Assistant Treasurer Bill Shorten has again warned the insurance industry he will continue to push for more reform.

Speaking last week at the launch of a new report by the Brotherhood of St Laurence on insurance for low-income consumers, he again emphasised his determination to reform the industry.

“It’s fair to say that insurance regulation is currently in a state of flux,” he said at the Melbourne launch of the report, which highlights the plight of low income-earners trying to find affordable insurance.

“The Government is determined to make insurance policies simpler and easier to understand through our proposals for a common definition of flood and a ‘key facts’ statement,” he said.

“I have initiated broader insurance reviews through the Natural Disaster Insurance Review and an imminent House of Representatives inquiry.”

The brotherhood report has recommended insurers accept smaller and more regular payments, possibly through Centrelink, and also wants “insurance with rent” products developed.

The report also calls for third-party motor vehicle injury schemes to be adapted to provide third-party vehicle damage cover.

Mr Shorten has welcomed the recommendations and says he will be taking them further.

“I’m in regular contact with peak industry bodies like the Insurance Council of Australia and the Financial Services Council and I will certainly be discussing the brotherhood’s report with them,” he said.

“I am also confident that there will be opportunities to examine many of this report’s recommendations at meetings of the forthcoming Insurance Reform Advisory Group.

“The group will be a consultative forum for exchanging views between the Government, consumers and industry, which I intend to personally chair.”

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