The Australian Prudential Regulation Authority says its annual superannuation statistics have for the first time included fund-level detailed insurance data.

The information follows the publication in October of fund-level expenditure data covering categories such as investment-related expenses, administration and spending on areas such as advertising, sponsorship and payments to industrial bodies.  

APRA deputy chair Margaret Cole says trustees have the enormous responsibility of managing and protecting the retirement savings of millions of Australians. 
 
“Increased transparency and scrutiny of super fund expenditure are crucial since trustee decisions have direct implications for their members,” she said. 
 
“The first-time release of fund-level insurance data will enhance transparency and hold trustees and insurers accountable to improve the value and service members receive.”

The insurance information includes claims, coverage, premiums and member engagement metrics. 

APRA says it is continuing to work closely with the Australian Securities and Investments Commission to ensure positive outcomes for members.