The Australian insurance industry is substantial with premium revenue exceeding A$28B and ranking in the top dozen countries globally. The collapse of HIH Insurance in 2001 highlighted the importance of insurance not only to policyholders, but also to the stability and confidence in the wider economy.

Today, the industry is regulated by the Australian Prudential Regulatory Authority (APRA) and since the HIH collapse, the regulatory framework has undergone significant transformation. APRA has established a regulatory framework encompassing Prudential Standards and Practice Guides as well as continuous monitoring of authorised insurers to reduce the risk of failure and to ultimately protect policy holders by identifying early warning signals to initiate quick remediation.

The Prudential Standards covers minimum capital, corporate governance, risk management, reinsurance management, business continuity management, fit & proper assessments and outsourcing arrangement simply maintain their license. Ultimately, it is the Board and senior management responsibility to implement an effective APRA compliance program.

Since 2001, there have been over 13 proposed changes to the general insurance prudential framework, over 30 prudential standards, drafts prudential standards, guidance notes and practice guides released and over 90 people disqualified by APRA. This demonstrates APRA’s commitment to a more robust insurance sector.

• Our people have practical ‘hands-on’ insurance industry experience and have worked with leading insurers and reinsurers in roles covering underwriting, claims, administration, operations, finance, audit, sales, marketing and information technology.

• •Our understanding of APRA’s regulatory requirements by assisting several insurers with their compliance requirements and by liaising with key stakeholders in the industry.

• •Our expertise in delivering enterprise-wide risk management, governance and audit advisory solutions.

• •Establishing a realistic compliance strategy that is appropriate to each insurers needs and budget

• Utilising our Guardian ERM^® technology to support all APRA compliance requirements  

Solutions for Insurers Since 2001, InConsult has assisted insurance companies with risk management, business continuity planning and APRA compliance. Information Sheet

APRA Assist Choose from a range of compliance services designed to strengthen APRA compliance Product Sheet

Business Continuity Planning Our BCP approach combines best practice methodologies and our experience to help you improve your resilience and response to undesirable events. Product Sheet

 ERM Health Check An independent assessment of your risk management framework to help you identify and fix the gaps before it is too late. Product Sheet

Introduction to APRA’s Prudential Standards A half-day course to introduce people working in the Australian insurance industry to the importance and relevance of APRA’s Prudential Standards and their impact on insurers Product Sheet