Is Insurance a Necessary Evil?
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I have been experiencing an insatiable thirst to hunt to answer this nagging question about whether insurance may be a necessity in our country today. While the topic of insurance is broad and multi-faceted, i will be able to seek to interrupt down the perception of this subject in order that our minds for a flash aren't engrossed with the surreptitious picture of insurance agents' incessantly cold-calling potential clients or pursuit of claims arising out of insurable risks by claimants.
Data from the Insurance regulatory agency (IRA) shows that the extent of uptake of insurance in Kenya is at an rock bottom of three .3 percent. This can't be compared to developed economies like South Africa where the numbers are at 14%. Many explanations are advanced to point out why Kenyans are still averse to taking over Insurance related products. One prominent argument is that the Per capita income (GDP) of the typical income earner can't be enough to payment of premiums. the opposite school of thought is that the savings culture of Kenyans remains wanting.
While the arguments above may stand up , the elemental understanding of insurance has not been taught to most folks from an early age. the topic of insurance I dare say remains shrouded with tons of secrecy and misunderstanding like the mysticism surrounding ancient religions. The language used remains rather technical to the typical person. I realize that at now i need to correct myself quickly and note that each profession has its language; for an engineer has got to use engineering language, an architect an equivalent etcetera. Insurance also has its language but if its proponents profess that it benefits most of humanity, shouldn't it's clothed in language that's not so grandiose but easily palatable to the common man?
The responsibility of the stakeholders within the insurance industry is to bring customers' perception to how insurance works during a language they will understand. this is able to entail offering a basic insight on what informs the underwriting decisions on various insurance products by insurers. i would like to suggest that it might benefit insurers to possess open days where they invite people and educate them on the basics of insurance, on the meaning of risk, why insurance is vital to any economy and most significantly the advantages of insurance at a private level. aside from honing their sales skills, sales professionals got to align themselves properly with the market so as to know and respond well to their customers' needs. More often than not, sales people are seemed to be aggressive, over-achieving individuals who aren't honest and are quick to point to clients the dotted lines within the application document. This negative perception must stop. Insurance sales people contribute immensely to the general economic process and offer important services without which an economy couldn't function well.
Now back to our overarching theme. Any society is fraught with risks. the danger of death by accidents, injury resulting in permanent or temporary disability, the danger of fireside arising out of artificial or natural sources e.g. lightning, subterranean fire etc, the danger of injury at the place of labor due to the character of employment, loss of bags while travelling and lots of more. What insurance does is just to classify the above mentioned risks and price them into premiums. The premiums are then pooled and it's from this pool of funds that claims are settled. The guideline here is that a risk should be quantifiable. an in depth analysis of your immediate environment will reveal many known and unknown risks. Insurance companies manage losses that arise out of insured risks. Think for a flash the prices borne by the insured if there was no insurance to mitigate these risks. Imagine a petroleum station owner being held responsible for damage by fire arising from his gasoline station to his neighbors. If the owner doesn't have public insurance , he may find it difficult to boost money to satisfy his legal fees and hence might not protect his business. this is often because the value of a claim can far exceed what a business is in a position to boost and necessitate the shutting down of a business altogether. Many examples abound where insurance solve practical problems and mitigate a number of risks which will cripple businesses and slow economic process . At a private level, medical insurance is extremely vital. Think for a flash the rising cost of Medicare and consultancy fees to not mention the increasing costs of pharmaceutical medicines.
But there's an antithesis to such a healthy explanation and this is often advanced by some who argue that risks are only imagined hazards. They posit that a risk is imagined and only ceases to be a risk when an actual occurrence happens. Some even counter a proposal to require up insurance dangerously by arguing that they need , for instance , not been admitted to hospital for variety of years and see no got to take up a medical cover. While it's important to measure healthy and avoid the hospital and its attendant costs, it might be farcical for one to wish that they had a medical cover within the face of a medical emergency.
In conclusion, insurance is important to any growing economy like Kenya in spite of the low uptake. It not only creates employment and puts abeyant the fear of meeting risks; it's an indicator of economic process and a symbol of a thriving economy. More must be done to teach the masses with reference to this subject. The responsibility lies squarely at the court of the regulator to place pressure on insurance companies to extend the uptake of insurance within the country. Incentives must tend to companies that have the very best level of penetration to form sure they maintain their influence and widen the market. Is insurance necessary? Indeed it's . Next time someone dissuades you from taking over an insurance plan, re-evaluate .
