Annual Review 2006 - PwC
Annual Review 2006 - PwC
Annual Review 2006 - PwC
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Why?<br />
Our<br />
Clients.<br />
Insurance<br />
Impending mergers and acquisitions and the potential<br />
privatisation of Medibank Private have dominated headlines<br />
throughout <strong>2006</strong>. While recent months have seen a number<br />
of signifi cant transactions announced, the potential for more<br />
major activity in the insurance industry remains.<br />
Overall, the industry produced<br />
another year of strong fi nancial<br />
results. Downward pressures<br />
on premium rates have become<br />
more pronounced and are<br />
expected to continue into 2007.<br />
The trend is likely to further<br />
increase the focus on<br />
simplifi cation and effi ciency of<br />
business processes and models.<br />
28<br />
PricewaterhouseCoopers<br />
Regulatory requirements<br />
continued to expand, with<br />
many of the Phase 2 APRA<br />
requirements for general<br />
insurers coming into effect.<br />
The regulatory focus will move<br />
towards life insurers during<br />
2007, joined by a number of<br />
new proposals intended to<br />
more closely align the general<br />
and life insurance regulatory<br />
frameworks.<br />
The coming year will raise a<br />
new set of challenges and<br />
opportunities that the insurance<br />
industry should be well<br />
positioned to handle.
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