The general insurance industry has gone through significant regulatory change in the last 24 months, with the recommendations from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry acting as a catalyst for a number of the more recent reforms.

Many insurers were hopeful to move into a phase of embedment and refinement of the regulatory changes which were implemented in the last two years. Although this activity will be critical for organisational success, we predict that the following year will continue to bring a significant volume of change which general insurers should start to prepare for.

2022 Predictions

As the focus on pricing practices and transparency starts to gain attention from ASIC, we are anticipating this area will follow the direction of the UK, and the activity that the Financial Conduct Authority (FCA) took following their detailed investigation. We foresee the outcome of this review to be focused on additional product regulation as well as heightened pricing transparency.

We are also anticipating the pace of changes to existing regulatory guidance to continue, with APRA prefacing several consultations papers along with the implementation of new and updated standards.

Finally, we are also predicting that the discussions around Enforceable Code Provisions will start to develop following the final implementation of the 2020 General Insurance Code of Practice in July 2021.

For further details on what we are anticipating for the year ahead, download the full version of the report – General Insurance Emerging Focus Areas (PDF 249KB).

How do you prepare?

We have outlined a number of areas which will assist you to enable your business to embrace these changes, details of which can be found in the full version of our insights report – General Insurance Emerging Focus Areas (PDF 249KB).

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