Australia’s top financial regulators discussed the insurance industry’s response to natural disasters during a meeting in Sydney last week.

The Finance Industry Council of Australia (FICA), which represents the leading risk and financial services sector associations, as well as the chairmen, members and commissioners of the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission, were briefed by Insurance Council of Australia (ICA) CEO Rob Whelan.

He briefed the groups on ICA’s response to the Natural Disaster Insurance Review and also discussed measures being taken by the industry to improve consumer understanding of flood insurance.

FICA is made up of representatives from ICA, the Australian Bankers’ Association, Abacus – Australian Mutuals, the Australian Finance Conference, the Australian Financial Markets Association, the Australian Securitisation Forum and the Financial Services Council.

The meeting also discussed international developments such as Basel III capital and liquidity standards which will affect financial services companies in Australia.