Insurance will be a key area of focus for the Australian Prudential Regulation Authority next year, according to Member Helen Rowell.

“We are concerned about past pricing levels and the approach to tenders in the group insurance market,” she told the Association of Superannuation Funds of Australia conference last week.

She says lessons must be learned by life insurers and the super industry, because the prudential standards place a strong emphasis on the role of insurers and trustees.

Trustees must think carefully about the insurance offering and how it is managed, and should not choose insurers primarily on price, Ms Rowell told the conference in Perth.