Difference between compulsory and non-compulsory insurance

Insurance is a risk transfer mechanism. It helps to mitigate the effect of loss as a result of peril effect on our property.

Every country have numbers of necessary insurance policy which its mandated its citizen to own or else, the citizen is at risk of great sanction. Such insurance include Motor insurance, Building Insurance (For more than 2 storey building), Employer liability insurance. The insurance are compulsory insurance

Non-compulsory insurance are set of insurance policy not mandated to the purchase by the authority of a country. Example are Pet Insurance, House-owner policy among other

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