Following a massive fire in London, Nicholas Barbon creates the first fire insurance company in 1666 AD. The beneficiaries of insurance policies are given financial cover in the event of unfortunate events, like injury, accident and business loss, among others. However, instead of this financial cover, persons pay premiums, a specific amount of cash paid to the insurance provider in a decided number of instalments for a specified duration.
Today, car, home and life insurance will be the most sought-after purchases. The insurance market is continuing to grow so big that this sector significantly impacts a country’s monetary growth.
The outbreak of the COVID-19 pandemic has made persons more aware of the several health insurance policies available in the market. However, a sizable section of the population still perceives the purchase of an insurance policy as an unnecessary expense. Therefore, the National Insurance Awareness Day is observed annually on June 28 to alert people to the benefits associated with investing in an insurance plan.