Concept:
Insulating refractories are used to reduce heat loss. They have low thermal conductivity.
Step 1: Heat transfer is reduced when a material contains many pores.
Step 2: Air trapped inside pores is a poor conductor of heat.
Step 3: Therefore, high porosity reduces thermal conductivity.
Step 4: Insulating refractories are made light and porous so that they can act as thermal insulators.
Step 5: Hence, the important characteristic of insulating refractory is:
\[
\boxed{\text{High porosity}}
\]