Brokers and insurers share similar views on the issues affecting insurance in substance, but not importance.

The annual JP Morgan Deloitte survey shows the industry’s main two pillars share four of the top five issues: weather/climate change, regulation, profitability and staffing.

Insurers place weather, catastrophes and climate change as the main issue (67% of respondents), in spite of a relatively benign claims period last year.

Regulation is the second most important issue, with concerns the International Association of Insurance Supervisors will lean on the Australian Prudential Regulation Authority to tighten controls in the aftermath of the global credit crunch.

Increased competition came in third, followed by underwriting discipline and staffing.

“One-quarter of respondents were concerned about attracting and retaining staff,” Deloitte actuarial partner Elaine Collins said.

“This was down significantly from last year’s survey, where 80% of respondents raised attracting and retaining staff as an issue.”

Brokers, on the other hand, say attracting and retaining staff is their most pressing concern, followed by taxes and regulation, poor pricing, the global financial crisis and weather events.