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Insurance provides financial protection against risks like accidents, fires, travel delays, illnesses, or death in exchange for regular premium payments. Insurers manage these risks by using years of data to assess the likelihood of claims, a process known as risk-based underwriting. By grouping individuals with similar risk levels, insurers can estimate the potential number and severity of losses within that group, knowing that only a fraction will incur losses in any given year. This pooling of premiums allows insurers to accumulate funds necessary to cover claims while keeping premiums competitive. For instance, if an insurer anticipates only one claim of 10,000 Euros per year, they can effectively manage costs and maintain lower premiums.
