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

An MLC survey of consumer engagement finds 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 level of engagement and understanding of general insurance is among the highest in the financial services industry, 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, the survey says.

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