The Australian Prudential Regulation Authority (APRA) today released the first reports based on policy and claims information for public and products liability (PL) and professional indemnity (PI) insurance from a new, comprehensive database – the National Claims and Policies Database (NCPD).

The NCPD includes all APRA‑regulated insurers writing PL and PI insurance for the years 2003 and 2004. Over time, the NCPD will include other insurers involved in these classes and will exhibit the way long‑tail business claims develop. The NCPD was established by APRA, at the request of the Federal Government and in consultation with the insurance industry and other stakeholders, to provide insurers, the community and government with a better understanding of PL and PI insurance.

APRA member, Steve Somogyi, said the NCPD will assist insurers to more appropriately set premiums and monitor and reserve for claims. The NCPD will also enable government agencies and policymakers to monitor trends in premiums and claim costs and thereby be better informed when setting policy.

“Insurers will have access to industry-wide data in addition to their own information, giving them a more comprehensive, reliable and accurate picture of claim costs and trends on which to base premiums and reserve for claims”, he said. The National Claims and Policies Database reports are located on the NCPD website at:
http://www.ncpd.apra.gov.au/Home/Home.aspx

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, friendly societies, and most members of the superannuation industry.
APRA is funded largely by the industries that it supervises. It was established on 1 July 1998. APRA currently supervises institutions holding approximately $2.0 trillion in assets for 20 million Australian depositors, policyholders and superannuation fund members.