In order to assist the industry, community and government to understand how risk-based pricing influences premiums and consumer choices nationwide, the ICA has started to manage a Policy-In-Force dataset.
This dataset details, for every single residential address in Australia:
- the insured/non-insured status of the property,
- the sum-insured selected by the policyholder,
- the excess selected by the policyholder,
- the annual premium paid by the policyholder, and
- the year of construction of any insured building nominated by the policyholder
The PIF dataset was piloted in 2015 for the entire state of Queensland. In 2016 it is intended that the process will be replicated in all states and then refreshed annually, providing a snapshot in time of all insured properties, the costs and the covers.
- Only ICA has visibility of address level records provided by each insurer.
- Insurers can not access the policy records or data provided by other insurers.
- Only aggregated and de-indentifed data is used outside of the ICA environment.
- The ICA has received legal advice clearing the use of 'addresses' in the context of this exercise.
- The ICA can receive data from insurers in any electronic format, schema is TBC for 2016.
- The anticipated collection, or WEF date, is planned to be 1 June 2016.