At the request of the Royal Commission, this paper discusses recent and prospective reforms affecting the general and life insurance sectors. Many of the reforms enhance ASIC’s oversight and capacity to intervene in the industry.

Life insurance is a type of insurance which provides cover for death, disability, a health condition, some illnesses and injuries.

The purpose of this paper is to discuss some of the factors that influence how insurers provide general and life insurance to consumers to assist consumers manage risk. It also discusses the size and composition of the general and life insurance industries, and the main industry participants. How the industry says customers will be treated...

An important feature of the modern life insurance market is that all products, except trauma or critical illness insurance, are sold both on an individual basis as well as a group basis. There are three sectors or sales channels for life insurance: through an advice provider (retail); directly from an insurer (direct); or through their...

Climate change appears to be increasing the frequency and magnitude of extreme weather events, negatively affecting communities as well as posing long-term sustainability challenges to insurance (risk transfer) mechanisms.