The Australian Prudential Regulation Authority (APRA) is to release a report outlining measures to reduce the regulatory burden on industries it oversees.

Chairman Wayne Byres says a project team asked industry representatives for ideas and expected cost savings, and the regulator has also generated its own list of ideas.

“We have now triaged all suggestions received and will shortly be issuing an information paper outlining a number of the suggestions we think we can implement reasonably quickly,” he told the House of Representatives Standing Committee on Economics.

“We will also flag a range of other ideas we intend to pursue, albeit they may take a little longer to implement.”

He says some initiatives may simply involve providing greater clarification on APRA’s expectations.

Mr Byres says commercial insurance pricing and profitability is under increasing pressure amid a very competitive sector, while retail prices have stabilised “somewhat” after a period of gains, amid competition from smaller insurers and market entrants.

“The industry continues to hold sound levels of capital, so is relatively well equipped to deal with risks that might emerge in future,” he said.