Friday, 18 March 2016

The Role of Insurers in the Social Sector

Insurers have obligations to persons in the social sector. They are expected to provide insurance to a minimum number of lives right from the inception. 

The social sector includes:

  • The unorganized sector which exist in countries like India, Bangladesh and Nepal.
  • The economically vulnerable people below the country's poverty line.
  • People with disability( and/or their guardians)  and who may not be gainfully employed 

The types of policies for the social sector provided by various countries  include:

  • National agricultural and flood insurance schemes ( NFIP in USA, the British Flood Re,, NAIS in India)
  • Solatium Funds for compensation of 'hit and run' accidents in motor vehicles 
  • Miscellaneous personal accident and mediclaim social security schemes.

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