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Actions to address these issues have begun in conjunction with governmental initiatives such as the Disaster Ready Fund and the inception of the National Emergency Management Agency. Insurers are encouraged to complement these measures with steps of their own, aiming to influence and steer the industry forward.
"Insurers must seize the reins of these challenges, spotting chances to enact meaningful change. The choices we make now will shape our collective future," Carmody stated during his address at a recent conference in Sydney.
The spotlight was also cast on the importance of transparency, where Carmody stressed that policy details need to be communicated with clarity. This includes outlining exactly what is and is not included in insurance coverages, the dynamics that affect premium prices, and specifying which mitigation efforts by policyholders can impact their rates.
While achieving transparency could lead to uncomfortable revelations—for instance, informing a new homeowner of their property’s placement in a high-risk flood zone—it is paramount for providing reliable solutions and constructing resilience within the community. The absence of transparent practices can diminish trust and impede effective communication over time.
"An unequivocal commitment to transparency could significantly lift the veil on the workings of this field, fostering trust not only in insurers but also in the instruments designed to persevere through unpredictable adversity," Carmody exhorted.
He ultimately invited insurers to contemplate his provocation to intensify transparency efforts. Concluding, Carmody posited that openness within the industry would lead to a more resilient community, backed by a foundation of trust, and charged the industry to ponder this line of thought.
Published:Wednesday, 20th Mar 2024
Source: Paige Estritori
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