On 22 June 2015, the Australian Prudential Regulation Authority (APRA) released a letter to all Chief Executive Officers (CEOs) of general insurers, Level 2 insurance groups and life companies (collectively, the insurers) encouraging them to adopt better public disclosure practices for prudential matters.
The current capital adequacy framework for insurers
A spate of natural disasters in recent years has revealed a concerning level of underinsurance in the home and contents insurance market, according to reports released by ASIC in late 2014. ASIC has called on insurance providers ‘to implement measures that will meaningfully improve consumers’ understanding of their policy, and help ensure consumers buy a