Key industry data published on life insurance claims
The Australian Prudential Regulation Authority (APRA) and Australian Securities and Investments Commission (ASIC) have released initial industry-aggregate results from round one of a new data collection pilot on life insurance claims.
Following a review by ASIC in 2016, the two agencies committed to establishing a new reporting requirement for life insurance claims (including claims related disputes) and their outcomes (including timeframes).
This was followed by a proposal by APRA for a public reporting regime in its May 2017 Discussion Paper, Towards a transparent public reporting regime for life insurance claims information. The agencies have also released an information paper about their ongoing work to implement the reporting regime.
The release of the data and Information Paper about round one of the pilot will be followed by the round two collection outlining refinements to the data template and definitions for insurers.