APRA increases transparency around the publication of life and general insurance data
The Australian Prudential Regulation Authority (APRA) is set to publish a greater breadth of industry-aggregate data for the general insurance (GI) and life insurance (LI) sectors.
In a letter to industry released today, APRA announced its decision to determine class of business and product group data for the GI and LI industries to be non-confidential.
This determination responds to the feedback received on the consultation on data confidentiality for the GI and LI industries, published in February 2020. It also supports APRA’s strategic priority to increase the transparency of the data it collects, and aligns with the Australian Government Public Data Policy Statement.
APRA will publish the first of the impacted publications, the Quarterly General Insurance Performance Statistics and Quarterly Life Insurance Performance Statistics for the September 2021 reference period, on 25 November 2021.
The response letter and non-confidential submissions are available on the APRA website at: Confidentiality of general insurance and life insurance data.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.