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APRA publishes claims stats

The Australian Prudential Regulation Authority has released the first edition of its General Insurance Claims Development Statistics.

The publication outlines trends in claims payments and reserves across the general insurance industry by class of business, and was introduced following industry consultation on the regulator publishing more relevant data.

Statistics to December last year show the estimated ultimate loss ratio for the 2016 accident year in compulsory motor vehicle (97%), public and product liability (58.4%) and employers’ liability (83.9%) are in line with recent accident years at the same stage of development.

However, the ratio in professional indemnity (78.7%) is higher than recent accident years at the same stage of development.

To see the full report, click here.

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