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ICA calls for better access to data

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The Insurance Council of Australia (ICA) is calling for greater data availability in response to the Government’s issues paper on data sharing and release legislation.

ICA says there are gaps in data for flood, national high-resolution elevation/terrain, historical weather, building attribute as well as in building standards and zoning.

In a submission, ICA says it is concerned proposed legislation “would not substantially increase access to data” for the insurance industry or the community and suggests more principles-based criteria for accessing government-held data.

“The industry relies heavily on access to a broad range of data to identify, measure and price risk in providing insurance coverage to individual consumers and businesses,” ICA says.

“Increased accessibility to this data would improve understanding, not just by insurers but also households, of significant risks faced by the community.

“Access to data could also drive innovation and help the industry to design products targeted at meeting individual consumer needs.”

To read ICA’s submission, click here.