The benefits of insurance industry to the Nigerian economy

Insurance as a business has a lot to offer to the insured and to the economy in general. Insurance is the only business that exists to insure the survival of all other business including banks and financial houses. This is because the insurance company promises to indemnify a businessman if his or her business suffers a loss. In this way the business can still survive such loss.

Secondly another benefit of insurance is that it helps the individual to secure loan from lending institutions. This is because such lending organization insurance demand insurance covers before they can grant loan to any individual wishing to establish a business venture.

Thirdly, the insured or consumers of insurance products are secured against loss in the knowledge that compensation will be forthcoming in the event of a loss of properties insured. Thus, the act of indemnifying a consumer against any eventual loss is the greatest benefit insurance industry has proffered.

Lastly, through the life assurance policy of insurance companies, the public are educated on the need to save. Thus, the industry promotes the saving culture in any society through the premiums collected from the insurance public holding insurance policies.


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1 year ago

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