Insurance plays an important role in society, allowing businesses and individuals to live their lives and move forward with peace of mind. Insurance:
- Reduces risks people may encounter, which means people are able to start businesses, hire employees, manufacture products and buy homes, cars and other consumer goods;
- Promotes improved safety for individuals and businesses with loss control and risk management;
- Provides assistance in community recovery following natural disasters;
- Contributes trillions of dollars in taxes, funding, and investments in the economy; and
- Helps keep the economy moving forward by providing peace of mind in an uncertain world.1
- NAMIC Issue Analysis, NAMIC Advocacy. “Why Your Insurance Costs What It Does: A Risk-Based Pricing Primer”.