Consultations have restarted on increasing the transparency of insurance data published by the Australian Prudential Regulation Authority (APRA) after activity on the issue was suspended in March due to the COVID-19 pandemic.

APRA says it is now seeking to continue the consultation and has set a new deadline of December 3 for submissions.

The regulator says greater transparency and accountability in the general and life insurance industries will enhance competition and efficiency and boost innovation.

“Furthermore, APRA’s proposed sharing of data will facilitate greater consumer understanding and more informed public discussion of insurance-related issues,” it says.

“Publishing complete, unmasked data will also support informed decision-making for all market participants, consultants, analysts and other users by facilitating public access to data of all classes of business/product types.”

APRA is seeking feedback on issues including specific areas where detriment would be created if details were made “non-confidential” and possible time periods after which sensitive data could be made transparent.