Objective

The main objective of our assignment is analyze how general insurance benefits society and the economy from different aspects. Firstly, we will briefly discuss what is general insurance and the different type of general insurance product that we can found in the market. Besides, we also compare the differences between life insurance and general insurance so that we know the advantages of buying general insurance. Next, we will discuss the benefits of general insurance from point of view of economy. There are many way that general insurance benefit our economy but we only discuss few of them in our assignment, which is reducing risk, obtaining financing, prosperity of country, paying taxes, invest in capital marketing and provide information to investor. On the other hand, we also want to know that how general insurance benefits society. We focus on few points which are role of social protection mechanism, encourage risk management, relieve the burden on government through providing the service of social protection. Lastly, we also include some of the case study on situations where the general insurance provides coverage.