IMPORTANCE OF NON-LIFE INSURANCE

Non-life insurance is a contract of indemnity between insurance company
                          and the policyholder. as a contractof indemnity, it has gained increasing
                          popularity among business houses, industries, homeowners, international
                          traders ans so on. Non-life insurance is important is important in the following aspects:
                        
                       Importance of non-life insurance
It offers safety and security.
It brings peace of mind to policyholder.
It reduces business losses.
It increases borrowing capacity of  business firms.  
It increases business efficiency.
it helps in social prosperity.
it contribute to economic growth.

          It offers safety and security
      Non-life insurance provides safety and security against losses on a particular
      events. it offers safety and security against loss from fire ,
        ,damage, destruction or disappearance of property, machine etc.
         It brings peace of mind to policyholders  
         If people feel more secured, they are motivated to work more ans efficiently.
        The non-life insurance offers security against the event of fire,windstorm,accident
      ,damage so that people may work with the peace of mind.
        
     it reduces business losses
     business organizations, commercial enterprises and industrial establishment
      own properties worth millions of rupeess. a slight negligence may damage these
     properties causing huge amount of losses to the business. such losses can be transferred
    to insurance company by purchasing property and liability insurance policies. therefore               insurance of properties reduces the losses of business