The Australian Prudential Regulation Authority (APRA) has developed reporting standards under the Financial Sector (Collection of Data) Act 2001 that establish the framework for the National Claims and Policies Database (NCPD).

The standards were implemented from June 30 and must be met by authorised general insurers, including Lloyd’s. The first set of data for the NCPD will be submitted in early 2005.

The NCPD will include detailed claim and policy data for public and product liability, professional risk and medical indemnity/malpractice insurance from all general insurers. Its principal objective is to provide more detailed information to the insurance industry and to assist in improving the affordability and availability of these indemnity classes of insurance in Australia.

APRA Executive Member Steve Somogyi says the NCPD will assist the Government, community and insurers in establishing industry benchmarks, enhancing market transparency and facilitating informed commercial decision-making and policy formulation.