Underinsurance, the Financial Services Reform Act and the Insurance Contracts Act are among the most important issues for brokers. That’s according to an informal survey of more than 170 brokers conducted at this year’s National Insurance Brokers Association convention.

The survey also shows brokers are concerned about taxes, implementation of the HIH Royal Commission recommendations, tort reform, flood, price controls, data collection and asbestos.

Brokers completing the survey were asked to rate the importance of 17 issues set by the Insurance Council of Australia (ICA) researchers as high, medium or low.

ICA Executive Director Alan Mason told Sunrise Exchange News underinsurance wasn’t expected to be the brokers’ top concern.

“I suppose we were surprised by that, but fundamentally there is a permanent problem of underinsurance and non-insurance in the community when a disaster occurs.

“Underinsurance is also a behavioural issue, and it is cost-driven. There is a clear connection between price and the amount of cover people take.”