-Insurance expert Vikrant Pandey
Having life insurance is a safeguard against the financial burden of various incidents and accidents that may happen in the future. In a nutshell, it is also known as the scientific transfer of financial risk.
Under this insurance, the insurance company provides financial protection or reimbursement for losses to the policy holder.
Insurance companies should reduce the risks they take, as increasing risk is not beneficial. The decrease in average mortality rate and increase in average if expectancy are important factors in Risk mitigation for life insurance. In terms of non-life, its about reducing the risk of accidents.
Many risk reduction measures are being adopted around the world. In a country like ours, where thousands of people are losing their lives due to accidents, the loss of wealth is happening in the same amount.
Earthquakes are causing huge loss of life due to weak structures, while floods and landslides are causing an equal amount of loss due to unorganized housing. Road traffic has become more dangerous due to dangerous roads and careless vehicles.
Therefore, it is necessary to reduce the risk even in order to compensate to some extent the economic damage caused by the incident and accident, and it is necessary to spread its benefits, measures, use and awareness.
