Council backs change in ICF leadership07/10/2016 13:04
The Consumer Council of Fiji embraces the positive stance taken by the Insurance Council of Fiji (ICF) under its new leadership which could see more ordinary Fijians investing in insurance covers to protect their loved ones and their belongings against unforeseen circumstances.
Low-income consumers very often do not have social or financial protection to withstand risks that can worsen their financial situation.
It is pleasing to note that the newly-appointed ICF Chairman, Sarah Jane Wild will be reviewing the stringent requirement of having a cyclone certification for property insurance. This is timely and encouraging to note that ICF is now deliberating on the key issues raised during a stakeholder’s seminar on Products, Policies, Regulations and Consumer concerns related to Property Insurance in Fiji, which was organized by the Council on 11 August, 2016.
This could be a stepping stone in making insurance more accessible to the Fijian consumers particularly, the low-income earners. We are encouraging ICF to introduce tailor-made insurance products to suit the need and the financial capacity of an ordinary consumer.
No doubt, there is a need for vigorous awareness on insurance among the Fijians and the Council supports ICF in its bid to educate the public on insurance. A starting point can be re-vamping the ICF website, making it more informative, outlining the basic information about the insurance products and disclosures/exclusionary clauses to ensure consumers can better understand what they are investing on.
The ICF members also need to look at its products against the notion why many Fijians, even the working class which can comfortably afford insurance premiums, still choose not to invest in insurance covers.
The Council is reaffirming its commitment to work closely with ICF and also with the Regulator, Reserve Bank of Fiji in educating Fijians about insurance. We are optimistic that ICF will work towards providing insurance products that are affordable and much needed by consumers.