HOW important is an insurance coverage for your security and well-being? An insurance coverage will assure you of funds when your regular income flow stops due to an accident, severe illness, or even death. A non-life coverage, on the other hand, takes care of damages and losses. An insurance coverage can also serve as investment for future needs.

In terms of social impact, insurance companies use their funds to invest and add value into the economy. According to insurance market expert Jennifer Rudden, as a result of these investments, gross domestic product (GDP) grows and this will in turn lead to an increase in the level of disposable income. 'An increase in the level of disposable income will have a direct impact on population, density and urbanization, leading to sociocultural repercussions that will cause an increase in the sense of risk aversion by individuals and communities,' Rudden said in her report. This is a cycle, the creation of additional value from the insurance industry into the economy and back.