(i) The industry promotes a saving culture through life insurance/ the savings become a source of investment funds.
(ii) Insurance firms extend credit facilities to businesses that can be used for investment.
(iii) The government collects revenue through the taxes collected.
This revenue provides public services.
(iv) Creation of employment for those who work in the insurance industry such brokers/ agents.
(v) The industry creates confidence by encouraging businessmen to take risks of investing/ work efficiently without worries.
(vi) Insurance ensures business continuity through compensating business owners for losses.
(vii) Insurance companies invest the profits realized in ventures that promote economic development for example, real estate.
maurice.mutuku answered the question on August 10, 2017 at 13:08
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