The Insurance Council of Australia brought together representatives from industry and the prudential and corporate regulators yesterday to discuss key issues in the sector.  

It says the roundtable “provided a valuable opportunity for open dialogue” on the impact of regulation on insurance affordability and availability, plus broader trends influencing claims costs.  

Participants also discussed strategies to improve regulatory efficiency and productivity in the sector.

The meeting came after Australian Securities and Investments Commission chair Joe Longo said the regulator is examining ways to ease “regulatory complexity”, following recommendations from a coalition of business groups and associations including ICA.

ICA CEO Andrew Hall says the roundtable was “a timely and important conversation with senior executives from our regulators [the Australian Prudential Regulation Authority], ASIC and leaders across the industry. Discussions like this are critical in ensuring we can continue to drive our industry forward.”