Why is Non-life insurance necessary? Mention its importance in an agricultural country like Nepal.
1 Answer
Non-Life insurance is needed for the security of investment in industry, trade, housing, vehicles, agriculture, cattle rearing etc sectors.
Importance of Non-life insurance in an agricultural country like Nepal:
- Sudden wind or storm may damage the crops.
- Ripen food or cash crops can be destroyed by the rain or hailstones.
- There are many examples in which insects have destroyed crops.
- Long drought may also damage crops.
- Domestic animals may die due to different types of disease.
- Non life insurance policy bears the loss and provides 90% compensation.
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