This is the business of effecting and carrying out of contracts of insurance, otherwise other than incidental to some other class of insurance business against loss of or damage to property due to fire, explosion, storm and other occurrences customarily included among the risks insured against fire insurance policies. The Act divides this class of business into two:
Fire Insurance Business – Domestic Risks
This is fire insurance of risks which are of private or of personal use, i.e. other than commercial or industrial use.
Fire Insurance Business - Industrial and Commercial
This means fire insurance of commercial or industrial risks which are not domestic risks