A KPMG survey of 57 insurance leaders shows that reputation is seen as the industry's biggest weakness.
Otto Thoresen of the ABI has warned member insurers that the insurance industry needs to improve its reputation, "Insurers have to tackle our reputation head-on. Consumers recognise the importance of insurance, and every day insurers pay out £173 million in pensions and life insurance. Yet the public perception of our industry is not high. We need to do something about this."