The Australian Securities and Investments Commission (ASIC) has outlined its supervisory priorities for the general and life insurance sectors for 2026-27. The priorities, set out in an ASIC media release, are intended to give insurers greater visibility of the regulator's planned activities and allow them to prepare and allocate resources accordingly. They form part of ASIC's broader effort to increase transparency and reduce unnecessary duplication in financial regulation.
For general insurance, ASIC will review the practices of for-profit claims management firms, including those commonly referred to as “disaster chasers”, and examine the potential implications of some of their practices for consumers. In the life insurance sector, ASIC will review practices related to funeral insurance and continue its review into service issues in life insurance.
ASIC said it engaged with the Australian Prudential Regulation Authority (APRA) and other regulators in determining the activities included in its supervisory priorities. Where regulatory activities overlapped, ASIC said they would either be recast or removed to avoid duplication, or undertaken collaboratively. The supervisory letters are part of a broader Council of Financial Regulators workstream aimed at improving coordination, data collection and sharing among financial regulators.