APRA Proposes to Improve Data Transparency for Certain Insurers
APRA proposed the publishing of a greater breadth of industry-aggregate data for the general insurance and life insurance sectors. In a letter to the industry, APRA announced its intention to determine all class of business data for general insurers and all product group data for life insurers as non-confidential, unless sensitive commercial reasons are determined. The Appendix to the letter lists impacted reporting forms for Level 1 and Level 2 general insurers and for life insurers. The consultation is open until March 20, 2020.
Publication of industry aggregate data that is subsequently determined to be non-confidential is proposed to take effect in the second half of 2020. APRA is seeking feedback from general insurers and life insurers, industry associations and other representative bodies, other market participants, analysts, academics, and any other potential user of APRA statistics. Among others, APRA encourages all parties to make submissions on:
- details of specific class of business or product group data items that would create detriment if they were made non-confidential
- specific information on how the disclosure of these data items would lead to detriment to the general or life insurers or other parties’ commercial interests and the extent to which that could occur
- the time period within which data items might be regarded as no longer being confidential, if there are market sensitivity issues
- the benefits or costs associated with the voluntary or mandatory non-confidential determination and publication of explanations from individual general or life insurers in relation to the material revisions to, or large movements in, their data, including whether or not APRA requested the revision
The industry aggregate data to be determined as non-confidential will be included in the Quarterly General Insurance Performance Statistics (QGIPS), the Annual General Insurance Claims Development Statistics (AGICDS), the Quarterly Life Insurance Performance Statistics (QLIPS), and the Life Insurance Supplementary Statistical Tables (LISST) from the second half of 2020. This initiative supports the strategic priority of APRA to increase the transparency of the data it collects and it aligns with the Australian Government Public Data Policy Statement. The initiative follows the December proposal of APRA to determine that all data collected for its quarterly authorized deposit-taking institution publications should be considered non-confidential. By publishing a greater breadth of industry-aggregate data, APRA will promote greater transparency and accountability in the life and general insurance industry.
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Effective Date: March 20, 2020
Keywords: Asia Pacific, Australia, Insurance, Life Insurance, General Insurance, Data Transparency, Statistics, Non-Confidential Data, APRA
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