Kathmandu. One pillar within the deep structure of the global economy operates quietly but powerfully: the insurance industry. This industry is considered to be the centerpiece of the risk control system of modern civilization. Not only because of its financial strength, but also because of its ubiquitous role in safeguarding everything from daily life to industry and commerce. Still, the question arises, if this industry collapses for any reason, what will be the economic and social reality of the world?
The insurance industry is not only a promise of compensation, but it is one of the most important driving forces of global financial flows. The stability of financial markets, the efficiency of the bond market, and the safety of retirement funds also depend a lot on this industry. If this foundation is destroyed, investor confidence will quickly be shattered. This leads to market uncertainty. And the structure of the global economy will be weakened.
The financial protection that insurance provides in the event of a disaster, illness or accident is essential. This is the family’s last hope. Without that protection, ordinary people would struggle to maintain the basic necessities of life. The high cost of medical care will prevent them from seeking treatment. Hospital bills will remain unpaid and the entire health care system will collapse. It will continue. The results will not be limited to medical treatment. It will also undermine social progress.
Housing and property security will also decrease. Disasters such as fires, floods, and hurricanes can plunge a family into irreversible financial hardship. The fear of losing a home, the inability to repay loans, and market volatility are impacting the real estate sector. Drowning it in a dark source of uncertainty. In this situation, new construction, investment and urban and infrastructure development will also be hampered.
The business sector will be particularly weak. Just as businesses rely on products for their day-to-day operations, they also rely equally on insurance for risk management. Losing this protection is unusual for everyone from small businesses to multinational organizations. We have to face the risk. An accident or legal claim can quickly sink the business. The job market will shrink, the entrepreneurial culture will weaken, and productivity will slow.
The analysis of this potential disaster clearly reveals that the absence of insurance poses an invisible threat to society. It’s a safety net. It not only secures economic stability but also plays an important role in protecting people’s mental security, planning for the future and maintaining social balance. A world without insurance is essentially one where every risk is a matter of intense personal responsibility. Change and loss affect the larger structure of society.
Therefore, reliable insurance coverage is not only a financial product but an essential part of people’s future. It’s a long-term investment in security. Organizations that provide good advice, realistic coverage, and compassionate service are needed. Insurance is a vital force not only for business but also for social security and stability.
Even when the future is uncertain, the right insurance structure can strengthen our risk appetite. It can protect individuals, families, and economies at the same time. –Rajkiran Das/Insurance News BD
