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June 25, 2018

APRA issued reporting template, questionnaire, and instructions for the Phase 1 Round 3 (P1R3) of the life insurance claims data collection. P1R3 only includes gross business written directly—that is excluding inward and outward reinsurance. The P1R3 collection is for the reporting period covering the second six months of the 2017 Calendar Year—that is, from July 01, 2017 to December 31, 2017 inclusive.

P1R3 includes detail on all claims that were notified, reported, or re-opened during the defined reporting period, as well as claims that were undetermined at the start of the reporting period. The accompanying instructions also outline the changes from Phase 1 Round 2 of the data collection. This third and final round of data collection is being followed by the earlier two rounds of data collection. Earlier, on May 24, 2018, APRA and the Australian Securities and Investments Commission (ASIC) had published new data on life insurance claims and claims related disputes for the period of January 01, 2017 to June 30, 2017. The exercise is intended to improve transparency of life insurance claims practices as well as the quality of information underpinning public debate and policy making. 

 

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Keywords: Asia Pacific, Australia, Insurance, Reporting, Life Insurance Claims, Data Collection, P1R3, APRA

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