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Speaker 1: Car insurance and Mates Rates shares Is has teamed up

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Speaker 1: with Cove to provide comprehensive car cover and a discounted

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Speaker 1: price for Chaz's customers. A new way to protect your

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Speaker 1: wealth from Life's podcast Get a Quote.

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Speaker 2: Now, Cura Koto. If people talk about insurance, they're usually

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Speaker 2: saying things like gosh, how much has it gone up?

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Speaker 2: Or will it really be worth it? But understanding your

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Speaker 2: risks and how you need to cover them, well, well

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Speaker 2: that's crucial whether you're investing, we're just doing life. I'm

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Speaker 2: Garth Bray and this is Shared Lunch. Today. We're with

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Speaker 2: the Insurance Council's Chief executive, Chris Farfuey, for a lesson

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Speaker 2: in how to cover those risks. But first he has

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Speaker 2: some important information.

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Speaker 1: Investing involves the risk you might lose the money you

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Speaker 1: start with. We recommend talking to a licensed financial advisor.

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Speaker 1: We also recommend reading product disclosure documents before deciding to invest.

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Speaker 1: Everything you're about to see and here is current at

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Speaker 1: the time of recording.

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Speaker 2: Well, Mullowila, Chris, thanks for giving us some time my

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Speaker 2: look to see it. Look, you represent an industry that,

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Speaker 2: by now I reckon must have taken about ten billion

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Speaker 2: dollars worth of premium in the last twelve months from

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Speaker 2: New Zealand. It's that's gross written premium. I'm about right

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Speaker 2: with that figure.

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Speaker 3: Yeah, roughly give or take a millionaire a billion either.

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Speaker 2: Side a billionare a billion there, you know, so you're

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Speaker 2: talking about real money. Look five years ago though, that

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Speaker 2: figure was about six point eight billion, so that's like

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Speaker 2: a forty percent increase. And this is just off the

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Speaker 2: figures that I saw on the on the public page

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Speaker 2: at the Insurance Council. And across that period inflation has

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Speaker 2: been about twenty percent, So it's quite a big gap.

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Speaker 2: How do we get there? And when does it stop?

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Speaker 3: How do we get there?

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Speaker 4: It's the cost of repairing things and the cost of

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Speaker 4: inputs into insurance have increased over time.

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Speaker 3: I think most people wouldn't know that.

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Speaker 4: We also collect on behalf of the government the funding

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Speaker 4: for the foreign emergency, so the fence levy is part

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Speaker 4: of people's premium. Also, we collect the levy for what

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Speaker 4: used to be EQC is now the Natural Hazards Commission,

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Speaker 4: So all of that goes into how premium is constructed. Also, importantly,

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Speaker 4: you know the cost of repairing things has increased building

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Speaker 4: and construction cars becoming more complex, so fixing them has

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Speaker 4: become more expensive. But the other thing, as well, as

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Speaker 4: as things kick off around the country, the ability to

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Speaker 4: get reinsurance.

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Speaker 3: Is becoming more challenging.

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Speaker 4: And if people are watching and wondering what reinsurance is,

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Speaker 4: it really is insurance for insurance that things get big

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Speaker 4: and then that engages their insurance and the ability to

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Speaker 4: get that is challenging.

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Speaker 3: Over time.

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Speaker 4: We do that, our members do that every year, and

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Speaker 4: certainly the cost of reinsurance is going up, primarily because

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Speaker 4: as you've probably seen more recently, climate related events like

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Speaker 4: cyclones around the world mean that more people are looking

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Speaker 4: for reinsurance. And when that happens globally, we do serve

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Speaker 4: CESPI compricing. We're hoping that that levels out in the

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Speaker 4: next three or four years, but certainly the trend has

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Speaker 4: been in the last two or three years and when

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Speaker 4: we've had events here in New Zealand that that cost

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Speaker 4: of insurance has increased.

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Speaker 2: You've touched on quite a number of issues there. But

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Speaker 2: I suppose I should just clarify that the numbers we're

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Speaker 2: talking about before, they don't include things like life insurance

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Speaker 2: or health or income protection. That's not where the Insurance

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Speaker 2: Council members cover, right, Yeah, so your members are the

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Speaker 2: companies that offer general insurance, you know, people's homes, contents,

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Speaker 2: business assets, and cars. Gosh, when I took a look

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Speaker 2: Motivacle insurance, that's like a three billion dollar industry in

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Speaker 2: terms of that gross written premium, and so that looks

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Speaker 2: bigger than homes or contents or any other sector and

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Speaker 2: with lower claims growth. So is that business in some

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Speaker 2: sense kind of subsidizing or propping up the rest of

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Speaker 2: the insurance business? And I guess could the prices be

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Speaker 2: a bit sharper there?

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Speaker 3: I don't think it is, probably it up.

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Speaker 4: I think when you know our members, they look across

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Speaker 4: all their box in there what we call lines of insurance,

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Speaker 4: whether it be house and contents, or whether it be home,

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Speaker 4: or whether it be murder.

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Speaker 3: As you say, they are.

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Speaker 4: All running their own operations and taking their own kind

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Speaker 4: of levels of risk, more so in home insurance than

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Speaker 4: moder that's pretty finite depending on what you're doing with

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Speaker 4: a car as well. So what I would say to

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Speaker 4: your question, Garth, is that they're all pretty competitive. They

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Speaker 4: want to take business off each other, but in a

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Speaker 4: general sense that the cost of ensuring and the cost

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Speaker 4: of repairing is becoming more challenging for news yalders. We

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Speaker 4: understand that that's because the cost of fixing some of

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Speaker 4: these things like cars and repairing homes is becoming more

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Speaker 4: expensive over time as well.

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Speaker 2: So you've got the global chip shortage, right, Apparently that's

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Speaker 2: a problem that it's making new cars more expensive, which

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Speaker 2: means it's more likely you want to repair, and all

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Speaker 2: of that is pushing up and insurance premium for motor vehicles.

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Speaker 2: Is that what you're hearing too.

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Speaker 4: Yeah, cars are becoming more complex. I've got an old

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Speaker 4: Holden Captiva. It's pretty relatively easy to fix. But someone

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Speaker 4: with a more modern car, which is more complex and

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Speaker 4: the componentry and the digital nature of them, it is

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Speaker 4: harder to fix.

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Speaker 2: I think if we want to talk about homes as well, right,

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Speaker 2: because for most they're still the biggest asset that people

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Speaker 2: either own or would sort of hope to own. I

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Speaker 2: did a little bit of research the Reserve Bank looked

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Speaker 2: at the insurance price cycle and dwelling insurance inflation. It

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Speaker 2: jumped about forty four percent in twenty twelve following the

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Speaker 2: Canterbury earthquakes. In twenty eighteen after the Kikuta earthquake, it

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Speaker 2: A bouts up about eighteen percent and on their numbers

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Speaker 2: at the Reserve Bank twenty five percent this year after

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Speaker 2: the North Island weather events and previously those two events,

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Speaker 2: that took about two years for the for the premium

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Speaker 2: growth to track down closer towards inflation. Should households just

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Speaker 2: expect that's the pattern after a big catastrophe look forward

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Speaker 2: to price increases on insurance premiums for a couple of

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Speaker 2: years two to three.

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Speaker 3: Yeah.

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Speaker 4: That by the Razent Bank back in through their Financial

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Speaker 4: Stability Report, I think was really useful. Gave context from

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Speaker 4: the regulator about understanding how the rhythm of events works

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Speaker 4: now when we do have an event. As I mentioned before,

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Speaker 4: the reinsurers who look after our insurers when a big

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Speaker 4: event kicks off, take another look at the market and

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Speaker 4: they try and make sure that they reassess it what

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Speaker 4: is the right amount of reinsurance capacity to send to

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Speaker 4: New Zealand and what that price is. And there's a

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Speaker 4: kind of a settling of the dust that happens after

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Speaker 4: a big event as you mentioned certainly happened after christ

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Speaker 4: Church and some serious discussions had to happen there to

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Speaker 4: make sure that our members could get that reinsurance in

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Speaker 4: order to continue to offer insurance, especially to the christ

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Speaker 4: Church market. That happened again in co coulda Those were

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Speaker 4: two searsmic events and a lot of our risk At

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Speaker 4: that stage everyone knew that it was searsmic. We saw

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Speaker 4: something similar happen after the Aukland Anniversary floods and cycle

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Speaker 4: and Gabrielle of earlier last year that that obviously was

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Speaker 4: a climate related event. And when that happened, the Rensherer

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Speaker 4: has had another good look at New Zealand and the

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Speaker 4: risk profile of it, put their their hands to their

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Speaker 4: chins and said, and we have to have a bit

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Speaker 4: of a think about this in terms of the risk

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Speaker 4: that New Zealand poses now, so we've got this double

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Speaker 4: layer of assessment of New Zealand both seismic which has

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Speaker 4: been traditional, but also climate.

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Speaker 3: Now.

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Speaker 4: Just to put that in context, Garth, I think kind

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Speaker 4: of for the years prior to twenty twenty three, members

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Speaker 4: traditionally for weather related events would have paid out at about

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Speaker 4: three hundred and fifty million dollars per annum max on

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Speaker 4: kind of weather related events. There were obviously kind of

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Speaker 4: smaller events that event of last year. I think we're

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Speaker 4: close to having paid out about three point eight billion dollars,

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Speaker 4: so that event is ten times bigger than what we

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Speaker 4: would expect. So, as you can imagine, we've got some

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Speaker 4: attention from the reinsurers and that's why people are finding

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Speaker 4: it a little bit more difficult at the moment in

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Speaker 4: terms of the premiums. But as you probably also saw,

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Speaker 4: and as you've mentioned, that plateau is out over time.

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Speaker 4: Once that kind of new equilibrium.

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Speaker 2: Is found, did the insurers get to a point where

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Speaker 2: maybe they weren't going to be able to access some

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Speaker 2: of that reinsurance.

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Speaker 4: Look, I think it's not necessarily challenge to accesses, but

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Speaker 4: it is a it is a more complex discussion for

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Speaker 4: them to have. And at a macro New Zealand ink level,

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Speaker 4: we need to make sure that New Zealanders a country

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Speaker 4: is saying to reinsure as that because of this increased

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Speaker 4: climate risk that is now a reality, what are we

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Speaker 4: doing to mitigate and reduce the risk and therefore the

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Speaker 4: claims to New Zealanders. We're certainly lobbying hard to the

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Speaker 4: government around its climate adaptation work to say that we

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Speaker 4: should get ahead of this. What are we doing to

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Speaker 4: ensure that we've got infrastructure in the likes of the

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Speaker 4: Hawks Bay Auckland, for example, because of those north Old

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Speaker 4: weather events, to say, if this happens again, how do

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Speaker 4: we ensure there isn't a flooding to the extent that

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Speaker 4: we've got, And what kind of planning decisions are we

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Speaker 4: making to ensure we're not building in places where we

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Speaker 4: shouldn't Because I think there's a history, and some of

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Speaker 4: it is explainable, and some of it is in New

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Speaker 4: Zealand that we are building communities and places where there's

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Speaker 4: obvious natural hazard risk and we can't continue to do

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Speaker 4: that in the future because the reinsurers will say, well,

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Speaker 4: why is that happening? We're not necessarily we won't necessarily

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Speaker 4: have the appetite to cover that risk in the future.

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Speaker 2: I think it was how one of your members that

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Speaker 2: told the market earlier this year the unpalatable try truth

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Speaker 2: is not everyone is or will be able to ensure

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Speaker 2: their home the way they do now? Is that pretty

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Speaker 2: common view around the board table there at the insurance Council.

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Speaker 4: Yeah, Well, each of our members have got their own

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Speaker 4: appetite as to what they'll cover, but it certainly from

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Speaker 4: what we're expecting in terms of increased severity of weather

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Speaker 4: events and increase frequency of weather events and what we

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Speaker 4: know about coastal risk and kind of floodplaining pro prine areas.

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Speaker 4: Insurers and councils and governments are taking a much closer

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Speaker 4: look at those kinds of things as well. Not only

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Speaker 4: did we pay out three point eight billion dollars as

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Speaker 4: a result of last year's where the events, but the

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Speaker 4: Crown also forked out quite a lot of money as

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Speaker 4: the councils to make sure that people in red zones

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Speaker 4: could be compensated and confines new places to live. So

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Speaker 4: there's awareness from the government, from local government and also

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Speaker 4: the private sector that we actually need to change things

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Speaker 4: in order to make sure we can reduce that risk.

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Speaker 4: There's going to mean some challenging conversations in the future

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Speaker 4: for some communities, but also the ability to get insurance

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Speaker 4: will become challenging, especially if we do nothing, which is

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Speaker 4: why we're pushing as hard as we can to make

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Speaker 4: sure we are kind of having the conversation about infrastructure

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Speaker 4: built in the right place and to the right standards

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Speaker 4: to protect communities and households.

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Speaker 3: If we can do that, our story.

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Speaker 4: To our reinsurers is a much better story to conversation

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Speaker 4: to have so they can keep seeing that reinsurance capacity

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Speaker 4: to New Zealand and also at a price that is

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Speaker 4: affordable to these elders. It's the sustainability of the market

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Speaker 4: in the future and the medium to long term is challenging.

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Speaker 4: But we want to work with anyone who can make

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Speaker 4: sure that that risk profile can be reduced.

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Speaker 2: You say in the future, but I mean given insurance

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Speaker 2: contracts typically run for about a year completely withdrawing cover

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Speaker 2: to an area like a suburb or town, even that

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Speaker 2: could happen pretty quickly, couldn't it.

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Speaker 4: Yeah, And we weren't necessarily be the ones who make

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Speaker 4: that decision. You know, we'll have to kind of work

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Speaker 4: with central government and local government to understand what the

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Speaker 4: future of an area is. Certainly, through some pricing signals,

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Speaker 4: some of our members are saying this area is riskier

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Speaker 4: than others. But you know, the conversation about whether or

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Speaker 4: not a community has a future or not shouldn't just

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Speaker 4: ride on the price of an insurance premium. It has

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Speaker 4: to be a discussion that central government and local government

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Speaker 4: also lead to make sure the right kind of decisions

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Speaker 4: are being made and they go through a process and

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Speaker 4: work with communities to do that. You can't just say

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Speaker 4: you know, upstacks or where are people going to go?

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Speaker 4: And certainly we've been heartened by the conversations that we've

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Speaker 4: had with Parliament via the Sect Committee that's just done

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Speaker 4: an inquiry into adaptation and the National Adaptation Plan that

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Speaker 4: was undertaken by James Shaw and the previous government kind

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Speaker 4: of set some good work too. And I think we're

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Speaker 4: probably going to come to a head pretty soon because

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Speaker 4: I think councils, banks, insurers, local government and central government

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Speaker 4: are predicin that we're working with communities so they can

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Speaker 4: get an understanding of what the future holds to them.

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Speaker 4: It's not just insurance, it's the value of their assets

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Speaker 4: as well, and that's something that is well beyond the

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Speaker 4: remit of insurance itself.

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Speaker 2: Just quickly, I guess, given that ensurability of homes is

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Speaker 2: getting more expensive and trickier, does that change people's views

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Speaker 2: potentially about perceptions of property as an asset class. Is

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Speaker 2: it going to lead people perhaps to think about equities

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Speaker 2: and other kinds of things, maybe saying case it's too

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Speaker 2: risky to one at home.

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Speaker 4: A lot of people need to own home to live in,

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Speaker 4: and I think, you know, that kind of sense of

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Speaker 4: the key we dream still needs to be there. I

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Speaker 4: just think it'll be really useful now. I think if

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Speaker 4: we're doing everything as we can as a sector to

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Speaker 4: give kiwis the best available information for them to make decisions.

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Speaker 4: You'll go and by home, and a lot of that

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Speaker 4: can be based on an emotion and price. But what

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Speaker 4: we would ask people to do is make sure that

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Speaker 4: you know, you think about insurance as part of that

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Speaker 4: purchase process as well. It's not just the thing that

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Speaker 4: you have to get to get a mortgage, it's you

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Speaker 4: understand the risk involved in whatever you're buying, where it is,

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Speaker 4: the impact on your insurance premium, and then that they

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Speaker 4: shop around. You know, most places in New Zealanders in

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Speaker 4: New Zealand are still getting insurance, so you do have

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Speaker 4: to shop around a bit to kind of understand what

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Speaker 4: you can get and where you can get it.

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Speaker 2: I'm sort of mentally having to stop myself calling you

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Speaker 2: minister because the last time and I folk.

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Speaker 3: That way, people call me a lot of things and

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Speaker 3: they don't call me that anymore.

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Speaker 2: Well, Chris, I'm having to mentally stop myself from calling

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Speaker 2: you minister, because last time you and I spoke, you

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Speaker 2: were still in Cabinet. I mean you did five and

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Speaker 2: a half years there. You were the Minister for Emergency

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Speaker 2: Management and Civil Defense, I think, and justice and let's

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Speaker 2: not forget broadcasting and immigration during the COVID lockdowns when

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Speaker 2: all we did was watched TV and wonder about where

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Speaker 2: we couldn't go. So I just wonder you've stepped in

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Speaker 2: as the chief Executive of the Insurance Council after those

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Speaker 2: devastating floods up here in Auckland start of last year,

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Speaker 2: after Cyclone Gabriel. Of course, so much damage, you know,

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Speaker 2: took lives and costs so much to the industry. Are

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Speaker 2: you an insurance insider Now, I.

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Speaker 4: Wouldn't say I'm an insider, yet I'm an outsider that's

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Speaker 4: come in. I like really complex problems, which is probably

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Speaker 4: why I was given the portfolio as I was given

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Speaker 4: in cabinet, and I really enjoyed both the commerce portfolio

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Speaker 4: and also emergency management. So I've been able to use

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Speaker 4: the context of those and certainly the networks that I've

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Speaker 4: built over time to be able to effect some change here.

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Speaker 4: We do have the insurance set down in New Zealand

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Speaker 4: does have some complex problems around climate adaptation in front

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Speaker 4: of it. I'm actually confident that there is a pathway

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Speaker 4: to meeting that challenge, and I spent quite forward thinking

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Speaker 4: about that and it's my job to kind of get

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Speaker 4: the insurance sector's voice and opinion into some of that.

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Speaker 4: I'm really lucky I've got a really proactive board who

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Speaker 4: does see the end zet ink challenge in this as

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Speaker 4: well as the sustainability of their industry and the long

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Speaker 4: term as well. There's some pretty difficult conversations that need

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Speaker 4: to happen and insurance needs to be part of that

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Speaker 4: as well. We'll kind of enter some of those tricky

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Speaker 4: places where we may not have gone to before because

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Speaker 4: we do want to make sure that we're advancing it.

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Speaker 4: I think the worst thing that could happen for New

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Speaker 4: Zealand and to our sectors we just sat on our hands.

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Speaker 4: When we know that the frequency and severity of the

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Speaker 4: climate change climate related challenges are upon us. We just

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Speaker 4: have to speak to anyone in the Hawks Bay, tider

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Speaker 4: Fitty and Auckland, those areas that were affected that if

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Speaker 4: we don't learn from this and make sure that the

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Speaker 4: ability of New Zealander is to have the peace of

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Speaker 4: mind of insurance is still there and affordable and available,

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Speaker 4: that you know, a lot of that asset value that

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Speaker 4: we talked about becomes difficult, a lot of future of

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Speaker 4: communities becomes difficult, work hard to kind of maintain the

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Speaker 4: happy medium and equilibrium that we've got.

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Speaker 2: Now your time in politics and I think as communistments,

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Speaker 2: so that you know, the community ComCom started market studies.

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Speaker 2: I think we've got one in banking right now. We've

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Speaker 2: had them for supermarkets, we've had them for building materials

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Speaker 2: and for the fuel patrons. On what would a market

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Speaker 2: study of insurance show us?

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Speaker 4: Well, look, I think we've got about just a little

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Speaker 4: over twenty general insurance in New Zealand. We've got two

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Speaker 4: or three kind of large players in the in the

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Speaker 4: in the country as well. I think the benefit of

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Speaker 4: some of that structure is that at least two of

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Speaker 4: them are kind of Australian only got Australian parents. So

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Speaker 4: when we go shopping for reinsurance, we don't just go

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Speaker 4: as in New Zealand, we go as Australia and New

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Speaker 4: Zealand and we're able to have some kind of economies

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Speaker 4: of scale there and buy and power as good for

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Speaker 4: us there. I think generally there is good competition in

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Speaker 4: the market, so you know, we do see some fierce

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Speaker 4: competition to make sure pricing and products are there. I

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Speaker 4: think you'll probably see in the product space much more

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Speaker 4: innovation in the future because of what's happening in terms

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Speaker 4: of climate change. But one of my jobs is to

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Speaker 4: do what I did at the beginning of this interview

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Speaker 4: and just let people know how insurance premium is constructed

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Speaker 4: and that we do have to go offshore to buy

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Speaker 4: a rather large component of the input into an insurance policy,

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Speaker 4: which is a reinsurance It's a global price. We bargain hard,

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Speaker 4: but we do have to kind of go with whatever

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Speaker 4: the wins of the global reinsurance market is. So I

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Speaker 4: think one of our jobs is to make sure that

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Speaker 4: this system understands how insurance works and keep being on

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Speaker 4: about that. You know, we're taking a minister to London

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Speaker 4: to make sure that they understand how reinsurance works as well,

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Speaker 4: making sure our kind of local government and other central

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Speaker 4: government members a part of understanding as well, so when

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Speaker 4: they're looking at it in terms of policy in the future.

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Speaker 4: They understand how the market works, so as the minister

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Speaker 4: who introduced market studies are there for a purpose. But

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Speaker 4: I would say that the currently the insurance market's working

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Speaker 4: pretty well.

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Speaker 2: Chris, looking ahead five years, if you try to take

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Speaker 2: a five year view of the insurance industry, same same,

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Speaker 2: all different. I mean, we're still going to have those

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Speaker 2: two big Australian mega brands pretty much covering most of

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Speaker 2: what people do.

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Speaker 4: Oh, that's not for me to say that. There's a

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Speaker 4: whole lot of other factors that go into that, but

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Speaker 4: I think what they are interested in is making sure

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Speaker 4: that the market is still strong and sustainable. I mean,

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Speaker 4: I think one of the questions you're probably gonna ask

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Speaker 4: is whether they're not insurance is a grud to purchase.

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Speaker 4: I don't think it's a grudge purchase. I think it's

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Speaker 4: a grudge payment. People don't like paying for it, but

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Speaker 4: they do understand that they need it. So having that

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Speaker 4: availability for New Zealanders is really important. You know, these

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Speaker 4: in this relationship with insurance is pretty They make sure

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Speaker 4: they've got most people, make sure they've got coverage for

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Speaker 4: their car, and that we've still got coverage and the

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Speaker 4: house market of well into the nineties, So we want

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Speaker 4: to make sure that that kind of relationship with insurance

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Speaker 4: has maintained. Prices are a big factor in that, and

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Speaker 4: making sure people do understand how that price has arrived

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Speaker 4: at is one of the things that we have to

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Speaker 4: do a better job at, not just with consumers, but

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Speaker 4: also with regulators and politicians who have the leavers of policy.

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Speaker 2: What about I suppose the insure text, the nimble companies

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Speaker 2: that are going to come to market. What's the role

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Speaker 2: for them and are they part of your club?

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Speaker 4: Well, they're not members, if that's what part of the

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Speaker 4: club has meant. Are they being innovative? Yes, but so

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Speaker 4: are our members. And I think the way that our

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Speaker 4: members are kind of developing products, developing pricing, certainly using

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Speaker 4: technology to be more efficient in their processes in an

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Speaker 4: effort to try and make the consumer experience better and

402
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Speaker 4: keep costs slow is really important in that respect, you know,

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Speaker 4: kind of the exposure to AI in the back office processes,

404
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Speaker 4: but also in terms of what is expected of communication

405
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Speaker 4: to consumers now when the new contracts of insurance law

406
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Speaker 4: Bell becomes an act is really important. So I'm quite

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Speaker 4: excited about what the sector can do with AI in

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Speaker 4: terms of communicating to consumers. But also there's really simple

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Speaker 4: things that AI can do for processes to make life

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Speaker 4: for consumers easier. And for insurance. You know, it's already

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Speaker 4: been done with some of our members. You know, if

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Speaker 4: you've got a relatively simple insurance claim, you can get

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Speaker 4: that done quickly because our members are using AI. Whereas

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Speaker 4: once you might have had to ring three or four

415
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Speaker 4: times to get some traction on your claims process. Some

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00:21:54,480 --> 00:21:57,320
Speaker 4: of that stuff is happening just like that because all

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Speaker 4: the information is coming through and the process then ensure

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Speaker 4: are much more streamlined, and the technology.

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Speaker 3: Is there now.

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Speaker 2: Every other industry is subject to sort of massive innovation

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Speaker 2: as these smaller players come in without all of the

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Speaker 2: legacy costs and try and do something different. How how

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Speaker 2: does the insurance industry respond to that? Does it welcome it?

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Speaker 2: Does it challenge it? How do you? How do your

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Speaker 2: members deal with that?

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Speaker 4: You loo can think like anyone, if a challenger comes along,

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Speaker 4: then the best thing is to make sure you understand

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Speaker 4: what's happening and responding to it. Each of our members

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Speaker 4: will do that in their own way, but certainly you know,

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Speaker 4: the innovation and the use of AI. It's kind of

431
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Speaker 4: the easy thing to say. But product innovation, that kind

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Speaker 4: of innovation, with the way that our websites are offering

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Speaker 4: better services and faster services to consumers, is certainly there,

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Speaker 4: all of those things coming together offering the best possible

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Speaker 4: product our members are thinking about that day and day out.

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Speaker 2: There's data as well, right, The data is the other

437
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Speaker 2: part of the the data about you know, flood patterns,

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Speaker 2: whether people trying to use that very granular approach to

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Speaker 2: risk to say this house, this house will ensure it,

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Speaker 2: but not the one in the middle, rather than sort

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00:23:12,080 --> 00:23:14,560
Speaker 2: of the traditional model of insurance, which was kind of

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00:23:14,560 --> 00:23:18,000
Speaker 2: like socialism for capitalists, like, you know, we'll all put

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00:23:18,359 --> 00:23:21,000
Speaker 2: our risk together and cover our assets that way. So

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00:23:21,920 --> 00:23:23,159
Speaker 2: is that going to change things?

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00:23:24,960 --> 00:23:27,240
Speaker 4: And it has, and it will and it will continue,

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00:23:27,520 --> 00:23:31,960
Speaker 4: not just for insurance. As counsels and governments and insurers

447
00:23:32,000 --> 00:23:35,680
Speaker 4: and banks get their hands on better data and modeling,

448
00:23:36,680 --> 00:23:40,000
Speaker 4: then the decisions that we make can be more granular.

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00:23:40,680 --> 00:23:42,560
Speaker 4: And at the end of the day, I think that's

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00:23:42,680 --> 00:23:46,359
Speaker 4: useful for consumers as they have access to that and

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00:23:46,359 --> 00:23:49,680
Speaker 4: they can make decisions on investments or not. And again,

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00:23:49,720 --> 00:23:52,320
Speaker 4: as I kind of said it there earlier in the interview,

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00:23:53,080 --> 00:23:58,680
Speaker 4: are consumer's ability to go into those decisions about investment

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00:23:59,359 --> 00:24:03,200
Speaker 4: fully and warned about what those insurance implications are, what

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00:24:03,240 --> 00:24:08,280
Speaker 4: the borrowing implications are, what the reality of the the

456
00:24:08,560 --> 00:24:12,000
Speaker 4: location are. Put us in better stead to make better decisions.

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00:24:12,480 --> 00:24:16,280
Speaker 4: Better information is good for everyone, and certainly as we

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00:24:16,359 --> 00:24:19,720
Speaker 4: get more as information as insurers and as a sector,

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00:24:20,040 --> 00:24:22,480
Speaker 4: we're able to have more precise discussions with people about

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00:24:22,520 --> 00:24:25,480
Speaker 4: what the coverages and at what pricing point that is.

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00:24:26,520 --> 00:24:29,360
Speaker 2: Thank you, Chris Farvoy, that's been really interesting. I hope

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00:24:29,359 --> 00:24:31,879
Speaker 2: you found it too awesome and thank you for tuning in.

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00:24:31,960 --> 00:24:34,679
Speaker 2: You can watch Shared Lunch on YouTube or catch it

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00:24:34,760 --> 00:24:37,719
Speaker 2: wherever you find your favorite podcasts. Want it, Rate us

465
00:24:37,760 --> 00:24:39,880
Speaker 2: there and let us know what you'd like to see

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00:24:39,920 --> 00:24:42,920
Speaker 2: in the next episode Quam two. That's us for now.

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00:24:51,160 --> 00:24:53,640
Speaker 1: Insurance is another pit stop on your way to what

468
00:24:53,680 --> 00:24:56,439
Speaker 1: wealth means to you? Why not do it all in shares?

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Speaker 1: Is manage your car assurance alongside your investments. Can we

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Speaker 1: head