APRA releases draft reporting standards for data collection

APRA has released a response letter for insurers on proposals to collect cyber insurance and management liability data

Written on 17 March, 2021
Tanaya Das

The Australian Prudential Regulation Authority (APRA) has released a response letter for insurers on proposals to collect cyber insurance and management liability data in the National Claims and Policies Database (NCPD).

APRA General Manager, Data Analytics and Insights, Alison Bliss said, “The instrument determining the reporting standards will commence on or before 1 April 2021, as such contributors to the NCPD will be able to report this new data from the December 2020 reference period onwards (on a best-endeavours basis).”

In November 2020, APRA released a consultation proposing the collection of cyber insurance and management liability data in the National Claims and Policies Database (NCPD).  This letter sets out APRA’s response to the submissions received on the proposed changes in the consultation paper.

APRA received one submission from the Insurance Council of Australia (ICA) on behalf of its members in response to the proposals in the discussion paper. Based on the feedback received in the submission, APRA will implement the cyber insurance and management liability data collection with some minor modifications.

The response letter, submission, and clean and marked-up versions of the draft reporting standards, are available on the APRA website here. The revised reporting standards are available on the APRA website here.