insurance sector

The insurance sector consists of companies that provide financial protection against various risks, such as accidents, health issues, property damage, or liability. Individuals and businesses pay premiums to these companies in exchange for coverage. If an insured event occurs, the insurer compensates the policyholder, helping to reduce financial loss. The sector plays a crucial role in managing risk, enabling people to plan for unexpected events. It encompasses various types of insurance, including health, car, life, and property insurance, each tailored to specific needs and circumstances.