Private health insurers (PHIs) have been urged to swiftly develop robust, actionable strategies to address rising challenges that threaten the industry’s financial sustainability, as well as a “Plan B” should their primary strategy prove ineffective.
The Australian Prudential Regulatory Authority (APRA) released the directive after an APRA review of PHI resilience raised concerns about insurers’ lack of preparedness to deal with growing risks, as well as their heavy reliance on lobbying politicians and other industry stakeholders due to a concerning assumption that the government would provide solutions.
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