Critical labour shortages top insurers' list of concerns, according to the new JP Morgan/Deloitte General Insurance Industry Survey.

It says 80% of respondents cite skill shortages as their main concern, along with competition and pricing problems.

"With unemployment in the Australian economy at a 33-year low, it is expected that the skills shortage would remain a primary concern to the industry," the report says.

JP Morgan's Shane Fitzgerald says skills shortages have never featured so prominently in past reports.

Nearly three-quarters of respondents cited compliance costs as a problem, while more than a half rated climate change as a key issue affecting the industry.

"Climate change has become a more dominant issue in the minds of underwriters, with a number of respondents noting the increase in the frequency and severity of weather-related events," the report says.

Insurers also reported a lack of product innovation as an important issue.