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APRA publishes the National Claims and Policies Database (NCPD) reports for December 2017

The Australian Prudential Regulation Authority (APRA) today released its National Claims and Policies Database (NCPD) reports for the year ending 31 December 2017.

The NCPD is a comprehensive database of policy and claim information on professional indemnity (PI) and public and product liability (PL) insurance. It contains data on every open, reopened or finalised claim and policy underwritten since 2003 by APRA-regulated general insurers.

The NCPD reports comprise an overview of PL and PI insurance, as well as policy and claims reports containing aggregate (level 1) data for APRA-regulated general insurers and Lloyd’s Australia. Detailed (level 2) policy and claims web-based reports for APRA-regulated general insurers have also been updated with 2017 data.

Key national statistics for APRA-regulated insurers for the year ending 31 December 2017:

 

December 2016

December 2017

Change

Average written premium for PI risks

$1,952

$1,996

2.3%

Gross claim payments for PI risks

$787 million

$1,034 million

31.3%

Average written premium for PL risks

$620

$627

1.1%

Gross claim payments for PL risks

$873 million

$1,003 million

14.9%

Copies of the December 2017 National Claims and Policies Database reports are available on the APRA website at: https://www.apra.gov.au/publications/ncpd-reports.

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, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.

Media enquiries

Ben McLean

APRA Media Unit

Phone: 02 9210 3636

All other enquiries

Phone: 1300 558 849