General insurance and life insurance caused 20% of financial services product breaches, according to an Australian Securities and Investments Commission (ASIC) report on breach reporting obligations.

Suncorp and AMP were among the financial services groups reviewed by ASIC.

ASIC found 43 general insurance breaches and 98 life insurance in the survey. One breach could cover multiple financial services and products, ASIC says.

At an industry level, process and system deficiencies were the top two causes of a breach, followed by staff deviating from company policies. Fourth was a lack of staff training.