Charting the course: regulatory risk for insurers

Following a surge in enforcement activity against insurers in the wake of the Financial Services Royal Commission, annual regulatory filings seem to have settled to an elevated 'new normal'. Meanwhile, regulatory risk and complexity for insurers only continues to increase as ASIC turns to a wider array of alleged contraventions as the basis for enforcement action. Accompanying this is an obvious upward trend in penalty amounts – with the biggest two penalties on record awarded against insurers this year.

In this report, we give an overview of the key developments in 2023, and a snapshot of what we expect to see over the next 12 months.