OVERVIEW

Development of financial services in a country reflects the economic growth of the country itself. In the financial services industry,  insurance has substantially the same role as banks and capital markets, as it accommodates the needs of society and businesses in financial matters. Insurance contributes materially to economic growth by improving the investment climate and promoting a more efficient mix of activities than would have been undertaken in the absence of risk management instruments.[1] Indemnification, risk pooling, and risk mitigating are a few main functions of insurance in facilitating individual and business needs to allow them to grow and minimize potential risks.