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Explain five roles of insurance in the development of the economy

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  1. Creating confidence in investors – this will therefore make them take risk and go on renting in investment
  2. Creation of employment – insurance companies create employment to individuals
  3. Mobilizing savings – this savings is then borrowed by the business community to start and expand business
  4. Compensation when loss is suffered – this enables people to go on with their business
  5. Educate others on matters pertaining insurance – this help people to learn more of insurance related issues
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