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What Role has the Insurance industry In Economic development? Over the years, Insurance has become essential in our everyday lives. Our Economics and Societies are growing phenomenal rates and have become more and more interconnected on the rest of the world, the risks exposed to us become more unpredictable and hazardous.
The need to protect against unfortunate events has been around as long as human beings existed. Individuals have always recognised their need to alleviate risks that have the potential to ruin the. At the dawn of modern history, widely dispersed groups of tightly knit hunter-gatherers, relied almost exclusively on clan relatedness as their only bulwark against the ever-present risk of death, debilitating injury and starvation.
For those early ancestors, the concept of risk always existed, exclusively in terms of the physical persons of individuals, phd thesis on insurance sector, mitigated by the guarantee of personal and kin relationships, rather than objects and possessions. Buckham et alpp. According to Lopez and Raymondin antiquity, a sea loan was the first sign of transferring risk.
A number of German and Italian jurists have regarded it as something close to insurance. It involved a ship owner promising to transport goods belonging to a merchant and at the same time providing a loan, somewhat of a guarantee. Order custom essay Role of the Insurance Industry in Economic Development with free plagiarism report.
Our lives are progressing rapidly, there is a significant increase in the general population, technology and science is continuously maturing and the world is becoming smaller.
Society has progressed significantly from ancient times and our need of insurance has drastically transformed accordingly. The increasing sense of ambiguity and uncertainty in our lives regarding our future economic prosperity and the devastating impact of catastrophic events has certainly reinforced the need for insurance to shield us against new and emerging risks.
This paper asks the imperative question: What role has the insurance industry in our economy development? The Importance of the insurance industry for an economy can only in part be measured by the sheer size of its business, the number of its employees in a given country, the assets under management, or its contribution to the national GDP.
But insurance is not just about employment and the financial compensation of Victims. It actually plays a more fundamental phd thesis on insurance sector in the workings of a modern society, it creates huge capital assets. Due to the nature of insurance contracts which usually involve long time periods, money coming from insurance, usually stays in the financial market of a given economy for quite some time. It is not a fickle investment capital that rushes around looking for quick gains, it is oriented toward the medium to long term.
It creates a stable environment by allocating assets according to market forces where needed Liedtke There are six main areas where the insurance industry fosters economic growth.
I will now go into detail on these six areas CEA If a firm did not have adequate business insurance cover this could be harmful particularly for small firms. Small firms have limited capital and have difficulty in accessing financial markets which make them particularly vulnerable to adverse events. Without insurance large contingency funds would have to phd thesis on insurance sector in place to protect firms against risk.
For most small firms this would represent more capital than they presently employ which would not be viable for most small firms and this would lead to a reduction the population of firms. Fostering phd thesis on insurance sector attitudes, encouraging investment, innovation, market dynamism, and competition: To be innovative you have to take risks.
Since entrepreneurs just like ordinary people are characterised by risk aversion, the willingness to take risks can be considered a scarce resource Kugler and Ofoghi More will be produced if greater risk is taking.
On the other hand uninsured firms are very conservative and generally do not exploit new business opportunities and invest less in innovation and their degree in the global markets is low. Offering social protection alongside the state, releasing pressure on public sector:. In all industrialised countries a major problem is not too far down the line.
People are also expecting to receive a high level of healthcare, pensions, unemployment allowance and other social benefits. This raises great concern as public expenditure will be put under huge pressure and will lead to significant decreases in economic growth.
The role of the insurance industry is vital to provide an additional pillar alongside the protection supplied by the state. Insurance products like payment protection insurance play a vital role in protecting household in times of unemployment in an economic downturn.
Many industrialised countries such as the United Kingdom provide free healthcare to its citizens. In the future what we are going to see is the health system in these countries being privatised and individuals buying private health insurance.
Similar systems will have to be introduced to the pension systems. These measures will help reduce government expenditure on these areas and in the long run help with the development of the economy in the countries.
They therefore see benefit in the development of a moderncompetitive financial market that facilities firms access to capital and offers a wide range of investment opportunities. In this respect insurance companies look favourably upon initiatives taken by governments to ensure shareholder rights and to maintain high standards of corporate governance.
Promoting sensible risk management by firms and households, phd thesis on insurance sector, contributing to sustainable and responsible development: Insurers risk assessment is reflected through in price and policy conditions.
In this way they offer firms and households an indicator of their level of risk. Firms and households in can take action to phd thesis on insurance sector the risk by engaging in risk phd thesis on insurance sector. Risk management is the process of gauging or accessing risk and developing strategies to manage it Squiddo Therefore by means of risk pricing insurance encourages sensible risk management. This process influences investment decisions phd thesis on insurance sector thus contributes to the development of the economy.
Another new phenomenon in the insurance industry is Micro insurance. It aims to alleviate povertydistribute products in new ways and create sustainable financial growth for individuals, families and small scale businesses in underdeveloped countries. The need to provide insurance products is vital if their economies are to develop. People in underdeveloped countries are most at risk to adverse events and they have a significant negative impact on their lives. When a hurricane, flood or other adverse events occur and their homes are destroyed or their livestock is wiped out, these people have no financial compensation.
These communities have to start from scratch. Insurance companies recognise that the poor require a range of insurance products that meet their needs.
Zurich was an early mover in micro insurance, when it started its first micro insurance programme in Bolivia in Conclusion: When we think of economic development, most attention is devoted to the relationship between the financial markets and economic development with insurance only receiving a passing mention.
However in recent times there have been several interesting lines of research into the role the insurance industry plays in economics development, phd thesis on insurance sector. I have shown in this paper how the insurance sector plays a fundamental role in the development of our economy and without insurance we would live in a world that would be less economically developed and much less stable.
Insurance supports research and development, innovation and new technologies, it supports economic stability and sustainable growth and also supports the sustainable use of resources and helps modernise social protections systems. The evidence suggests that there is substantial potential for the insurance industry to make a greater contribution to economic growth especially in lower and middle income countries, phd thesis on insurance sector.
Currently insurance lags behind financial services in the extent of globalisation, but if we can continue to expand the insurance industry we will see substantial growth opportunities. Bibliography Ayadi, R.
and Rose, S. Coomber, phd thesis on insurance sector, J. and Ofoghi, R. Evidence from the U. University of Southampton Paper, July Liedkte, phd thesis on insurance sector, P. and Raymond, I. Nolan, B. pdf [accessed 25 October ] Pope, C. This essay was written by a fellow student. You can use it as an example when writing your own essay or use it as a source, but you need cite it. Explore how the human body functions as one unit in harmony in order to life.
Role of the Insurance Industry in Economic Development. Free Essays - PhDessay. com, Jun 18, Accessed October 7, comJun Unemployment also affects insurance industry, because the unemployment people will not have earning, so saving also affect to life insurance sector. Life insurance industry will directly affected by Earthquake, Monsoon. Fraud is not a new topic in the insurance industry. Much has been said about fraud. Fraud in recent times has become more complex and widespread in a variety of.
Introduction The journey of insurance liberalization process in India is now several years old. The first major milestone in this journey has been the passing of Insurance Regulatory and Development Authority. Abstract Tourism is widely recognized as an important catalyst for economic growth.
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Taking Risks and Defining Difference in the American Life Insurance Industry
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Phd Thesis On Insurance Sector online Phd Thesis On Insurance Sector custom writing assistance to students from countries all over the world, including the US, the UK, Australia, Canada, Italy, New Zealand, China, and Japan. Our cheap essay writing service has already gained a Phd Thesis On Insurance Sector positive reputation in this business field. /10() online resume services Phd Thesis On Insurance Sector essay for students bancroft prize dissertation/10() 1. Thesis title: A Behavioral Study of Life Insurance Purchase Decisions 2. Degree for which the thesis is submitted: Doctor of Philosophy 3 Thesis Guide was referred to for preparing the thesis. 4. Specifications regarding thesis format have been closely followed. 5. The contents of the thesis have been organized based on the guidelines. 6
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