The Role and Importance of Insurance for Economic Growth

When most people think of insurance, it’s individual auto or homeowner’s policies that first come to mind. Some might even think about the insurance payments they must make each month to keep their tracks. Insurance has evolved as a process of safeguarding the interest of people from loss and uncertainty. It may be described as a social device to reduce or eliminate risk of loss to life and property.

Insurance contributes a lot to the general economic growth of the society by provides stability to the functioning of process. The insurance industries develop financial institutions and reduce uncertainties by improving financial resources.