Briefly explain at least 5 socio-economic benefits of insurance in Kenya

Briefly explain at least 5 socio-economic benefits of insurance in Kenya

Expert Solution

The interest rate liberalization in Kenya has succeeded in increasing economic growth through its influence on financial depth.It protects the wealth of the society . Health Insurance enrollment is associated with improved obstetric health services utilization among pregnant women in Kenya.. Because of health insurance , the health of kenyan people have improved to a larger scale.

It has improved the standard of living in kenya .The most significant contribution of insurance to society is the provision of risk sharing, ... role in ensuring social welfare. ... their own savings or social benefits.Insurers insure individuals as well as commercial entities. Private individuals choose an insurance product to avoid being confronted with a financial burden when incurring damage resulting from a certain event (non-life insurance) or when they want to build up a financial reserve for a certain project and/or seek to mitigate mortality, disability and longevity risks (life and pension insurance).It has improved the standard of living in kenya .The most significant contribution of insurance to society is the provision of risk sharing, ... role in ensuring social welfare. ... their own savings or social benefits.Insurers insure individuals as well as commercial entities. Private individuals choose an insurance product to avoid being confronted with a financial burden when incurring damage resulting from a certain event (non-life insurance) or when they want to build up a financial reserve for a certain project and/or seek to mitigate mortality, disability and longevity risks (life and pension insurance).This has improved kenya's socio economic benefits .

jeff jeffy answered 1 year ago

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