risk etc. Non- life insurance is taken as a means of providing financial protection for building, machinery, equipment, furniture, and vehicle and merchandise items against the risk of fire, earthquake, accident and theft.