Insurance as a catalyst to economic growth, development

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Insurance

Insurance has always been a sine qua non for guaranteeing comfort and peace of mind of the insuring public. The role Insurance, it must be quickly noted, has, often time, been misconstrued due to the varying perception lens many folks evaluate and view its services. Notwithstanding, this does not relegate its influence and role as a value creation agent to the society. Insurance is seen as the single largest global industry with premiums amounting to some 8% of the Gross Domestic Product (GDP) and some 11 % of assets under its management (Petherick 2011).

The opportunities afforded by insurance investment cannot be over-emphasized. In the developed clime, insurance holds substantial stakes in virtually all sectors of the economy, namely banking, estate management, hospitality industry, to name just a few. At the home front, the insurance industry frontally supports both the national and on few occasions sub-national government in the area of PEP kits, group life assurance and protection to frontline health workers. Although many believe the GDP contribution is still a far cry to what it should be, it could be better in the coming years as economic activities experience an uptick.

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