Insurance is one of the biggest financial services and the biggest insurance companies in the world are at the top of their game! We all need insurance in some point of our lives. Insurance, to live a happy and healthy life without worries of the future gnawing at us! And, these companies provide the much-needed assurance of solace from those never-ending worries and stress.
So what is insurance? Simply put, it is the process of transferring risk in exchange for payment. The insurer charges a fee from the insured, who in turn gets compensated for their losses if and when they occur. And, contrary to popular belief it is definitely not a new concept. It has always been around in some form. However, it is in the modern times that the concept has evolved and diversified and big firms have come into play. Now you can get covers for life risk or accident risk, along with the risk involved in a business that could cause severe implications to your wealth.
