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ARTICLE · 01 MAY 2017

What ASIC has in store for the insurance industry in 2017

Norton Rose Fulbright Australia
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The ASIC chairman spoke on the current insurance environment and ASIC's priorities for the insurance industry in 2017.

AustraliaInsurance
Victoria Chalmers
Victoria Chalmers
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Recently, the chairman of the Australian Securities and Investments Commission (ASIC), Greg Medcraft, delivered a speech to the Insurance Council of Australia Forum on the current insurance environment and ASIC's priorities for the coming year, with a focus on the insurance industry.

Current Environment

Mr Medcraft acknowledged that 2016 was an eventful year for the insurance industry, due to the increased public, media and government focus, as well as continued progress on law reforms in the industry.

Mr Medcraft noted that technology and social media has impacted the insurance industry as it now means that customers are more empowered than they were before. Consumers are now able to provide their feedback concerning businesses and their engagement with them through social media.

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