These findings were included in the first edition of Australian Prudential Regulation Authority’s (APRA) General Insurance Claims Development Statistics
, which detailed trends in claims payments and reserves across the general insurance industry by class of business.
The statistics to December 2016 showed that the estimated loss ratio for the accident year in CTP motor vehicle, at 97%; public and product liability, 58.4%; and employers’ liability, 83.9%; were in line with those recorded in recent accident years at the same stage of development. Estimated total ratio in professional indemnity, at 78.7%, meanwhile, was higher than recent accident years at the same stage of development.
The figures also showed that in the 2016 financial year, there were significant reserve releases across all recent accident years in the long tail classes of business of CTP motor vehicle, public and product liability, professional indemnity, and employers’ liability.
The publication was released by the prudential regulator in response to stakeholder feedback and proposals to publish additional general insurance data, and to improve the relevance of APRA’s statistics to users.
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Estimated ultimate loss ratios in CTP motor vehicle, public and product liability, and employers’ liability in the 2016 accident year were consistent with recent accident years; while those of professional indemnity were higher compared to recent years.