The Insurance Council of Australia (ICA) has today hosted a regulatory roundtable in Sydney bringing together leaders in insurance and senior representatives from both the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investment Commission (ASIC).
The roundtable provided a valuable opportunity for open dialogue on the impact of regulation on the affordability and availability of insurance, and broader trends impacting claims costs.
A focus for the discussion was identifying ways to drive regulatory efficiency and productivity across the general insurance sector in line with the Government's productivity agenda.
The Insurance Council and its members are looking forward to continuing to work with regulators as the Council of Financial Regulators undertakes a regulatory deep dive of financial services.
Quotes attributable to ICA CEO Andrew Hall:
Today was a timely and important conversation with senior executives from our regulators APRA, ASIC and leaders across the industry.
Discussions like this are critical in ensuring we can continue to drive our industry forward.
I thank all who attended the roundtable and we look forward to our ongoing regulatory engagement.
