Cost and benefits of insurance in society

 Insurance is as ancient as history. Insurance is important in the today's society and not a new idea too. It protects us from the unforeseen events that could happen in the near future and cause the financial hardship. The insurance protect us from the heavy losses and secure our uncertain property from loss. It helps us to protect and purchase the cars, home, and business and safeguard our families' finical future.

Insurance is always helpful and always protecting us from uncertain loss. Many benefits are offer by the insurance to our society. It has been providing the protection by reimbursing people when their property is damaged by the human or natural causes. The natural disaster like landslide, flood, earthquake and so many others are there. In case of inhuman acts like theft is also deal by the insurance. So, it helps individual and business owner resume their normal standard of living and operation, which directly or indirectly benefits for the society.

There are much benefits of insurance. The primary benefits of it include

  credit support

     payment of losses

§                economic growth

§               peace of mind and

§               Loss prevention.

 When the business gone through the losses or faces the disaster in financial hardship banks and credits institution rely on insurance to make sure that they can recover. Insurance allows borrower to guarantee creditors that their investment is protected against disaster and can fell the secure of their property.

Additionally, when the business got down or burns and there are no conditions of resuming the operation then not only the business owner but also the impact will be on the third parties like employer, the goods from whom the owner is buying and to who now must find another business to fill their needs.

Insurance benefits society by encouraging activities and devices that reduce the amount of losses and their economic impact.