Insurance APRA Reporting taxonomy update

On 29 March 2023, APRA released its first set of APRA Connect reporting taxonomies for the GI, Life and PHI industries for the purposes of the updated data collection of the integration of AASB 17 into the capital and reporting frameworks for insurers and updates to the LAGIC framework.

APRA is updating and expanding the collection of financial and non-financial data across the insurance sector in line with the updated accounting and capital standards. The new reporting requirements take effect from 1 July 2023 and first submissions of the new returns will be for the 30 September 2023 reporting period in APRA Connect. The volume of affected returns is significant – 39 returns in GI, 18 returns in Life and 14 returns in PHI – and industry will need to use the APRA Connect taxonomies for all these submissions. With new taxonomies, increased granularity, and heightened data quality expectations, industry…