Regulatory Update: ASIC and APRA's Review of Life Insurance Premium Practices

Assessing the Progress of Life Insurers in Addressing Premium and Product Design Concerns

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This review was initiated in response to concerns over frequent and substantial premium increases that may not align with policy terms or policyholder expectations.

Key findings from the review include:

Improvements in re-rating practices, marketing materials, and product governance by life insurers.
Early-stage actions to address premium volatility through product design, with effectiveness yet to be fully assessed.

Despite these advancements, ASIC and APRA emphasize the need for continued efforts to ensure life insurance products meet consumer needs and offer reasonable premium stability. The regulators will maintain engagement with life insurers to monitor progress and address areas requiring further improvement.

For policyholders, this development underscores the importance of staying informed about their insurance policies and any changes in premiums. Consulting with independent insurance brokers can provide clarity and assistance in navigating these complexities.

Published:Wednesday, 8th Apr 2026
Author: Paige Estritori

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Knowledgebase

Loss Ratio:
The ratio of claims paid by an insurer to the premiums earned, used as a measure of profitability.

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