The Insurance Council of Australia (ICA) has asked the Australian Prudential Regulation Authority (APRA) to change insurers’ obligations for reporting claims development.

In a submission on the GRF 440.0 claims development table, ICA supports APRA’s proposal to remove an obligation to supply claims count data for reinsurance business.

It says because reinsurance is transacted in bulk or at a portfolio level, data on reported claims is not available. Reinsurers would need to get data from insurers, and that may require changes to systems and extra staff.

Reinsurers estimate it would cost from $3400 to $200,000 to collect “meaningless and inconsistent data”.

ICA supports proposals to clarify reporting standards GRS 112 and GRS 116.