How Insurance Drives Economic Growth

When asked what insurance does, most people are likely to say that it provides protection against financial aspects of a premature death, injury, loss of property, loss of earning power, legal liability or other unexpected expenses. All that is true. However, the industry’s contribution to the economy goes much further. One could point to the millions of people employed in insurance and related activities, to the billions of income taxes and premium taxes paid and to extensive charitable works. But, significant as they are, these are byproducts of the contributions of an industry that is at the heart of the growth and progress of every modern economy. Those contributions can be grouped under three broad categories: safety/ security; economic/financial stability; and development. Under these headings, this paper describes 10 ways in which insurers and reinsurers drive economic growth.

 

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Videos

Have you ever wondered what the world would be like without insurance. We think it’s safe to say that life would be a lot different and probably a lot less exciting. And this is why the insurance industry is honored to play a vital role in building a stronger economy. Watch to learn how the insurance industry is a financial first responder to disasters that happen across the globe.       

Video: A World Without Insurance: How Insurance Powers the Economy

(Full Length) 

 

Video: A World Without Insurance Short