The importance of insurance and its benefits:
Insurance provides various benefits to the individual and society, including the following:
Spreads safety and reassurance in people’s souls.
It works to reduce potential losses by compensating its owner.
It preserves the facility’s wealth and the productive capacity of its workers.
It helps to save by compensating an entire family after the death of the insured, for example (life insurance).
It facilitates the process of individuals obtaining loans from banks. Once banks know that the borrower has life insurance, they begin giving him a loan. Because it guarantees that the insurance company will pay the value of the loan after the death of the borrower (the insured).
Insurance represents a great benefit to the national economy when insurance companies invest all their collected premiums in public and private projects.