National Insurance Awareness Day

National Insurance Awareness Day is observed on June 28, on annual basis. The day seeks to make people aware of several benefits of investing in an insurance policy or plan or policy.

Key facts

• Insurance policies provides financial cover in case of unfortunate happenings like accident or losses in business, injury, among others, if one pays their premium regularly.
• Home, Health, and life insurance are the most sought-after schemes.
• People investing in these can recover losses and protect their loved ones in case of sudden death or illness.
• The insurance sector has grown enough over time and is having a significant impact on India’s economic growth.
• People have become more aware about health policies, since the start of coronavirus pandemic.
• However, a large section still regards insurance policy as an unnecessary payment.
• Thus, the National Insurance Awareness Day is observed to convince people regarding the importance of insuring businesses and lives.

History of the day

The first fire insurance company was set up in 1666 CE by Nicholas Barbon. He was an English economist, physician, and financial speculator. He came up with this idea of setting insurance company after a huge fire in London destroyed the city. Following this, Barbon was successful in forming the first actual insurance company called “The Insurance Office”. It was located in a small building behind London’s Royal Exchange. Since then, the insurance market has only expanded to newer sectors.

Month: Current Affairs - June, 2022

Category: Important Days & Events Current Affairs