Businesses also underinsured
Australia continues to suffer from an underinsurance problem, with the business sector being just as exposed as ordinary consumers, according to survey data released this week.
The Investment and Financial Services Association annual conference on the Gold Coast was told that the business community was suffering an insurance gap similar in size to that relating to life insurance.
Where the insurance gap for consumers related to products such as life insurance, the gap in the business sector related to income protection and similar products.
Director with actuarial firm Rice Walker, Ken Boag, said the insurance gap was estimated to stand at between 75 and 85 per cent.
He said that the position was even worse with respect to females, where only 15 to 20 per cent were covered despite the fact that women make up around 45 per cent of the workforce.
Boag suggested that governments could help address the problem in a similar fashion to their emphasis on promoting the need for companies to hold appropriate workers’ compensation cover.
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