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Suncorp: industry needs to do more on life education

Suncorp Wealth Management Group Executive Geoff Summerhayes says the low number of life insurance claims resulting from the Victorian bushfires proves the industry needs to do more to educate consumers.

Mr Summerhayes told a conference last week that just 30 life insurance claims were made following the bushfires in which 173 people died.

“At this stage, that means over 80% of the people who lost their lives did not have life insurance,” he said. “As an industry we have a responsibility to do something, to tell this story and address the chronic level of underinsurance.”

He says campaigns like the IFSA Lifewise campaign would help raise consumer awareness but advisers should also better inform their clients.

“When the difficult economic environment has made insurance a front-of-mind issue for many Australians, the personal relationship advisers have with their clients provides the best forum to talk about insurance and the optimum level and type of cover for their own situation.”