Insurance is a cornerstone of modern life. Without insurance, many aspects of today’s society and economy could not function. The insurance industry provides the cover for economic, climatic, technological, political and demographic risks that enables individuals to go about their daily life and companies to operate, innovate and develop.
Despite this, the way insurance functions and its value are not always well understood. This booklet explains how insurance works, the value it provides and the importance of the regulatory environment in maximizing the benefits that insurance can offer.