Question

Importance of general insurance in a country economic development

Answer 1

A country's economic development or growth happens when the investment and consumption increases in the economy. The welfare of the public takes place, only then its considered development.

General insurance: This refers to the security precautions taken, which helps during bad times and unfortunate events,

How does it help?

1- general insurance ensures safety and security of assets and money, this encourages investments.

2- it leads to generating financial resources

3- it encourages savings which can be invested in businesses and stocks

4- it turns accumulated capital into productive capital

5- helps to avoid loss

6-financial stability promotes trade

7-sustainable growth