Insurance is often described as a grudge purchase – you buy it reluctantly or because you have little choice but to. It is one of those purchases that in a perfect world you would avoid if you could.
But because the world isn’t perfect, and there is always risk attached to what we do, insurance is fundamental to a functioning economy.
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Alex Sanchez is an economist and former senior adviser to the Albanese government and formerly General Manager of Policy at the Insurance Council of Australia.
