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Many insurers were exposed to such claims through policy wordings that had not kept up to date with changing legislation, the Australian Prudential (NYSE:PUK) Regulation Authority (APRA) said.
“The resultant legal uncertainty, and significant financial exposure for insurers, has raised concerns about the strength of insurers’ risk management frameworks,” the regulator said in a statement.
The regulator’s directive also came after a class action lawsuit against Australia’s largest listed insurer, QBE Insurance, for allegedly denying cover to policy holders for losses from business interruptions.
APRA has set a Nov. 30 deadline for completing and submitting the self-assessments.
