The Insurance Council of Australia (ICA) has called for greater access to public data – but is less keen to share the industry’s own information.

In a submission to the Productivity Commission inquiry into data availability and use, ICA argues improved access to data on natural hazards, building standards and mental health could bring significant benefits to consumers.

It also predicts Big Data will have a huge impact on the insurance industry.

“Pervasive use of online technology for transactions, the internet and social media means individuals leave digital traces that can be harvested to generate Big Data,” its submission says.

“This growth of data will provide ever-increasing insights into the risks individuals and communities face.”

However, ICA cautions “increasing the access to insurers’ data is a complex issue”, because underwriting data is a commercial asset.

Submissions to the inquiry’s issues paper, released in April, are now closed.

A draft report is expected in November and a final report by next March.

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