The ongoing problem of underinsurance

Experts reveal hope that the Insurance Act will help solve the industry-wide underinsurance issue

Underinsurance remains a problem across the industry and experts have urged brokers and insurers to work together to tackle it.

According to specialists, underinsurance happens for a number of different reasons, including clients having the wrong policy or the wrong sum insured because their insurance needs are not reviewed often enough.

“It’s all about brokers being client centric,” said Ben Bailey, managing director at Perth-headquartered Clark Thomson Insurance Brokers.

“Insurance is broadly