📋 Tender Overview
The Australian Prudential Regulation Authority APRA has proposed publishing a greater breadth of industry-aggregate data for the general insurance GI and life insurance LI sectors.In a letter to industry today APRA announced its intention to determine all class of business data for GI and all product group data for LI as non-confidential unless sensitive commercial reasons are determined. This initiative supports APRAs strategic priority to increase the transparency of the data it collects and aligns with the Australian Government Public Data Policy Statement. It follows APRAs Decembers proposal to determine that all data collected for its quarterly authorised deposit-taking institution publications should be considered non-confidential. By facilitating greater public access to this information APRA is seeking to promotecompetition contestability and efficiency in the financial system innovative uses of datagreater consumer understanding and more informed public discussion of insurance-related issuesinformed decision-making for all market participants consultants analysts and other users of the GI and LI statistical publications. As part of this latest consultation APRA also proposes disclosing explanations from individual GIs and LIs in relation to material revisions to or large movements in their data.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.
