What are 5 benefits of insurance to society?

 Five benefits of insurance to society are:

1. 1.Financial protection: Insurance provides individuals and businesses with financial security against unexpected events such as accidents, illnesses, natural disasters, or death.

1. 2.Risk management: Insurance helps spread the risk among a larger group of people, reducing the financial burden on any single individual or entity in the event of a loss.

1. 3.Promotes economic stability: Insurance helps stabilize the economy by providing a safety net for individuals and businesses, allowing them to recover from losses and continue their operations.

1. 4.Encourages investment and entrepreneurship: Insurance gives investors and entrepreneurs the confidence to take risks and pursue new ventures knowing that they have protection against potential losses.

1. 5.Peace of mind: Knowing that they are financially protected against unforeseen events, individuals and businesses can enjoy peace of mind and focus on their daily activities without worrying about financial setbacks.