You’d expect the Australian Financial Review – one of Australia’s most influential financial publications (and one of the world’s most expensive) – to understand the causes and impacts of underinsurance. But it appears not.

Last week the newspaper said the Australia’s well-documented underinsurance problem is actually all about insurance companies trying to make money.

The article likened asking an insurance company whether you’re adequately insured to “asking your barber if you need a haircut”.

Taking a swipe at industry research showing as many as three in five people are underinsured, the newspaper said insurance companies “are trying to squeeze a little more out of the good times, just as premium rates are starting to come back”.