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Speaker 2: Now, Cura Koto. If people talk about insurance, they're usually
Speaker 2: saying things like gosh, how much has it gone up?
Speaker 2: Or will it really be worth it? But understanding your
Speaker 2: risks and how you need to cover them, well, well
Speaker 2: that's crucial whether you're investing, we're just doing life. I'm
Speaker 2: Garth Bray and this is Shared Lunch. Today. We're with
Speaker 2: the Insurance Council's Chief executive, Chris Farfuey, for a lesson
Speaker 2: in how to cover those risks. But first he has
Speaker 2: some important information.
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Speaker 1: Everything you're about to see and here is current at
Speaker 1: the time of recording.
Speaker 2: Well, Mullowila, Chris, thanks for giving us some time my
Speaker 2: look to see it. Look, you represent an industry that,
Speaker 2: by now I reckon must have taken about ten billion
Speaker 2: dollars worth of premium in the last twelve months from
Speaker 2: New Zealand. It's that's gross written premium. I'm about right
Speaker 2: with that figure.
Speaker 3: Yeah, roughly give or take a millionaire a billion either.
Speaker 2: Side a billionare a billion there, you know, so you're
Speaker 2: talking about real money. Look five years ago though, that
Speaker 2: figure was about six point eight billion, so that's like
Speaker 2: a forty percent increase. And this is just off the
Speaker 2: figures that I saw on the on the public page
Speaker 2: at the Insurance Council. And across that period inflation has
Speaker 2: been about twenty percent, So it's quite a big gap.
Speaker 2: How do we get there? And when does it stop?
Speaker 3: How do we get there?
Speaker 4: It's the cost of repairing things and the cost of
Speaker 4: inputs into insurance have increased over time.
Speaker 3: I think most people wouldn't know that.
Speaker 4: We also collect on behalf of the government the funding
Speaker 4: for the foreign emergency, so the fence levy is part
Speaker 4: of people's premium. Also, we collect the levy for what
Speaker 4: used to be EQC is now the Natural Hazards Commission,
Speaker 4: So all of that goes into how premium is constructed. Also, importantly,
Speaker 4: you know the cost of repairing things has increased building
Speaker 4: and construction cars becoming more complex, so fixing them has
Speaker 4: become more expensive. But the other thing, as well, as
Speaker 4: as things kick off around the country, the ability to
Speaker 4: get reinsurance.
Speaker 3: Is becoming more challenging.
Speaker 4: And if people are watching and wondering what reinsurance is,
Speaker 4: it really is insurance for insurance that things get big
Speaker 4: and then that engages their insurance and the ability to
Speaker 4: get that is challenging.
Speaker 3: Over time.
Speaker 4: We do that, our members do that every year, and
Speaker 4: certainly the cost of reinsurance is going up, primarily because
Speaker 4: as you've probably seen more recently, climate related events like
Speaker 4: cyclones around the world mean that more people are looking
Speaker 4: for reinsurance. And when that happens globally, we do serve
Speaker 4: CESPI compricing. We're hoping that that levels out in the
Speaker 4: next three or four years, but certainly the trend has
Speaker 4: been in the last two or three years and when
Speaker 4: we've had events here in New Zealand that that cost
Speaker 4: of insurance has increased.
Speaker 2: You've touched on quite a number of issues there. But
Speaker 2: I suppose I should just clarify that the numbers we're
Speaker 2: talking about before, they don't include things like life insurance
Speaker 2: or health or income protection. That's not where the Insurance
Speaker 2: Council members cover, right, Yeah, so your members are the
Speaker 2: companies that offer general insurance, you know, people's homes, contents,
Speaker 2: business assets, and cars. Gosh, when I took a look
Speaker 2: Motivacle insurance, that's like a three billion dollar industry in
Speaker 2: terms of that gross written premium, and so that looks
Speaker 2: bigger than homes or contents or any other sector and
Speaker 2: with lower claims growth. So is that business in some
Speaker 2: sense kind of subsidizing or propping up the rest of
Speaker 2: the insurance business? And I guess could the prices be
Speaker 2: a bit sharper there?
Speaker 3: I don't think it is, probably it up.
Speaker 4: I think when you know our members, they look across
Speaker 4: all their box in there what we call lines of insurance,
Speaker 4: whether it be house and contents, or whether it be home,
Speaker 4: or whether it be murder.
Speaker 3: As you say, they are.
Speaker 4: All running their own operations and taking their own kind
Speaker 4: of levels of risk, more so in home insurance than
Speaker 4: moder that's pretty finite depending on what you're doing with
Speaker 4: a car as well. So what I would say to
Speaker 4: your question, Garth, is that they're all pretty competitive. They
Speaker 4: want to take business off each other, but in a
Speaker 4: general sense that the cost of ensuring and the cost
Speaker 4: of repairing is becoming more challenging for news yalders. We
Speaker 4: understand that that's because the cost of fixing some of
Speaker 4: these things like cars and repairing homes is becoming more
Speaker 4: expensive over time as well.
Speaker 2: So you've got the global chip shortage, right, Apparently that's
Speaker 2: a problem that it's making new cars more expensive, which
Speaker 2: means it's more likely you want to repair, and all
Speaker 2: of that is pushing up and insurance premium for motor vehicles.
Speaker 2: Is that what you're hearing too.
Speaker 4: Yeah, cars are becoming more complex. I've got an old
Speaker 4: Holden Captiva. It's pretty relatively easy to fix. But someone
Speaker 4: with a more modern car, which is more complex and
Speaker 4: the componentry and the digital nature of them, it is
Speaker 4: harder to fix.
Speaker 2: I think if we want to talk about homes as well, right,
Speaker 2: because for most they're still the biggest asset that people
Speaker 2: either own or would sort of hope to own. I
Speaker 2: did a little bit of research the Reserve Bank looked
Speaker 2: at the insurance price cycle and dwelling insurance inflation. It
Speaker 2: jumped about forty four percent in twenty twelve following the
Speaker 2: Canterbury earthquakes. In twenty eighteen after the Kikuta earthquake, it
Speaker 2: A bouts up about eighteen percent and on their numbers
Speaker 2: at the Reserve Bank twenty five percent this year after
Speaker 2: the North Island weather events and previously those two events,
Speaker 2: that took about two years for the for the premium
Speaker 2: growth to track down closer towards inflation. Should households just
Speaker 2: expect that's the pattern after a big catastrophe look forward
Speaker 2: to price increases on insurance premiums for a couple of
Speaker 2: years two to three.
Speaker 3: Yeah.
Speaker 4: That by the Razent Bank back in through their Financial
Speaker 4: Stability Report, I think was really useful. Gave context from
Speaker 4: the regulator about understanding how the rhythm of events works
Speaker 4: now when we do have an event. As I mentioned before,
Speaker 4: the reinsurers who look after our insurers when a big
Speaker 4: event kicks off, take another look at the market and
Speaker 4: they try and make sure that they reassess it what
Speaker 4: is the right amount of reinsurance capacity to send to
Speaker 4: New Zealand and what that price is. And there's a
Speaker 4: kind of a settling of the dust that happens after
Speaker 4: a big event as you mentioned certainly happened after christ
Speaker 4: Church and some serious discussions had to happen there to
Speaker 4: make sure that our members could get that reinsurance in
Speaker 4: order to continue to offer insurance, especially to the christ
Speaker 4: Church market. That happened again in co coulda Those were
Speaker 4: two searsmic events and a lot of our risk At
Speaker 4: that stage everyone knew that it was searsmic. We saw
Speaker 4: something similar happen after the Aukland Anniversary floods and cycle
Speaker 4: and Gabrielle of earlier last year that that obviously was
Speaker 4: a climate related event. And when that happened, the Rensherer
Speaker 4: has had another good look at New Zealand and the
Speaker 4: risk profile of it, put their their hands to their
Speaker 4: chins and said, and we have to have a bit
Speaker 4: of a think about this in terms of the risk
Speaker 4: that New Zealand poses now, so we've got this double
Speaker 4: layer of assessment of New Zealand both seismic which has
Speaker 4: been traditional, but also climate.
Speaker 3: Now.
Speaker 4: Just to put that in context, Garth, I think kind
Speaker 4: of for the years prior to twenty twenty three, members
Speaker 4: traditionally for weather related events would have paid out at about
Speaker 4: three hundred and fifty million dollars per annum max on
Speaker 4: kind of weather related events. There were obviously kind of
Speaker 4: smaller events that event of last year. I think we're
Speaker 4: close to having paid out about three point eight billion dollars,
Speaker 4: so that event is ten times bigger than what we
Speaker 4: would expect. So, as you can imagine, we've got some
Speaker 4: attention from the reinsurers and that's why people are finding
Speaker 4: it a little bit more difficult at the moment in
Speaker 4: terms of the premiums. But as you probably also saw,
Speaker 4: and as you've mentioned, that plateau is out over time.
Speaker 4: Once that kind of new equilibrium.
Speaker 2: Is found, did the insurers get to a point where
Speaker 2: maybe they weren't going to be able to access some
Speaker 2: of that reinsurance.
Speaker 4: Look, I think it's not necessarily challenge to accesses, but
Speaker 4: it is a it is a more complex discussion for
Speaker 4: them to have. And at a macro New Zealand ink level,
Speaker 4: we need to make sure that New Zealanders a country
Speaker 4: is saying to reinsure as that because of this increased
Speaker 4: climate risk that is now a reality, what are we
Speaker 4: doing to mitigate and reduce the risk and therefore the
Speaker 4: claims to New Zealanders. We're certainly lobbying hard to the
Speaker 4: government around its climate adaptation work to say that we
Speaker 4: should get ahead of this. What are we doing to
Speaker 4: ensure that we've got infrastructure in the likes of the
Speaker 4: Hawks Bay Auckland, for example, because of those north Old
Speaker 4: weather events, to say, if this happens again, how do
Speaker 4: we ensure there isn't a flooding to the extent that
Speaker 4: we've got, And what kind of planning decisions are we
Speaker 4: making to ensure we're not building in places where we
Speaker 4: shouldn't Because I think there's a history, and some of
Speaker 4: it is explainable, and some of it is in New
Speaker 4: Zealand that we are building communities and places where there's
Speaker 4: obvious natural hazard risk and we can't continue to do
Speaker 4: that in the future because the reinsurers will say, well,
Speaker 4: why is that happening? We're not necessarily we won't necessarily
Speaker 4: have the appetite to cover that risk in the future.
Speaker 2: I think it was how one of your members that
Speaker 2: told the market earlier this year the unpalatable try truth
Speaker 2: is not everyone is or will be able to ensure
Speaker 2: their home the way they do now? Is that pretty
Speaker 2: common view around the board table there at the insurance Council.
Speaker 4: Yeah, Well, each of our members have got their own
Speaker 4: appetite as to what they'll cover, but it certainly from
Speaker 4: what we're expecting in terms of increased severity of weather
Speaker 4: events and increase frequency of weather events and what we
Speaker 4: know about coastal risk and kind of floodplaining pro prine areas.
Speaker 4: Insurers and councils and governments are taking a much closer
Speaker 4: look at those kinds of things as well. Not only
Speaker 4: did we pay out three point eight billion dollars as
Speaker 4: a result of last year's where the events, but the
Speaker 4: Crown also forked out quite a lot of money as
Speaker 4: the councils to make sure that people in red zones
Speaker 4: could be compensated and confines new places to live. So
Speaker 4: there's awareness from the government, from local government and also
Speaker 4: the private sector that we actually need to change things
Speaker 4: in order to make sure we can reduce that risk.
Speaker 4: There's going to mean some challenging conversations in the future
Speaker 4: for some communities, but also the ability to get insurance
Speaker 4: will become challenging, especially if we do nothing, which is
Speaker 4: why we're pushing as hard as we can to make
Speaker 4: sure we are kind of having the conversation about infrastructure
Speaker 4: built in the right place and to the right standards
Speaker 4: to protect communities and households.
Speaker 3: If we can do that, our story.
Speaker 4: To our reinsurers is a much better story to conversation
Speaker 4: to have so they can keep seeing that reinsurance capacity
Speaker 4: to New Zealand and also at a price that is
Speaker 4: affordable to these elders. It's the sustainability of the market
Speaker 4: in the future and the medium to long term is challenging.
Speaker 4: But we want to work with anyone who can make
Speaker 4: sure that that risk profile can be reduced.
Speaker 2: You say in the future, but I mean given insurance
Speaker 2: contracts typically run for about a year completely withdrawing cover
Speaker 2: to an area like a suburb or town, even that
Speaker 2: could happen pretty quickly, couldn't it.
Speaker 4: Yeah, And we weren't necessarily be the ones who make
Speaker 4: that decision. You know, we'll have to kind of work
Speaker 4: with central government and local government to understand what the
Speaker 4: future of an area is. Certainly, through some pricing signals,
Speaker 4: some of our members are saying this area is riskier
Speaker 4: than others. But you know, the conversation about whether or
Speaker 4: not a community has a future or not shouldn't just
Speaker 4: ride on the price of an insurance premium. It has
Speaker 4: to be a discussion that central government and local government
Speaker 4: also lead to make sure the right kind of decisions
Speaker 4: are being made and they go through a process and
Speaker 4: work with communities to do that. You can't just say
Speaker 4: you know, upstacks or where are people going to go?
Speaker 4: And certainly we've been heartened by the conversations that we've
Speaker 4: had with Parliament via the Sect Committee that's just done
Speaker 4: an inquiry into adaptation and the National Adaptation Plan that
Speaker 4: was undertaken by James Shaw and the previous government kind
Speaker 4: of set some good work too. And I think we're
Speaker 4: probably going to come to a head pretty soon because
Speaker 4: I think councils, banks, insurers, local government and central government
Speaker 4: are predicin that we're working with communities so they can
Speaker 4: get an understanding of what the future holds to them.
Speaker 4: It's not just insurance, it's the value of their assets
Speaker 4: as well, and that's something that is well beyond the
Speaker 4: remit of insurance itself.
Speaker 2: Just quickly, I guess, given that ensurability of homes is
Speaker 2: getting more expensive and trickier, does that change people's views
Speaker 2: potentially about perceptions of property as an asset class. Is
Speaker 2: it going to lead people perhaps to think about equities
Speaker 2: and other kinds of things, maybe saying case it's too
Speaker 2: risky to one at home.
Speaker 4: A lot of people need to own home to live in,
Speaker 4: and I think, you know, that kind of sense of
Speaker 4: the key we dream still needs to be there. I
Speaker 4: just think it'll be really useful now. I think if
Speaker 4: we're doing everything as we can as a sector to
Speaker 4: give kiwis the best available information for them to make decisions.
Speaker 4: You'll go and by home, and a lot of that
Speaker 4: can be based on an emotion and price. But what
Speaker 4: we would ask people to do is make sure that
Speaker 4: you know, you think about insurance as part of that
Speaker 4: purchase process as well. It's not just the thing that
Speaker 4: you have to get to get a mortgage, it's you
Speaker 4: understand the risk involved in whatever you're buying, where it is,
Speaker 4: the impact on your insurance premium, and then that they
Speaker 4: shop around. You know, most places in New Zealanders in
Speaker 4: New Zealand are still getting insurance, so you do have
Speaker 4: to shop around a bit to kind of understand what
Speaker 4: you can get and where you can get it.
Speaker 2: I'm sort of mentally having to stop myself calling you
Speaker 2: minister because the last time and I folk.
Speaker 3: That way, people call me a lot of things and
Speaker 3: they don't call me that anymore.
Speaker 2: Well, Chris, I'm having to mentally stop myself from calling
Speaker 2: you minister, because last time you and I spoke, you
Speaker 2: were still in Cabinet. I mean you did five and
Speaker 2: a half years there. You were the Minister for Emergency
Speaker 2: Management and Civil Defense, I think, and justice and let's
Speaker 2: not forget broadcasting and immigration during the COVID lockdowns when
Speaker 2: all we did was watched TV and wonder about where
Speaker 2: we couldn't go. So I just wonder you've stepped in
Speaker 2: as the chief Executive of the Insurance Council after those
Speaker 2: devastating floods up here in Auckland start of last year,
Speaker 2: after Cyclone Gabriel. Of course, so much damage, you know,
Speaker 2: took lives and costs so much to the industry. Are
Speaker 2: you an insurance insider Now, I.
Speaker 4: Wouldn't say I'm an insider, yet I'm an outsider that's
Speaker 4: come in. I like really complex problems, which is probably
Speaker 4: why I was given the portfolio as I was given
Speaker 4: in cabinet, and I really enjoyed both the commerce portfolio
Speaker 4: and also emergency management. So I've been able to use
Speaker 4: the context of those and certainly the networks that I've
Speaker 4: built over time to be able to effect some change here.
Speaker 4: We do have the insurance set down in New Zealand
Speaker 4: does have some complex problems around climate adaptation in front
Speaker 4: of it. I'm actually confident that there is a pathway
Speaker 4: to meeting that challenge, and I spent quite forward thinking
Speaker 4: about that and it's my job to kind of get
Speaker 4: the insurance sector's voice and opinion into some of that.
Speaker 4: I'm really lucky I've got a really proactive board who
Speaker 4: does see the end zet ink challenge in this as
Speaker 4: well as the sustainability of their industry and the long
Speaker 4: term as well. There's some pretty difficult conversations that need
Speaker 4: to happen and insurance needs to be part of that
Speaker 4: as well. We'll kind of enter some of those tricky
Speaker 4: places where we may not have gone to before because
Speaker 4: we do want to make sure that we're advancing it.
Speaker 4: I think the worst thing that could happen for New
Speaker 4: Zealand and to our sectors we just sat on our hands.
Speaker 4: When we know that the frequency and severity of the
Speaker 4: climate change climate related challenges are upon us. We just
Speaker 4: have to speak to anyone in the Hawks Bay, tider
Speaker 4: Fitty and Auckland, those areas that were affected that if
Speaker 4: we don't learn from this and make sure that the
Speaker 4: ability of New Zealander is to have the peace of
Speaker 4: mind of insurance is still there and affordable and available,
Speaker 4: that you know, a lot of that asset value that
Speaker 4: we talked about becomes difficult, a lot of future of
Speaker 4: communities becomes difficult, work hard to kind of maintain the
Speaker 4: happy medium and equilibrium that we've got.
Speaker 2: Now your time in politics and I think as communistments,
Speaker 2: so that you know, the community ComCom started market studies.
Speaker 2: I think we've got one in banking right now. We've
Speaker 2: had them for supermarkets, we've had them for building materials
Speaker 2: and for the fuel patrons. On what would a market
Speaker 2: study of insurance show us?
Speaker 4: Well, look, I think we've got about just a little
Speaker 4: over twenty general insurance in New Zealand. We've got two
Speaker 4: or three kind of large players in the in the
Speaker 4: in the country as well. I think the benefit of
Speaker 4: some of that structure is that at least two of
Speaker 4: them are kind of Australian only got Australian parents. So
Speaker 4: when we go shopping for reinsurance, we don't just go
Speaker 4: as in New Zealand, we go as Australia and New
Speaker 4: Zealand and we're able to have some kind of economies
Speaker 4: of scale there and buy and power as good for
Speaker 4: us there. I think generally there is good competition in
Speaker 4: the market, so you know, we do see some fierce
Speaker 4: competition to make sure pricing and products are there. I
Speaker 4: think you'll probably see in the product space much more
Speaker 4: innovation in the future because of what's happening in terms
Speaker 4: of climate change. But one of my jobs is to
Speaker 4: do what I did at the beginning of this interview
Speaker 4: and just let people know how insurance premium is constructed
Speaker 4: and that we do have to go offshore to buy
Speaker 4: a rather large component of the input into an insurance policy,
Speaker 4: which is a reinsurance It's a global price. We bargain hard,
Speaker 4: but we do have to kind of go with whatever
Speaker 4: the wins of the global reinsurance market is. So I
Speaker 4: think one of our jobs is to make sure that
Speaker 4: this system understands how insurance works and keep being on
Speaker 4: about that. You know, we're taking a minister to London
Speaker 4: to make sure that they understand how reinsurance works as well,
Speaker 4: making sure our kind of local government and other central
Speaker 4: government members a part of understanding as well, so when
Speaker 4: they're looking at it in terms of policy in the future.
Speaker 4: They understand how the market works, so as the minister
Speaker 4: who introduced market studies are there for a purpose. But
Speaker 4: I would say that the currently the insurance market's working
Speaker 4: pretty well.
Speaker 2: Chris, looking ahead five years, if you try to take
Speaker 2: a five year view of the insurance industry, same same,
Speaker 2: all different. I mean, we're still going to have those
Speaker 2: two big Australian mega brands pretty much covering most of
Speaker 2: what people do.
Speaker 4: Oh, that's not for me to say that. There's a
Speaker 4: whole lot of other factors that go into that, but
Speaker 4: I think what they are interested in is making sure
Speaker 4: that the market is still strong and sustainable. I mean,
Speaker 4: I think one of the questions you're probably gonna ask
Speaker 4: is whether they're not insurance is a grud to purchase.
Speaker 4: I don't think it's a grudge purchase. I think it's
Speaker 4: a grudge payment. People don't like paying for it, but
Speaker 4: they do understand that they need it. So having that
Speaker 4: availability for New Zealanders is really important. You know, these
Speaker 4: in this relationship with insurance is pretty They make sure
Speaker 4: they've got most people, make sure they've got coverage for
Speaker 4: their car, and that we've still got coverage and the
Speaker 4: house market of well into the nineties, So we want
Speaker 4: to make sure that that kind of relationship with insurance
Speaker 4: has maintained. Prices are a big factor in that, and
Speaker 4: making sure people do understand how that price has arrived
Speaker 4: at is one of the things that we have to
Speaker 4: do a better job at, not just with consumers, but
Speaker 4: also with regulators and politicians who have the leavers of policy.
Speaker 2: What about I suppose the insure text, the nimble companies
Speaker 2: that are going to come to market. What's the role
Speaker 2: for them and are they part of your club?
Speaker 4: Well, they're not members, if that's what part of the
Speaker 4: club has meant. Are they being innovative? Yes, but so
Speaker 4: are our members. And I think the way that our
Speaker 4: members are kind of developing products, developing pricing, certainly using
Speaker 4: technology to be more efficient in their processes in an
Speaker 4: effort to try and make the consumer experience better and
Speaker 4: keep costs slow is really important in that respect, you know,
Speaker 4: kind of the exposure to AI in the back office processes,
Speaker 4: but also in terms of what is expected of communication
Speaker 4: to consumers now when the new contracts of insurance law
Speaker 4: Bell becomes an act is really important. So I'm quite
Speaker 4: excited about what the sector can do with AI in
Speaker 4: terms of communicating to consumers. But also there's really simple
Speaker 4: things that AI can do for processes to make life
Speaker 4: for consumers easier. And for insurance. You know, it's already
Speaker 4: been done with some of our members. You know, if
Speaker 4: you've got a relatively simple insurance claim, you can get
Speaker 4: that done quickly because our members are using AI. Whereas
Speaker 4: once you might have had to ring three or four
Speaker 4: times to get some traction on your claims process. Some
Speaker 4: of that stuff is happening just like that because all
Speaker 4: the information is coming through and the process then ensure
Speaker 4: are much more streamlined, and the technology.
Speaker 3: Is there now.
Speaker 2: Every other industry is subject to sort of massive innovation
Speaker 2: as these smaller players come in without all of the
Speaker 2: legacy costs and try and do something different. How how
Speaker 2: does the insurance industry respond to that? Does it welcome it?
Speaker 2: Does it challenge it? How do you? How do your
Speaker 2: members deal with that?
Speaker 4: You loo can think like anyone, if a challenger comes along,
Speaker 4: then the best thing is to make sure you understand
Speaker 4: what's happening and responding to it. Each of our members
Speaker 4: will do that in their own way, but certainly you know,
Speaker 4: the innovation and the use of AI. It's kind of
Speaker 4: the easy thing to say. But product innovation, that kind
Speaker 4: of innovation, with the way that our websites are offering
Speaker 4: better services and faster services to consumers, is certainly there,
Speaker 4: all of those things coming together offering the best possible
Speaker 4: product our members are thinking about that day and day out.
Speaker 2: There's data as well, right, The data is the other
Speaker 2: part of the the data about you know, flood patterns,
Speaker 2: whether people trying to use that very granular approach to
Speaker 2: risk to say this house, this house will ensure it,
Speaker 2: but not the one in the middle, rather than sort
Speaker 2: of the traditional model of insurance, which was kind of
Speaker 2: like socialism for capitalists, like, you know, we'll all put
Speaker 2: our risk together and cover our assets that way. So
Speaker 2: is that going to change things?
Speaker 4: And it has, and it will and it will continue,
Speaker 4: not just for insurance. As counsels and governments and insurers
Speaker 4: and banks get their hands on better data and modeling,
Speaker 4: then the decisions that we make can be more granular.
Speaker 4: And at the end of the day, I think that's
Speaker 4: useful for consumers as they have access to that and
Speaker 4: they can make decisions on investments or not. And again,
Speaker 4: as I kind of said it there earlier in the interview,
Speaker 4: are consumer's ability to go into those decisions about investment
Speaker 4: fully and warned about what those insurance implications are, what
Speaker 4: the borrowing implications are, what the reality of the the
Speaker 4: location are. Put us in better stead to make better decisions.
Speaker 4: Better information is good for everyone, and certainly as we
Speaker 4: get more as information as insurers and as a sector,
Speaker 4: we're able to have more precise discussions with people about
Speaker 4: what the coverages and at what pricing point that is.
Speaker 2: Thank you, Chris Farvoy, that's been really interesting. I hope
Speaker 2: you found it too awesome and thank you for tuning in.
Speaker 2: You can watch Shared Lunch on YouTube or catch it
Speaker 2: wherever you find your favorite podcasts. Want it, Rate us
Speaker 2: there and let us know what you'd like to see
Speaker 2: in the next episode Quam two. That's us for now.
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