The Consumer research on general insurance product disclosure was a key recommendation of the Insurance Council of Australia’s Effective Disclosure Taskforce, which noted a lack of evidence about how consumers used insurance documents to make decisions. The research, undertaken by The Lab and Nature Research, confirmed that most customers (66 per cent) don’t read the legally mandated product disclosure statement (PDS) before purchasing a policy, and suggested insurers should look beyond the PDS to ensure customers understood the details of the policies they were buying.

Click here to download the consumer research report on general insurance product disclosures