Insurance can be defined as a contract (or policy) provided by an insurance company which provides a guarantee (or financial protection) of compensation (or reimbursement) for loss, damage, illness, or death in return for a payment of a premium. Insurance helps people financially when an unfortunate event happens.

Insurance is bigggggggg business. According to GlobalData, a leading data and analytics company, the insurance industry was estimated to be worth approximately AUD $115.7 billion in 2020.