Insurance is an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for payment of a specified premium. This arrangement provides the necessary peace of mind for overall engagement with life in living, driving, business, homeownership, family, health, education, credit, investments and more, making insurance a basic human need.
Despite this importance, Insurance is still regarded as an extortive tool by many of the developing communities due to illiteracy and unfair practices such as difficulty in claims as well as weak law enforcement among both the issuing authorities and the participating public.
Compassionate Capitalism understands the essence of insurance in creating a more harmonious society and observes through the development rankings, communities where the uninsured are above average leveraging on knowledge and information, capital investments, strengthening of existing companies, fair practice enforcement, and the likes to increase access to insurance coverage