The Insurance Council of Australia (ICA) is working to rebuild “brand insurance” after the reputation of the industry suffered a substantial hit during last summer’s natural disasters, CEO Rob Whelan says.

He told last week’s National Insurance Brokers Association (NIBA) Convention that undermining the reputation of the insurance industry and consumer confidence in insurance is a “major issue” which can lead to underinsurance.

As a result, ICA is examining ways to “form an over-arching narrative” to explain simply to the public the value and importance of insurance.

NIBA CEO Dallas Booth agreed the industry needs to develop a narrative about what the insurance promise is all about, and committed that NIBA would “work very, very closely with ICA to do this”.

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