The Australian Prudential Regulation Authority (APRA) has published a speech delivered by Member Suzanne Smith to the Insurance Council of Australia’s Annual Conference in Sydney.
In “Worth the risk: finding a better balance in general insurance”, Ms Smith discussed the need to keep the insurance sector strong while also finding a way to ensure cover remains accessible and affordable for the community.
Strong, sustainable insurance businesses are central to a thriving economy. Essential to this is the availability of affordable, appropriate cover to every household and business that needs protection along with confidence to take financial risks. Getting everyone on the same page and finding solutions to the myriad of issues I have outlined won’t be easy. I’m sure there will be mis-steps and we may not always agree. But if we are truly going to insure the future together, working together to leverage our strengths and harness the collective wisdom is definitely worth the risk.
View APRA Website