Insurance Business forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Insurance Business | 14 Jun 2016, 08:56 AM Agree 0
Insurance leader says bad press has negative repercussions on the industry, decision-makers
  • Mark | 14 Jun 2016, 10:20 AM Agree 0
    I agree 100% with Allan, the media fails to report that Insurance companies pay for the majority of claims, not the councils or the governments. They should report on the benefit of insurance and why you shouldn't under insure!
  • Robert Cooper | 14 Jun 2016, 11:23 AM Agree 0
    I agree also with Allan. The insurance industry is doing itself a disservice supporting media networks who thrive on the negative stories. It is the advertising dollar that dictates the revenue for the commercial media. We should be sponsoring only positive stories about successful claims and results, explaining the dangers of under insurance and the importance of having insurance and its benefits economically to the community in times of disaster and loss. Instead us Insurance Professionals are left explaining to family, friends and clients the reasons Beach front properties have not got cover for this event. Not as great a spread compared to a news media report.
    Somehow we have to get Insurance from being a grudge purchase, to a necessary and vital business decision and expense. The media should be able to be fair and reasonable in its reporting.
  • Just an Observer | 14 Jun 2016, 01:34 PM Agree 0
    Unfortunately this has been a problem for years! So to change the general public thinking the industry needs to take and commit to a long term program.

    One of the things that I think has contributed to the problem is the cover, service and explanation given to clients by Direct Insurers.

    Over my 40 years in the insurance industry the vast majority of "problem" claims following a natural disaster have involved clients of Direct insures.

    This is probably understandable given that most Direct Insurers sell based on price. Thus limited cover, sublimits etc. all of which have not been or poorly been explained to the policy holder at the time of purchase.

    In future I think ICA should capture claims figured split by Direct insurers and Intermediary based Insurers.

    That information would be REALLY helpful to the end clients and help them make informed decisions!
Post a reply