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APRA and ASIC Highlight Urgent Need for TPD Insurance Reforms

Mental Health Claims Drive Regulatory Focus on TPD Product Sustainability

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

In a recent roundtable discussion, the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC) emphasised the pressing need for life insurers to address sustainability challenges within the Total and Permanent Disability (TPD) insurance market.

The regulators highlighted that without proactive measures, consumers could face higher premiums or reduced coverage options.

The discussion revealed a significant increase in mental health-related claims, contributing to financial volatility for insurers and affordability issues for policyholders. APRA and ASIC urged insurers to reassess product designs to better reflect modern work patterns and recovery pathways, rather than waiting for legislative changes.

For businesses relying on keyperson insurance, these developments underscore the importance of reviewing existing policies to ensure they remain adequate and cost-effective. Engaging with insurers to understand potential product redesigns and their implications can help in maintaining comprehensive coverage for critical personnel.

Staying informed about regulatory expectations and industry trends is crucial for making informed decisions regarding TPD and keyperson insurance policies.

Published:Wednesday, 3rd Jun 2026
Author: Paige Estritori

Please Note: We do not endorse any specific products or companies. Some content is sourced from third parties, including press releases, and may not be independently verified for accuracy or completeness.

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Knowledgebase

Liability Insurance:
A type of insurance that provides protection against claims resulting from injuries and damage to people and/or property.

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