GIC Re Chief Highlights Insurance Fraud and Sector Challenges

Imagine the insurance industry as a big safety net.

The head of GIC Re says the biggest hole in the net is fraud, like when people try to cheat the system.

They're also working on a special insurance for big disasters, like floods, so people can get help quickly.

They see growth in building things like roads, which is good for the country.

They want more people to have insurance, especially in smaller towns, but it's not happening fast enough.

They are discussing new types of insurance that use triggers, like a lot of rain, to pay out claims fast.