21 November 2013

ICA welcomes Financial Systems Inquiry and appointment of David Murray

The Insurance Council of Australia (ICA) welcomes the release of the draft terms of reference for the Federal Government’s Financial System Inquiry (FSI) and the appointment of former Commonwealth Bank of Australia CEO and ex-Future Fund chairman David Murray to lead the inquiry.

ICA CEO Rob Whelan said the draft terms of reference indicated there would be scope to cover a broad range of financial issues including those specific to the insurance industry.

The ICA believes the FSI provides the opportunity to:

  • Examine policy measures that support access and choice in general insurance and risk management in the broader community, including the provision of products and instruments that satisfy the needs of the future and emerging risks
  • Review the long term nature of general insurance markets and the growing role of technology in risk pricing and in narrowing information asymmetry
  • Consider the appropriate balance between stability and competition in general insurance markets and their impacts on insurance premiums
  • Consider the evolving international regulatory environment in general insurance and its applicability to domestic settings.

The ICA looks forward to contributing to the FSI’s inquiry.

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