Victorian Bushfire Tragedy Highlights Underinsurance

173 Australians lost their lives in the Victorian 'Black Saturday' bushfire tragedy in February 2009, but there have only been claims made on 30 life insurance policies.

Speaking at a recent Financial Planning conference, Suncorp Group Executive, Geoff Summerhayes, said: "At this stage, that means over 80% of the people who lost their lives did not have life insurance."

This highlights the chronic level of underinsurance and the need to increase consumer awareness.

Mr Summerhayes went on to say: "But at this time, when the difficult economic environment has made insurance a front-of-mind issue for many Australians, the personal relationship advisers have with their clients provides the best forum to talk about insurance and the optimum level and type of cover for their own situation."

Important Information

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