Health and life insurers out of climate reporting

Picture: Kirk Hope, FSC CEO

The Financial Markets Authority has confirmed it will take a “no action” approach from June 19 for affected insurers with upcoming lodgement dates for the 2025/26 reporting period, following the Government’s decision to remove health and life insurers from the climate-related disclosures regime.

The Financial Services Council welcomed the move, saying the previous requirements imposed significant costs without delivering clear benefits to customers.

FSC chief executive Kirk Hope said the Government deserved credit for listening to industry concerns.