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Consumers Urged To Understand Insurance Policies First

Consumers have been cautioned to have clear information and understanding of what it covers before taking out an insurance policy. This was highlighted by Australia’s leading consumer-CHOICE chief executive, Alan
11 Aug 2016 11:29
Consumers Urged To Understand Insurance Policies First
Australia’s leading consumer-CHOICE chief executive, Alan Kirkland. Photo: KATHRIN KRISHNA

Consumers have been cautioned to have clear information and understanding of what it covers before taking out an insurance policy.

This was highlighted by Australia’s leading consumer-CHOICE chief executive, Alan Kirkland who also is  a special guest at the ‘Insurance Policy’ Seminar.

The event will be held in Novotel Suva Lami Bay and the chief guest at the seminar would be Attorney-General and Minister for Economy, Aiyaz Sayed-Khaiyum.

Mr Kirkland said insurance is really a detailed product.

“There is an enormous power and balance between a person seeking insurance and an insurance company,” he said.

“Insurance companies have lawyers and they understand all – the detailed terms and conditions whilst an average consumer may not.

“We need to explain those policies in really clear terms.”

Mr Kirkland said he does not have a good understanding of specific problems here.

However, he said from his initial understanding, there are some really common problems around affordability of insurance and around people having certainty that they will be treated fairly if they need to make a claim.

His focus at the seminar today would be on products, policies, regulations and consumer concerns related to property insurance.

“I will be bringing to the discussion is some of our experiences in Australia,” he said.

Mr Kirkland added he would be highlighting how they regulate insurance and how consumers are involved in that process.

He said he will also touch on what they have learnt about how best they are to make sure that consumers are protected, when they take out insurance policies and when they try to make a claim.

 

Edited by: RACHNA LAL

Feedback:  rachnal@fijisun.com.fj

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