APRA to provide more data on the general and life insurance sectors

Last year, the regulator released a consultation proposing that the GI and LI product group data it receives should be considered non-confidential. In a recent letter to industry, APRA confirmed that the data will be treated as non-confidential in their next reports.

By publishing more of the data that it collects, APRA said it “aims to promote greater transparency in the LI and GI industry” that will, in turn, support “competition, contestability and efficiency in the financial system and facilitate innovative uses of data.”

According to APRA, publishing more data will also generate greater consumer understanding and more informed public discussion of insurance-related issues, promote better practices through comparability and peer review, and encourage insurers to act with discipline and more efficient market behaviour.

“This determination responds to the feedback received on the consultation on data confidentiality for the GI and LI industries, published in February 2020,” APRA said. “It also supports APRA’s strategic priority to increase the transparency of the data it collects, and aligns with the Australian Government Public Data Policy Statement.”

APRA will publish the first of the impacted publications – the quarterly GI performance statistics and quarterly LI performance statistics for the September 2021 reference period – on 25 November 2021.   

Share:

Facebook
Twitter
Pinterest
LinkedIn

Leave a Comment

Related Posts

8 Financial Tips For Young Adults

By Aysia Morton May 20, 2022 / 11:13 AM Financial realities might be a tidal wave when you’re a young adult. You’re given new duties, such as how much money you need to spend, save, or invest. It might be frustrating and difficult to understand. Even searching the internet for financial help can be daunting.

Read More »

After George Floyd’s murder, Wall Street promised billions of dollars to help Black Americans. 2 years later, here’s where that money went and how it’s being used.

As Dominik Mjartan approached JPMorgan’s towering global headquarters on New York City’s Park Avenue on a Friday afternoon in September, he couldn’t help but feel skeptical. Mjartan, the CEO of Optus Bank, a South Carolina lender with $350 million assets under management, was there to meet Jamie Dimon, the CEO of JPMorgan. The meeting was

Read More »

International 7-Day News Agenda

Text size Please note that all times are in GMT. Major events are listed under ‘Highlights’. For full details of our coverage of top stories, please see our regularly updated News Advisory. (+) : Event added in the last 24 hours. (*) : Event updated in the last 24 hours. UNITED STATES – Covid test

Read More »

8 Financial Tips For Young Adults

By Aysia Morton May 20, 2022 / 11:13 AM Financial realities might be a tidal wave when you’re a young adult. You’re given new duties, such as how much money you need to spend, save, or invest. It might be frustrating and difficult to understand. Even searching the internet for financial help can be daunting.

Read More »

After George Floyd’s murder, Wall Street promised billions of dollars to help Black Americans. 2 years later, here’s where that money went and how it’s being used.

As Dominik Mjartan approached JPMorgan’s towering global headquarters on New York City’s Park Avenue on a Friday afternoon in September, he couldn’t help but feel skeptical. Mjartan, the CEO of Optus Bank, a South Carolina lender with $350 million assets under management, was there to meet Jamie Dimon, the CEO of JPMorgan. The meeting was

Read More »

International 7-Day News Agenda

Text size Please note that all times are in GMT. Major events are listed under ‘Highlights’. For full details of our coverage of top stories, please see our regularly updated News Advisory. (+) : Event added in the last 24 hours. (*) : Event updated in the last 24 hours. UNITED STATES – Covid test

Read More »
Scroll to Top