EFSA observes activities of insurance companies
"The EFSA is discussing with insurance companies how to ensure effective loss adjustment in the current situation and what to do to sustain a reliable insurance market as it has been before. For the development of the insurance market, operative and professional loss adjustment by insurance companies is essential since it affects the attitudes of clients toward the insurance sector in the future," Chairman of the EFSA Management Board Andres Trink said.
The situation in Estonia after the flood clearly proves that many customers don't know the contents of their insurance contracts and against which losses they are covered.
"We will discuss with the insurance companies the methods to make policyholders more aware about their contracts. It is evident that insurance is a necessity, but clients should know what they are paying for and which risks are covered. Regarding this aspect, companies can do a lot while selling insurance, but at the same time the interest and awareness of customers is undoubtedly extremely vital to avoid their hindsight," Trink added.
The EFSA keeps in touch with insurance companies to have an overview of major losses and the extent of losses, also how companies approach to adjustment of losses due to the storm last weekend.
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