The insurance industry is an integral part of the financial services industry and it is fast evolving as a broad base service industry that will not only involve life assurance and auto-insurance but could also do mutual funds, stocks, forex and general money management concerns.
Insurance is a form of investment that is geared towards protection against possible heavy loss, damage or liability. You could also look at insurance as a form of cover around a policy holder against unforeseen events like death, fire disaster, auto-crash, natural disaster, etc.
The Insurance industry are able insure the policy holder by a form risk sharing or distribution that makes the loss or damage to the insured insignificant for the payment of a premium (Which is usually a very small amount)
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