The Investment and Financial Services Association (IFSA) intends to raise awareness of Australia's underinsurance problem by launching a major campaign aimed at consumers.
The project, expected for launch before the end of 2008, will have a four to five-year life span and see IFSA team up with 20 of its insurance members.
The costs of underinsurance are significant, and not just to families but to society as a whole, IFSA chief executive Richard Gilbert said.
"We are not saying everyone needs insurance, but we are saying that everyone should be aware of, and think about their insurance needs as part of their everyday financial checklist," he said.
"It's remarkable that 84 per cent of people insure their car, while just 31 per cent insure their most important asset - their ability to earn an income."
IFSA's goal is to collect feedback from a range of stakeholders about the insurance gap and the challenges it poses, and develop a consumer concept and brand that the industry can get behind, IFSA senior policy manager Emma Grainge said.
"By the end of the 2009 financial year we hope to put that information together to offer consumers a website with tools and fact sheets that can help them make more informed decisions about insurance."
The 20 IFSA members involved have contributed $250,000 to kick-start the campaign.
