-government: the government collects revenue by taxing the insurance industries and uses this revenue to provide public services.
- Creation of employment: there are many people employed in the
insurance industry.
- Creating confidence: the industry encourages businessmen to take
risks of investing.
- Investment funds: monies collected by insurance companies are
made available to investors as loans in various sectors of the
economy.
- Compensation: Compensation offered by the insurance industry
enables the economy to continue developing.
- Encourages saving: mobilizing long term savings from the
members of the public.
- Direct providing: can be used to secure loans loss prevention
encourage the insured.
Githiari answered the question on September 20, 2017 at 09:58
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