General insurance is nothing but the non life insurance. That is the insurance other than life insurance and may include auto insurance, home or house insurance and medical insurance. This type of general insurance attempts to compensate the insurers in the event of a financial loss.
It is more popularly called as property and casualty insurance in the United States of America. In the United Kingdom, it has connotations other than the simple non life insurance business and may include insurance on personal lines, commercial lines and finally London market.
London market offers wide scope for insurance companies to operate because it has equal challenges in the form of large commercial risks in providing risk cover to extra large super markets, insurance cover for sports personalities and other people who require coverage for specific risks. The field is wide open for a large number of insurers, brokers, reinsures and other financial and insurance companies that are located within the city limits of London.
The London market is a key player in both personal and commercial lines. The Lloyd’s of London is a noted and big player in the London market. Both the domestic and foreign players play an active role in the London market through reinsurance.
The difference between personal and commercial line products is the magnitude of doing business. The former is designed keeping in mind the larger entities like auto (motor), home insurance, creditor and pet insurance etc. The commercial line products are specifically meant for smaller entities like product liability, employer’s liability, commercial fleet, public liability and other general insurance line products sold to the companies without many variations.