ASIC Annual Forum 2023: Disruption By Natural Disasters

KEY POINTS

• This article follows a session on the impact of increased natural disasters on insurers and their customers at the 2023 ASIC Annual Forum in Melbourne.
• ASIC has identified three areas of improvement across the insurance sector, needed to ensure good consumer outcomes - making good on pricing promises, better claims handling practices and strengthened product design and distribution.
• At a time when extreme weather events are becoming more frequent, insurers need to adapt to ensure they can balance the need for affordable, quality products with sustainable business models.

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