More consumers trust the general insurance industry than any other financial services industry, a survey says.

An MLC survey of consumer engagement has found that 86% of consumers have a “very high” or “some degree” of trust in general insurance, equal to everyday banking services and higher than superannuation, health insurance, life insurance or long-term loans.

The general insurance industry’s perceived level of engagement and understanding is among the highest in the financial services sector, second only to everyday banking. About 78% of people are “highly” or “somewhat engaged” with general insurance, and about 85% of them have a “very good” or “pretty good” understanding of it.

In the broader financial market, the survey finds the level of understanding and engagement with general insurance is higher than other financial products such as investments and savings.

The survey results have been welcomed as “heartening” by the Insurance Council of Australia, with a spokesman telling insuranceNEWS.com.au that “trust is hard to earn and hard to retain”.

“Insurers continually work to develop and improve their relationships with their customers,” he said. “We hope the industry’s new code of practice, which is expected to be launched by the end of the year, will add to the industry’s customer-centric reputation, as will further work being undertaken on disclosure.”