Why insurance?

As I sit to pen down my thoughts, I see the belief of people around me is growing stronger in insurance than before. I am located in Kalina, Mumbai, which was one of the worst hit places at the time of floods. Little did I know that the streets, which once looked so quiet and calm, would be filled with water upto a level of 15 feet. There have been times when I sat in the bus and cursed the traffic jam and now was the scene where the mode of transport was replaced from buses and rickshaws to boats! It was used as a medium to save people during the floods and huge nets were put up at the corners of the street to collect the floating dead bodies.

The aftermath of the floods leaves me speechless like many others. Despite having an insurance cover which I thought was sufficient, by all means I felt a little more coverage would have helped me immensely. Eventhough I did have some life insurance cover, I hadn't really insured my property and I thought that was the worst mistake I ever made. Never in my wildest dream did I think that something of this sort would occur and I am quite sure a lot of readers will agree with me. I have been an eyewitness to some of the devastating situations. Lots of people did not know where to turn for help. Emotional loss topped with financial loss is what nature has been offering as a package lately.

The burden of reinstating the house along with buying new items was felt too dearly not only by me but by many thousands. If only awareness of insurance had come before the floods, things would have taken a better shape. This is just a small glimpse presented to you caused due to floods. However, if the damage caused due to major natural calamities is taken into account, the destruction created is colossal and describing it will only make me run short of words. Since last December, no one has been spared from nature's fury; people have been dragged into it either directly or indirectly. Last year, the world witnessed the most terrifying side of nature, the 'Tsunami'. It took away lakhs of lives in an instant. Many South Asian towns and cities were washed away and till date efforts are being taken to rebuild the shattered lives and broken houses.

Just as people were recovering from the shock of Tsunami, came the news of the destruction caused by hurricanes, Katrina, Rita and Wilma. This was followed by massive earthquakes in Pakistan and Kashmir. The earthquake, which occurred, was 7.6 on the Richter scale and is considered to be quite severe. The harm caused was incredible and beyond imagination. The number of dead kept on rising for the first few days, buried under the rubble of their own homes. Numerous people were injured and many were left homeless. Day in & day out TV screens broadcast images of men women & children staring blankly at something that used to be once their homes they built with love. Eyes that had once cried a river were now strangely silent as they viewed the loss that stared them in the face. These images transcended man-made divisions of religion & borders. Many of them are still trying to gather guts to start life all over again. Even though their loss can never be filled, insurance could have reduced their financial suffering to a great extent.

Such recent occurrences of natural disasters and its consequences scream out loud from the newspapers nearly everyday now. The myriad loss of property and human beings has left everyone shocked out of their wits. And not just those who actually suffered them first hand. Small children separated from their parents, innumerable homeless people, countless injured, loss of crops, damage to infrastructure, disruption of communications, damage of transport facilities, panic, looting, breakdown of social order, etc. are just some of the consequences to point out. The succession and intensity of these events have forced the people to give up the luxuries of life and live on the pavements with no provision of proper food, clothing and shelter. The conditions in which thousands of people might have lived make us cringe on our seats.

Those with insurance cover must have thanked themselves for making the best decision ever. But despite this, insurance that provides aid during financial crisis, only a handful of the population remains covered under it, especially in our country. This is mainly because a huge mass of people still view it as an added expense or a burden. But it is nice to know that this scenario is slowly changing because insurance is emerging as a redeemer just about in the time when there seems to be almost no financial hope left.