Corporate Life Insurance :: News
SHARE

Share this news item!

Regulators Scrutinize Life Insurance Premium Hikes Amid Consumer Concerns

APRA and ASIC Collaborate to Ensure Fair Practices in Premium Adjustments

Regulators Scrutinize Life Insurance Premium Hikes Amid Consumer Concerns?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 Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have jointly reviewed life insurers' practices concerning premium increases, aiming to ensure they align with policy terms and meet reasonable policyholder expectations.

Initiated in late 2022, the review responded to concerns that repeated premium hikes may not have been applied appropriately, potentially leading to consumer dissatisfaction. Life insurers were urged to assess their re-rating practices, marketing materials, and product governance to address these issues.

Throughout 2023 and 2024, life companies made progress by improving these areas. However, given the recency of these actions, it is still too early to fully assess their effectiveness in reducing the frequency and size of premium increases.

APRA and ASIC will continue engaging with individual life companies where further improvements are needed, emphasizing the importance of transparent and fair premium practices to maintain consumer trust and industry stability.

Published:Thursday, 9th 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.

Share this news item:

Insurance News

AIA Australia's Strategic Leadership Overhaul to Boost Group Insurance
AIA Australia's Strategic Leadership Overhaul to Boost Group Insurance
09 Apr 2026: Paige Estritori
AIA Australia has recently undertaken significant leadership changes aimed at enhancing its group insurance offerings and strengthening partnerships within the superannuation sector. This strategic move underscores the insurer's dedication to delivering innovative and tailored solutions to its clients. - read more
AIA Australia Highlights Industry Challenges Amid Rising Mental Health Claims
AIA Australia Highlights Industry Challenges Amid Rising Mental Health Claims
09 Apr 2026: Paige Estritori
AIA Australia CEO Damien Mu has raised concerns about the life and health insurance industries facing structural changes driven by increasing mental health claims, rising premiums, and economic volatility. Speaking during the company's online Thrive for Life presentation, Mu emphasized the unsustainability of current life insurance models under these pressures. - read more
Regulators Scrutinize Life Insurance Premium Hikes Amid Consumer Concerns
Regulators Scrutinize Life Insurance Premium Hikes Amid Consumer Concerns
09 Apr 2026: Paige Estritori
The Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) have jointly reviewed life insurers' practices concerning premium increases, aiming to ensure they align with policy terms and meet reasonable policyholder expectations. - read more
AIA Australia's Strategic Leadership Overhaul to Boost Group Insurance
AIA Australia's Strategic Leadership Overhaul to Boost Group Insurance
01 Apr 2026: Paige Estritori
AIA Australia has recently undertaken significant leadership changes aimed at enhancing its group insurance offerings and strengthening partnerships within the superannuation sector. This strategic move underscores the insurer's dedication to delivering innovative and tailored solutions to its clients. - read more


Life Insurance Articles

Insurance Made Easy: Understanding Your Corporate Coverage Options
Insurance Made Easy: Understanding Your Corporate Coverage Options
Corporate insurance might not be the first thing on your mind when running a business, yet it plays a crucial role in safeguarding your enterprise. Whether you're a small local shop or a bustling company, having the right insurance ensures that your business can withstand the unexpected. - read more
Insurance Essentials: A Business Owner’s Checklist for Risk Reduction
Insurance Essentials: A Business Owner’s Checklist for Risk Reduction
For many business owners, insurance may seem like a complex and daunting topic. However, understanding the basics of business insurance is crucial in safeguarding your enterprise against unforeseen risks. Business insurance serves as a safety net, providing coverage for various potential incidents that could impact your company's financial health and stability. - read more
Transform Your Employee Benefits Package with Corporate Life Insurance
Transform Your Employee Benefits Package with Corporate Life Insurance
Corporate life insurance is a policy taken out by a business to cover the lives of its employees. It serves multiple purposes, including providing a financial safety net for both the company and the employee's family in the unfortunate event of a death. Unlike personal life insurance, this type of policy is owned by the business, and its benefits can be designated to protect a company’s financial interests or support the employee's beneficiaries. - read more
What Every Business Owner Should Know About Group Life Insurance
What Every Business Owner Should Know About Group Life Insurance
As a business owner in Australia, protecting your venture against unforeseen events is crucial. Business insurance plays a vital role in safeguarding your company's financial stability and longevity. Group life insurance, a specific type of business insurance, is designed to cover multiple employees under a single policy. - read more

Knowledgebase
Reinsurance:
Insurance that an insurance company purchases from another insurance company to mitigate risk.