APRA releases National Claims and Policies Database reports for December 2015
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The Australian Prudential Regulation Authority (APRA) has today released its National Claims and Policies Database reports for the year ending 31 December 2015.
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 2015 data.
Key national statistics for APRA-regulated insurers for the year ending 31 December 2015:
| December 2014 | December 2015 | Change | |
|---|---|---|---|
| Average written premium for PI risks | $2,324 | $2,102 | -9.5% |
| Gross claim payments for PI risks | $1,022 millionn | $843 million | -17.5% |
| Average written premium for PL risks | $708 | $665 | -6.1% |
| Gross claim payments for PL risks | $994 million | $854 million | -14.2% |
Refer to the December 2015 National Claims and Policies Database reports.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.