Annual General Meeting/ Dinner of the Insurance Industry in Africa.

Purpose of Insurance
07 Aug, 2024 | Casablanca, Morocco

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Annual General Meeting/ Dinner of the Insurance Industry in Africa.

Consumer trust in the insurance industry has been gradually eroding in recent years, with insurers narrowing their eligibility criteria and scope of cover. The fact that the FCA had to bring in a recent ban on price walking (the process by which insurance firms increase premiums for existing customers who automatically renew their policy) epitomised some of the unethical practices being adopted in the industry. Furthermore, responses by insurers to the COVID-19 pandemic, and the widespread failure to pay many coronavirus claims, has only exacerbated the perception that the economic interests of consumers and their insurers are at odds.

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