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Financial Sector (Collection of Data) (reporting standard) determination No. 91 of 2023
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Specific instructions
Table 1: Claims Development Table – Direct business
Reporting basis
Report direct classes of business only. In relation to the reporting basis:
Data underlying direct classes of business (other than lenders mortgage insurance) must be based on accident year.
Data underlying lenders mortgage insurance business must be based on underwriting year.
Notwithstanding above, if an insurer has been providing data based on a basis different to the approach outlined above, continue on that basis and notify APRA.
Units of measurement
Report values in whole Australian dollars.
| Name | Valid values | Description | |
|---|---|---|---|
| 1 | Accident Year or Underwriting Year | Accident yearUnderwriting year | Report accident year or underwriting year. |
| 2 | Years | Current year1 year previous2 years previous3 years previous4 years previous5 years previous6 years previous7 years previous8 years previous9 years previous10 years previousMore than 10 years previous | Report years applicable.Individual years from current year to 10 years previous are required to be reported. More than 10 years previous are to be combined and reported.Should an insurer be unable to provide the more than 10 years previous grouping due to the data being impractical to obtain, the insurer can commence grouping at the earliest year possible. |
| 3 | Class of Business | HouseholdersCommercial MotorDomestic MotorOther Direct - Category ATravelFire and ISRMarineAviationConsumer CreditOther AccidentOther Direct - Category BMortgageCTPPublic and Product LiabilityProfessional IndemnityEmployers LiabilityCyberDirectors and OfficersOther Direct - Category C | Report class of business. |
| 4 | Number of Claims Reported | Whole numbers | Report the cumulative number of claims reported for the reporting period.Report for direct business only. |
| 5 | Number of Claims Outstanding | Whole numbers | Report the number of outstanding claims as at the close of business on the last day of the reporting period.Report for direct business only. |
| 6 | Gross Claim Payments (Net of Non-Reinsurance recoveries) | Whole dollars | Report the cumulative value of gross claim payments (net of non-reinsurance recoveries) for the reporting period. |