Insurance protecting a firm or homeowner against loss of property, damage, and other liabilities ( liability). Bloomberg Financial Dictionary
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casualty insurance UK US noun [U]
► INSURANCE a type of insurance that will pay money if a company or its product is responsible for someone being injured or killed, or for something being damaged: »
Premium rates in the property and casualty insurance business are for the most part subject to regulation.
Financial and business terms. 2012.