General insurance Why insurance policy is not common in the third world countries.

Nite

Valued Contributor
You have highlighted the subject clearly. Insurance is often viewed as a product of the sophisticated, capitalistic system of the rich. People who are outside of this group are less likely to value insurance protection. They are not at all keen on purchasing insurance policy because they find it too expensive.
 

Chibson

VIP Contributor
Definitely you are spot on. many people do not venture into insurance in this part of the world because of misconception. Thinking it is only the rich that will have access to it not knowing that it is definitely for the benefit of the masses. Many people that venture into health insurance are usually people in the military or paramilitary.
 
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