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Date Time APRA launches review of insurance risk management frameworks The Australian Prudential Regulation Authority (APRA) will require a number of general insurers to review the soundness of their risk management frameworks in light of recent issues with business interruption (BI) insurance. Lockdowns and other restrictions associated with COVID-19 have triggered a spate of potential BI claims, with many insurers exposed through policy wordings that had not kept up-to-date with changing legislation. The resultant legal uncertainty, and significant financial exposure for insurers, has raised concerns about the strength of insurers’ risk management frameworks. In response, APRA has written to a number of insurers asking them to undertake a self-assessment of their risk management frameworks in the context of BI, so as to prevent similar problems occurring in the future. The review will also focus on cyber risk, however APRA expects insurers to ensure their risk frameworks are

Helen rowellAustralian prudential regulation authorityChair helen rowellInsurance risk managementஹெலன் ரோவெல்ஆஸ்திரேலிய விவேகமான ஒழுங்குமுறை அதிகாரம்நாற்காலி ஹெலன் ரோவெல்காப்பீடு ஆபத்து மேலாண்மை