Australia's prudential regulator has outlined measures to address rising reinsurance costs and reduce regulatory compliance burdens for insurers as part of its latest corporate strategy.
Majority of insurers endorse the Australian Prudential Regulation Authority’s supervisory role, but many warn that the cost of compliance remains high.
Australia’s prudential supervisor is set to reduce its frontline divisions from three to two, aiming to streamline the monitoring in the insurance sector.
In its 2024-2025 corporate plan, the regulator emphasises the need for collaboration to improve affordability and strengthen the insurance industry’s resilience.
