Insurance industry associations have welcomed the idea of holding a “national insurance day” in Australia.

Such campaigns have been used in Asia, Europe and the US to promote the industry and raise awareness of the need for appropriate cover.

The National Insurance Brokers Association (NIBA) would support a day of awareness, CEO Dallas Booth says.

“You can’t do enough work to promote the role of insurance,” he said. “NIBA has always been keen to work across the [insurance] sector in promoting the industry.

“We are more than happy to work with other organisations to promote the industry.”

Mr Booth says many people end up in insurance careers by accident. He wants the industry to become an employer of choice.

“It needs to raise its profile so people want to join the industry, because it is a profession.

“We need to tell people about joining employers that have potential worldwide job prospects.”

Underinsurance is a chronic problem in Australia, Financial Services Council CEO John Brogden says.

“If more Australians take out insurance to protect their properties, lives and incomes, the costs of insurance will be ultimately reduced,” he told insuranceNEWS.com.au.

“A national insurance day that involves all insurers and industry groups would be a positive move towards building awareness about insurance in Australia. Insurance must be seen as an essential, not a nice thing to have.”

The Financial Planning Association (FPA) also supports the concept for Australia, Chairman Matthew Rowe says.

“I look at what the FPA does to promote the value of advice, so we would have no problems with a national insurance day to raise the profile of insurance in the eye of the consumer,” he said.

Association of Financial Advisers (AFA) President Michael Nowak says underinsurance “is an issue that has to be tackled and anything that increases the awareness of life and income protection insurance is to be welcomed”. 

“The AFA would be willing to get on board a move such as a national insurance day, and is very willing to work in collaboration with the insurance industry.”

The Insurance Council of Australia has so far declined to comment. The idea for a national insurance day was conceived by Life+Health insuranceNEWS.com.au Editor John Wilkinson.