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.