New APRA super data will provide insurance arrangements – Life Insurance – Insurance News


New APRA super data will provide insurance arrangements

1 August 2022

The Australian Prudential Regulation Authority (APRA) will launch a series of new superannuation data publications from next month, providing information on insurance arrangements, expenses and member demographics.

APRA says the quarterly and annual updates will also include information on fees and costs, asset allocation and performance data for all products and investment options.

The expanded data are captured under newly-introduced superannuation reporting standards, the prudential regulator said.

APRA Member Margaret Cole says the publications would fill a substantial gap in the data available to fund members, beneficiaries, investors, government and the general public.

“The enhanced data will enable industry stakeholders more effectively to assess the risks, operations, performance and efficiency of superannuation funds,” Ms Cole said.

“It will promote better industry practices through comparability and peer review, and the sharing of key metrics will drive greater accountability of superannuation trustees.

“This is an important development in our work to increase the transparency of the superannuation industry – but we’re not done yet.”

She says the regulator will continue to drive improvements in the information available to stakeholders through the next phases of the Superannuation Data Transformation project, a multi-year program to drive better industry practices and improve outcomes for super members.

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