APRA releases National Claims and Policies Database reports for December 2018
The 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 2018 data.
Due to the impact of data resubmissions by insurers on premium data, as well as the long-tail nature of the relevant claims data, the data trends referenced in the overview focus on the 2017 underwriting/accident year.
Key national statistics for APRA-regulated general insurers for the year ending 31 December 2017:
|December 2016||December 2017||Change|
|Average written premium for PI risks||$1,964||$2,191||11.5%|
|Gross claim payments for PI risks||$786 million||$1,030 million||31.1%|
|Average written premium for PL risks||$629||$670||6.4%|
|Gross claim payments for PL risks||$871 million||$1,000 million||14.8%|
Copies of the December 2018 National Claims and Policies Database reports are available on the APRA website at: National claims and policies database statistics
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 trillion in assets for Australian depositors, policyholders and superannuation fund members.