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APRA releases National Claims and Policies Database reports for December 2016

Wednesday 28 June 2017

 

The Australian Prudential Regulation Authority (APRA) today released its National Claims and Policies Database reports for the year ending 31 December 2016.

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 2016 data.

Key national statistics for APRA-regulated insurers for the year ending 31 December 2016:

  December 2015 December 2016 Change
Average written premium for PI risks $2,125 $1,942 -8.6%
Gross claim payments for PI risks $846 million $766 million -9.4%
Average written premium for PL risks $681 $627 -7.9%
Gross claim payments for PL risks $862 million $869 million +0.8%

Copies of the December 2016 National Claims and Policies Database reports are available on the APRA website.

Claims

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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 $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.