Late last year the Insurance Council of
Australia
commissioned Jackson Wells to undertake a qualitative survey of parliamentarians opinions on the adequacy of product disclosure, industry regulation and consumer attitudes.
The survey was completed in February with a high degree of uniformity in responses from State and Federal politicians irrespective of party or jurisdiction.
It seems that product disclosure statements that accompany insurance policies are not, by and large, an issue of consumer complaint.
Yet consumer attitudes are quite negative and suspicious in relation to product disclosure.
There is a strong body of opinion among politicians on the need to revise the format and presentation of product disclosure statements. The prevailing view is that they are too complex, too long and too legalistic.
Despite this, the survey provided reassurance to the ICA since it showed a unanimous view that the industry is well-regulated and a majority view that the industry does not need additional government regulation.