Assistant Treasurer Helen Coonan’s demand for more detailed information on public and professional liability is being met, with the Australian Prudential Regulation Authority (APRA) beginning consultation with the insurance industry and “other relevant bodies”.

The regulator intends to collect policy and claims data after Senator Coonan announced earlier this year that premiums for the classes couldn’t be properly determined because of a lack of comprehensive data on claims costs.

The regulator’s consultation process is divided into two rounds: the first closes on August 22 and relies on recommendations from the industry. The second, which closes in October, will seek industry comment on draft data collected from the first round.

APRA says data collection is expected to commence in the second quarter of next year, with the first results published three months later.