Business News

MFSA launches awareness campaign on home insurance aimed at enhancing customer protection

30th June 2020

The campaign aims to differentiate between different types of home insurance cover for the consumer.

The Malta Financial Services Authority (MFSA) has launched a campaign aimed at raising awareness about the various types of home insurance cover available to consumers.

“The term ‘home insurance’ is often used to refer to insurance that covers both the physical structure as well as its contents,” the Authority said in a statement. “However, it should not be taken for granted that a building insurance policy automatically covers the contents as well. Indeed, most of the time, insurance cover for the building is separate from insurance cover for the contents.”

The scope of the MFSA’s educational campaign is to highlight the fact that a home insurance policy might, in fact, cover either ‘buildings’ only or it may include the ‘contents’ as well, and the two insurance covers may be taken out together or independently of each other, and not necessarily from the same provider.

“Achieving protection through awareness is at the core of this campaign,” said Emily Benson, MFSA’s Head, Conduct Supervision.

“The MFSA is committed to identify areas and gaps where information and awareness are needed and to implement measures and programmes which will enhance awareness leading to customer protection.”

Protecting and safeguarding the interests of consumers is one of the MFSA’s strategic objectives as laid out in its Strategic Plan 2019-2021.

More information about the campaign may be found here.

 


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