Question

How does insurance help in economic growth?

Answer 1

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nsurance helps in providing Employment opportunities leading to capital formation. Insurance sector provides capital into productive investments. Insurance enables to mitigate loss, financial stability and promotes trade and commerce activities those results in economic growth and development.

Answer 2

Answer:

Insurance sector plays great role in increasing GDP. All premiums collecting by insurance companies effect economic development positively. Besides that insurance effects to balance of payments, financial stability positively and it also increases employment in economy. These factors also accelerate economic growth.