An Insurer is a licensed company authorised to provide insurance coverage, taking on the insured's risk in exchange for premium payments and paying valid claims according to the policy terms. In Australia, insurers must generally be authorised by the Australian Prudential Regulation Authority (APRA) and comply with strict financial and regulatory requirements to ensure they can meet their obligations to policyholders. Lloyd's of London underwriters operate in Australia under exemptions from certain APRA requirements, subject to alternative regulatory oversight. The insurer's role is to provide financial protection by accepting responsibility for specified risks—such as property damage, liability, or business losses—that would otherwise fall entirely on the insured. This risk transfer gives policyholders certainty that covered losses will be paid, provided they meet the policy conditions.
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