General insurance needs to be urgently reformed to ensure consumers, government and industry work more effectively together to mitigate against various increasing risks. This is particularly the case in a world where insureds have, for decades, misunderstood the insurance products they hold because of long, confusing, incomprehensible, and inconsistent product disclosure. This has led to insureds holding inappropriate products for their risks, unwelcome surprises at claims time, and endemic underinsurance. Standardising insurance definitions and reforming standard cover are key to improving outcomes for insureds in this context.
