APRA’s Adrian Rees says there have been some positive developments in the Australian group life insurance industry over the last few years, but the authority is watching closely to ensure the momentum continues.

According to Adrian Rees, who is a general manager in the Australian Prudential Regulation Authority’s (APRA’s) Diversified Institutions Division, the authority’s thematic work on group insurance is finished.

Rees, who was a speaker at ANZIIF’s recent Group Life Seminars in Sydney and Melbourne, says APRA will shortly publish the outcomes from its group risk sustainability work undertaken in 2016, which will formally bring that work to a close for now.

But he also issued a warning: ‘If we don’t see industry paying attention to [the issues that] this work identified, institutions can expect to hear from their supervisors,’ he says.

As part of its regular supervision, APRA is monitoring major group risk tenders very closely to ensure sensible risk management processes are applied.

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