Brought to you by:

APRA proposes opening up insurers’ data further

Facebook Twitter LinkedIn Google

The Australian Prudential Regulation Authority (APRA) has written to general and life insurers over plans to increase the transparency of data it regularly publishes.

APRA has called for submissions on the plans by March 20 and says publication of industry aggregate data determined to be non-confidential could take effect in the second half of this year.

“This will not involve a change to APRA’s current suite of publications, but will mean that data previously masked in these publications will now be included,” it says in the letter.

The changes would apply to “class of business” data in general insurance and “product group” data in life and would promote transparency and accountability, APRA says.

“This will enhance competition, efficiency and contestability in the financial sector and boost innovation and productivity in the economy, which is ultimately beneficial to all participants in the market,” it says.

APRA previously consulted on the issue in 2013 and said then it was “not entirely convinced” by arguments about possible commercial detriment.