| Of all the financial products, insurance has the lowest penetration rate. This is against the backdrop of increasing insurable risks ranging from political risks to climate change. Here are the factors responsible for the low penetration rate:A lack of understanding about the product as a risk mitigation tool;Poor marketing by insurance company sales agents whose sales pitch usually focuses on the product more as an investment opportunity with an anticipated rate of return but ignores the basic principle of insurance, i.e., risk management. |
