Insurance - an introduction

The only reality in life is death. And morbid as this might seem, it is the end we are all facing. Risk to life, either directly or through the loss of things that are part of our lives, is an endemic reality and it is essential to understand the means by which this risk can be mitigated.

Risk management is the essence of insurance. In technical terms, insurance is a contract for the payment of a sum of money to the person insured (or failing him/her, to the person entitled to receive the same) on happening of the event that has been insured against.

This payment either in lumpsum or in regular installments, is paid, either on the death/accident of the insured or on expiry of the stipulated number of years. It is also paid upon the loss/ theft/ damage to property that has been insured.

The obvious grief of the bereaved family in the event of the loss of a breadwinner, coupled with social, economic, ethnic and political uncertainties, gave birth to life insurance.
Additionally, the socialogical change in the nature of societies, from the joint family system, which provided a natural umbrella of economic protection and emotional solace upon the death of the breadwinner, to nuclear families, which offer a limited support system, was another major reason for maturing of the insurance business.

Today, from being a mere provider of fiscal protection on the death of the breadwinner, insurance has become a major element in people's budgetary planning-for security and investment.

In the 21st century, high competition and technology have given a different dimension to the insurance industry.These changes have increased the comfort level of the consumer, making them proactive players driving the insurance market today.

At Cannon Assurance, we have 38 years of experience in the Kenya market place and have tailor-made our policies to suit the requirements of both individuals and corporations. Our Life Insurance Products are designed to give both Security and investment and premiums can be as low as Shs. 250/= per month. The General Insurance Products on offer cover the entire spectrum from burglary to marine and fire to motor.

For further information contact
info@cannonassurance.com

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