If there’s one thing keeping life insurers up at night, it’s the avalanche of regulatory reform coming their way in 2024. We take a look at some of the key changes.

Inflation, economic uncertainty, global volatility — the insurance industry will inevitably face a raft of challenges in the year ahead.

But it’s the number of regulatory changes on the horizon that’s really keeping insurers up at night, according to one spokesperson for a major life insurer, who didn’t want to be named.

The Australian Government’s recent focus on retirement income and access to quality financial advice has triggered several separate inquiries and regulatory changes that are already transforming the way life insurers do business.

Add in questions around the use of genetic testing in life insurance underwriting, mandatory climate disclosures, privacy reforms and preparations for the upcoming Financial Accountability Regime (FAR) and the regulatory landscape certainly looks bumpy in 2024. Here’s a look at some of the key changes. 

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