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What are roles played by insurance industry in promoting the development of Kenyan economy?

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Roles played by insurance industry in promoting the development of Kenyan economy are;

  • Employment creation insurance companies provided employment opportunities either directly or indirectly to individuals who would otherwise be unemployed.
  • Insurance companies create confidence for the investors who are able to invest in risky but profitable areas in that they are assured of compensation in case of a loss.
  • Insurance companies provide revenue for the government through profits realized and salaries for the employees when taxed.
  • The business is continuous even with the occurrence of the risk because the insured is compensated. Thus business people conventure even in risky ventures.
  • The amount contributed in the insurance company can be used as a security for a loan
  • Some policies in life insurance encourages savings. The amount contribute is owners savings. This money can be invested later once the policies matures.
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