Insurance has many advantages to society, as it helps to protect the wealth, health, and well-being of individuals and communities. Some of the advantages of insurance to society are: It protects society’s wealth by providing compensation for losses caused by natural disasters, accidents, theft, fire, and other risks. This reduces the burden on the government and the taxpayers to provide relief and recovery funds1. It removes social evils by alleviating the suffering and hardship of the victims of unforeseen events.