ABSTRACT
An old adage says that insurance is sold, not bought. Nevertheless, this European invention of turning risk into a marketable product has conquered the world. In 2016, insurance premiums accounted for 6.3 percent of world gross domestic product (GDP) or a staggering US$4,732,188 million (sigma 3 2017). Still, insurance has not yet reached the entire world. Many countries remain heavily underinsured. In 2015, for example, the life insurance market of South Africa was still about two-and-a-half times the size of the entire rest of the continent (sigma 3 2016: Table III).
