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What is the importance of cooperative insurance

Insurance companies provide various cooperative services; To meet all the needs of its

subscribers in order to achieve their desired goals, in this article we will talk about the importance of cooperative.

The importance of cooperative insurance

The importance of cooperative insurance lies in a number of respects, as follows.

1.Participating in the coverage of significant damages that an individual cannot afford on his or her own; Earthquake Damage

2.Cooperate in resolving similar issues for common property owners; such as the establishment of spare sanitation networks in buildings

3.Property protection against thefts and fires

4.The dominance of the spirit of cooperation in society, increasing the sense of feeling and participation of others in helping them.

5.Access to health care and services, especially for females participating in cooperative

6.Contribution to the provision of comprehensive coverage of risks to all participants at reasonable costs shared based on the proportion of participants’ participation written in the cooperative insurance contract

7.Stabilizing and securing the lives of participants in the cooperative contract by preparing for expected future damage

8.The possibility of cooperation and solidarity to secure any kind of property and needs, such as movable property; Machines, equipment, cars, or immovable funds such as; Common residential buildings and spaces, as well as health and care

9.Strengthening social relations among common stakeholders and converging needs

10.Ability to compensate for fiscal deficits, there are significant damages that an individual cannot cover alone if they are exposed to

Definition of cooperative insurance:

It can be said that cooperative insurance is a system based on mutual assistance, in which a group of

individuals who bear joint and similar damages and losses that may be incurred by any participant in this

system, in exchange for payment of funds provided for in the cooperative contract, and thus

cooperative as mutual assistance between a group of individuals.

Principles of cooperative insurance:

Cooperative insurance has a set of principles

Freedom to participate:

Participation in cooperative insurance is open to anyone.

Justice and democracy:

cooperative policies are established by agreement, in addition to the tolerance rates of

damages compared to the proportions of each individual’s payments.

Economic contribution:

If participants are not affected, it is agreed that insurance premiums will be used in economically viable projects or kept as reserves.

Independence:

Through the placement of cooperative insurance personnel on their own foundations and regulations in the cooperative contract.

Training and experience:

Cooperative insurance provides expertise to participating individuals, especially managers, by providing

them with extensive knowledge of the systems, advantages and methods of calculating participating individuals’ rights and obligations.

Strengthening local services:

Participation in cooperative insurance contributes to strengthening local enterprises’ work and improving their services.

Attention to society:

Through the economic and social development of participating individuals, this is reflected in society as a whole.

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