Australia’s Regulator Weighs Limits on Life Insurers’ Exposure to Offshore Reinsurance April 8, 2021
Australia’s insurance regulator on Thursday proposed to limit the exposure of life insurers to offshore reinsurers, given its lack of oversight of foreign players.
The Australian Prudential Regulation Authority (APRA) said it was starting a consultation period that would end on June 25, to set a standard by the end of the year.
“The recent growth in life insurers placing business with offshore reinsurers has been a prudential concern, as APRA does not have regulatory authority over these reinsurers,” the regulator’s Deputy Chair Helen Rowell said. (https://bit.ly/3rZK41M)
Vital signs: to fix Australia s housing affordability crisis, negative gearing must go
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Australia regulator proposes exposure limits of life insurers to offshore reinsurers
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Fear of paying too much for a house is replacing that fear of missing out as property prices surge to ridiculous levels, new research shows.
In just six months, Sydney s median house prices has climbed by $129,400 as Australian home values soared at the fastest pace in 32 years.
But in one beachside suburb of the nearby Central Coast, house prices surged by $575,000 or 68 per cent in one year.
With property price records being set in more than two-thirds of Australia s housing sub markets, potential buyers are increasingly worried about being ripped off.
Fear of paying too much for a house is replacing that fear of missing out as property prices surge to ridiculous levels, new research shows. Pictured is a Sydney auction