THIS is my 37th year in an industry that has been in existence for hundreds of years. Yet I still find myself trying convince people that insurance is an efficient but underrated method of protecting one’s hard-earned assets. Creating or building one’s assets is a topic that gets a lot of attention; so bankers, capitalists, businessmen and their ilk are deemed sexy, but insurance? Forget it, nobody gives a second thought about insurance unless it is mandated or until people want to collect the proceeds of a claim.

Unbeknownst to many, however, insurance is part and parcel of the financial world and the world economy would grind to a halt if it were not for insurance. No banker would lend money or give credit if the borrower does not put up something he owns as collateral. Furthermore, bankers are shrewd individuals and they make sure that these assets put up as pledges to loans are insured and thus protected against perceived risks such as fire and its allied perils. So, no insurance, no loans; no loans, no capital; no capital, no goods, machinery and labor. I may be oversimplifying things, but that’s because I want to make insurance understandable to all.

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