The Australian Prudential Regulation Authority (APRA) today released the National Claims and Policies Database reports for the year ending 31 December 2014.
The National Claims and Policies Database (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 2014 data.
Statistics from the level 1 reports show that for APRA-regulated general insurers the national average written premium for PI risks written in the 2014 underwriting year was $2,303, down from $2,511 for the 2013 underwriting year, the tenth consecutive year of decline. The national average written premium for PL risks written in the 2014 underwriting year was $705, down from $728 for the 2013 underwriting year.
During 2014, APRA-regulated general insurers paid claims totalling $2,053 million for the PI and PL classes of business, up 27.7 per cent from the previous year ($1,608 million), whilst insurers reported $3,395 million as case estimates for further payments to be made on open claims as at 31 December 2014, down 6.9 per cent from the previous year ($3,648 million).
Refer to the December 2014 National Claims and Policies Database reports.