Summary |
Primarily, the aim of insurance is the mitigation of pecuniary loss suffered by the few, by its distribution over the many. It must be realized, however, that it is not possible to provide against all the risks to which life and property are subject, for the reason that many hazards are not reducible to the principles upon which insurance is based. An illustration of this was the decision of insurers generally as regards the impossibility of transacting war risks insurance, for which the Government itself in due course made provision by the War Damage legislation.
The scope of insurance particularly on the Accident side is however, continually expanding. New forms of cover are constantly being devised, and the protection afforded by existing classes of policy are frequently extended to meet the changing needs of present-day conditions. Insurers, generally, may fairly claim to be very progressive, and since the war, the Accident Section of the business has been subjected to many changes.
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