Executive Outlook for 2024 | Matthew Turack, Travel Insurance from Orion, Echelon, and CAA In 2024, cooperation will be essential for the insurance sector.
Rosemary Essential Oil: Complex Problems In 2024
Complex problems that cannot be resolved by a single organization, sector, or industry are becoming more prevalent. For example, the increasing incidence of vehicle theft is rapidly proving to be a problem that requires proactive, cooperative efforts to address.
Customers across the nation will be more negatively impacted by this expanding issue if it is not resolved. It is our responsibility to act decisively and quickly.
Up until now, the insurance industry has mostly concentrated on the cars that are stolen the most. But for many, losing a car affects their job and way of life regardless of the brand.
According to our research, while over 50% of Canadians believe that auto theft is a problem, only 30% of policyholders express concern about the possibility of their own vehicle being stolen.
Less than 10% of drivers use a steering wheel lock or a faraday bag, indicating that they are not taking the necessary precautions to protect their cars. Nonetheless, drivers cannot bear the entire burden of fixing this problem.
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In an effort to initiate and further a conversation on this new problem, we have taken part in a number of meetings. Additionally, we continue to educate Canadians by offering advice on how to prevent car theft.
Concrete solutions necessitate sustained work from numerous parties, including the insurance sector, law enforcement, and various levels of the government, automakers, and other parties, such as the Canada Border Services Agency.
Joining forces to effectively fight auto theft will not only create a framework for cooperative problem solving in a world growing more complicated by the day, but it will also safeguard insurance costs going forward.
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