On the perception of insurance… I think
it’s been a long-standing problem. We, as industry practitioners, have known this for
years. I think the reason for that is that most people still do not understand that this is a definite contract. What we will pay [and] what we will not pay for is clearly enshrined in our contracts. That we call policy documents. People expect that once you have taken their money, you owe them a responsibility to pay if something happens. But A has to happen before you get B. So if A hasn’t happened, then you shouldn’t expect to get B. In the past it’s been difficult explaining that… …because people were not really
literate in what insurance seeks to do. I am not absolving us of blame. I will be the first to acknowledge that maybe some things have been done by industry practitioners which shouldn’t have been done in the past. But I think it’s getting better now. More people are getting the kind of experience they would expect from their insurance currently. There are 30 insurance companies so
you can’t afford not to honor your promise. So I think it’s getting better.