Insurance is philanthropy, insurance is the need of the hour, and insurance is needed all the time. Insurance promotes the economic socialism. We can write a hundred pointers in the favor of insurance sector if they give us this assignment of writing an essay on it. On a conceptual level insurance indeed is the need of the hour. The world is in a need for the omnipresence of the insurance services in life, business and every other sphere of the human existence.
Let’s compare the concept of the insurance with the Shakespearean tragedy. In a Shakespearean tragedy, the destiny plays the role of a villain; they natural destructions play the role of a villain. Now consider insurance as the hero rescuing people from the aftermath of these tragedies. This is the right picture that an investor should have in his mind when he or she is planning to invest in the sector of the insurance.
Let’s now connect the same utopian thought process with the practical wisdom which is running this sector. In practical terms, many companies are trying to cash this social phenomenon in the form of profits. They are trying to collect the pools of money and invest them in other business sectors. For investors, it is a sector of privilege because they are investing the money for the active industry sources, however, at the same time; they are also enjoying a patronage of the most powerful financial institutions of the world because insurance sector is also insured in a way. Any investor can expect a basic level of the security while investing in this sector and enjoy the fruits in the terms of regular growth.
This sector is certainly going to witness a growth because socio-political equations are always favoring this sector big time. Governments are concerned about the spread of this sector and they are coming up with constant boosters to support this sector.