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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

Regulatory Update: ASIC and APRA's Review of Life Insurance Premium Practices?w=400

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

The Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have jointly released an update on their review of life insurance premium practices.

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

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

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Knowledgebase

Incontestability Clause:
A provision in a life insurance policy that prevents the insurer from voiding coverage due to a misstatement by the insured after a certain period.

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