Global Review: Asia - APRA release database information.

(From Reinsurance)

The Australian Prudential Regulation Authority (APRA) has released the first reports based on policy and claims information for public and products liability (PL) and professional indemnity (PI) insurance from a new data- base - the National Claims and Policies Database (NCPD).

The NCPD includes all APRA-regulated insurers writing PL and PI insurance for the years 2003 and 2004. Over time, the NCPD will include other insurers involved in these classes, and will exhibit the way long-tail business claims develop. The NCPD was established by APRA, at the request of the Australian Federal Government and in consultation with the insurance industry and other stakeholders, to provide insurers, the community and the government with a better understanding of PL and PI insurance.

APRA member, Steve Somogyi, said the NCPD will assist insurers to more appropriately set premiums, and monitor and reserve for claims. The NCPD will also enable government agencies and policymakers to monitor trends in premiums and claim costs, and thereby be better informed when setting policy.

"Insurers will have access to industry-wide data in addition to their own information, giving them a more comprehensive, reliable and accurate picture of claim costs and trends on which to base premiums and reserve for claims," he said. The NCPD reports are located at: http://www.ncpd.apra.gov.au/Home/Home.aspx.

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