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Nov 2022

APRA blueprint 2022-2026

Source: Asia Insurance Review | Sep 2022

The Australian Prudential Regulation Authority (APRA) has published its updated plan to reinforce the financial soundness of the insurance and superannuation between 2022 and 2026. The new plan is designed to respond to rapid changes in APRA’s operating environment, including geopolitical tensions, inflationary pressures and rising interest rates and the impact of technology.
 
APRA will continue to target its supervisory and policy activities:
  • Strengthen governance, risk management and business strategy practices, including addressing deficiencies identified in self-assessments undertaken by general insurers and embedding new capital requirements for private health insurers
  • Maintain focus on promoting the sustainability of insurance products for the long-term benefit of consumers, including heightened attention on specific business lines where needed
  • Align the prudential framework with Australian Accounting Standard AASB17 Insurance Contracts, including implementing renewed data collections
  • Improve resilience and reduce the risk and impact of a disorderly exit of an insurer by ensuring effective continuity, recovery and resolution plans are in place
  • Availability and affordability of insurance for Australians. A 
 
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