Question

Do you think consumers should assume much of the responsibility for promoting their own welfare in the insurance market or do you think that government should do more?

Answer 1

I think consumers as well as government both should be trying to do their contribution in the insurance market in order to ensure the protection of their interest and they should also ensure a fair market of insurance because consumer need to be highly aware and he should not have high level of asymmetrical information because it can lead to a moral hazard and he should be trying to behave like a responsible consumer who is having high degree of of knowledge to various situations and he should be trying to always adopt to the best possible norms and he should always try to compare with various competitors available in the Insurance sector and he should always be trying to stay aware in order to select insurance services

When it will be coming to the government, industry will be formulated with all such rules and regulations which will be providing these consumers with optimum protection of the interest and they should be participating into the industry without having a fear of exploitation of the interest of consumer so government should always keep regulatory controls and they should always manage the exposures of these insurance companies.