The Australian life insurance industry is looking a lot healthier than it has for some years, with Investment and Financial Services Association CEO Richard Gilbert saying his industry hasn’t suffered any of the crises which have battered general insurance.

He attributes the life sector’s healthy outlook to “a better prudential regime, and more realistic prices” than general insurance. He told Sunrise Exchange News the life sector hasn’t run into the same sort of issues as general insurance, but agrees the life industry hasn’t been without its fair share of hurdles.

“The costs of the Financial Services Reform Act had a significant impact on the industry and surviving the cost was a win in itself,” Mr Gilbert said. “The industry really had to work hard to get to this point.”

He says the industry is appropriately pricing risks and is “pretty much steady as she goes”. “I’d predict the industry will come out very well this year,” he said.