It’s not selfishness. They were doing stuff like ship voyage to this continent or that continent and it made sense that pooling resources and spreading risk among many people was the wisest thing to do.
Today, the white man knows that he can focus 100% on his job and invest on an entrepreneur (who is 100% focused on business) through all these complex concepts. Sisi bado we want to do day job and side-business with 50-50 commitment.
As for not taking care of parents, I guess it allows you more disposable income to affect the world
I thinl if you can afford to a new range rover or those high class kind of cars, you do not need a comprehensive insuarance cover. It means you have cash to repair any damage and a third party insurance to take of the rest. Again these kind of cars no one would dare steal
Because you as an individual do not have enough financial muscle to make those investments to generate appreciable returns without spreading yourself thin. Insurance is not charity, it is a business and they are selling stability in a world of uncertainties. Medical cover works in a way that healthy people pay for sick people. Sick people do not know when they will get sick, so Insurance charges everyone a rate it deems affordable, pays for the sick eventualities and pockets the difference.
in developed countries, people and companies are not shy on taking insurance, the pool of the insured is large and they can make margins from less premiums - therefore, they charge less. In Kenya, for instance, few people voluntarily take insurance, few people read the policies to customize them to their liking and even fewer renegotiate the terms, thus they get shitty cover which covers nothing and end up not getting the peace of mind they were originally hoping for. Furthermore, few people pay for insurance, hence to make margins, insurance companies resort to draconian practices.
We need some sort of Equity in the insurance sector which will pay back premiums and charge rates according to risk profile ya mtu. There should be some sort of insurance CRB where your claims and payment history is placed and you get a rating which will affect your insurance premiums.
Insurance company will assess risk level and one should not be surprised that cost of the premium for such an (almost) sure occurence, they will charge exorbitantly for riot cover.
If there were no returns, how will they be a better option than, say a current account with no interest rate? In the same vein, banks should only be facilitating transactions, not investing in bonds and shares, or telecommunication companies should only be in the communication business and avoid money transfer…businesses need to diversify into areas they are familiar with to remain competitive and return value to shareholders.
No.1: There are times unajipata uko kwa ngori ama need kama school fees ya mtoi na mshahara or whatever income u have is not equivalent to the ngori. Personally there was a time I paid over 250k in hospital bills in cash, One mistake I made was having not updated mama in my insurance policy, otherwise i could just have swiped the insurance card and walked away.
No. 2. One guy told me "hakuna mtu anakuwanga na discipline ya pesa, au vipi " @Pussi Signal “”…so the faster u invest whatever small money is in ur hands the better…otherwise utajipata umenunua vitu huelewi ulinununa using which brain. This is true ukihesabu ile pesa umetumia na fombe na malanye including legit gaofrends unaeza simamisha tower hapo Kencom
Its true they exploit us but an insurance policy is the better evil than using up that cash. Investing in money and financial markets require huge sums of money at once if u really want to feel the return.