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Insurance and economic development: Growth, stabilization and distribution

Briefing Note #:

  40
 

Title:

  Insurance and economic development: Growth, stabilization and distribution
 

Author(s):


Denis Kessler, SCOR
Amélie de Montchalin, AXA
Christian Thimann, AXA
 

Date of Publication:

  November 2016
 

Summary:


Insurance is a largely invisible yet ubiquitous part of our economies. Our health, movements, purchases, homes, and even lives are usually covered by insurance. Without insurance, the unpredictability of the future would be too great and it would be difficult to take risks and innovate. In other words, insurance typically allows people to break the psychological and financial barriers which normally prevent them from engaging in potentially riskier activities thus forgoing greater reward and innovation. Insurance has contributed to macroeconomic development through economic growth, stabilization, distribution, and innovation.

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