Social, cultural, demographical, and natural environmental forces A common misconception about insurance is that it started in the sophisticated, capitalistic economy of the West. However, because they already believe that the sector is a fraud, several Filipinos don't even bother approaching trustworthy advisors and agents to ask about important concerns. Agents selling insurance are just ignored. Such conviction most likely resulted from hearing warning stories of friends and family members who were scammed. Another factor affecting Filipino's ability to invest in insurance is that they are already making monthly payments in government-mandated benefits. These government-mandated benefits such as Pag-IBIG, SSS, and PhilHealth. Therefore, they are content with the benefits that they are receiving. Some individuals think that acknowledging dangers actually invites them to occur. For instance, purchasing auto insurance may encourage collisions. Purchasing health insurance may cause you to get sick. Moreover, purchasing property insurance may make disasters and fire more likely. The majority of Filipinos are superstitious. Traditional beliefs and practices that have little real impact on the outside world frequently influence many elements of our lives. Additionally, Filipinos' propensity for superstition has influenced their financial decisions.