Outmoded business models may expose the general insurance industry to viability issues over the medium term, the Australian Prudential Regulation Authority (APRA) warns.

Parts of the community may also find it increasingly difficult to obtain affordable, appropriate or adequate insurance cover as a result of climate change, it says.

APRA says its new corporate plan has been significantly altered thanks to the recent capability review of the prudential regulator, the Hayne royal commission, the Productivity Commission’s inquiries into superannuation, and its own review of its enforcement strategy.

Improving cyber-resilience across the financial system, improving superannuation outcomes, and transforming governance, culture, accountability and remuneration across all firms will be the focus of the regulator over the next four years.

It will also focus on maintaining financial system resilience.

“APRA’s 2018-2022 Corporate Plan set out an ambitious change agenda, built on a robust strategic development process that undertook a comprehensive assessment of the internal and external environment, as well as international best practice,” it says. “The past year has only reinforced the need for APRA to go further and with greater speed.”.

The regulator will also focus on improving its supervision, resolution capability, external engagement and collaboration, put more data into decision making, and transform the authority’s culture.

It says there has been an erosion of community trust in the fairness of the financial services sector, with insufficient regulatory responses to governance, culture and remuneration issues.