The National Insurance Awareness Day is observed on 28 June. The main objective of the day is to make people aware about the several benefits of investing in an insurance plan or policy. Insurance policies offer financial cover in case of unfortunate happenings such as injury, accident or losses in business, among others, if one remembers to pay their premium regularly.
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Health, home and life insurance are the most sought-after schemes. People who invest in these can recover losses and protect their loved ones in the event of sudden death or illness. With time, the insurance sector has grown large enough to have a significant impact on a country’s economic growth.
National Insurance Awareness Day: History
Nicholas Barbon, an English economist, physician, and financial speculator set up the first fire insurance company in 1666 CE. He came up with this idea after a huge fire in London destroyed the city. After that, Barbon was successful in forming the first actual insurance company known as The Insurance Office, which was located in a small building behind London’s Royal Exchange.