About the review
We’re reviewing how insurance data is used across the Reserve Bank to make sure it’s accurate, consistent, and works well for the purposes it’s collected for.
As part of this work, we’re looking at the quality of data submitted through the AIR and QIR. The review will help us to identify data quality issues and work with insurers to resolve them at the source.
This page answers common questions about the data quality review, including:
- why the review is happening
- how the review will work
- when resubmissions might be requested
- how insurers can prepare
Our aim is to give a clear picture of what to expect and how the review will be carried out.
Insurance data underpins our ability to monitor the soundness and efficiency of the insurance sector, understand system-wide risks, and support analysis across supervision, policy, and financial stability functions.
High-quality, consistent data enables:
- market-wide analysis and benchmarking
- identification of emerging risks and trends
- more effective and proportionate regulatory engagement
- reliable external publication of data
The data quality review is intended to improve the reliability, accuracy, and interpretability of insurance data collected across the market.
As data is increasingly used for system-level analysis, it is important that:
- reporting instructions are interpreted consistently
- submissions are internally coherent and well-supported
- known data limitations are clearly understood
This review is focused on data quality uplift, not prudential assessment of individual insurers.
The review follows the introduction of enhanced and IFRS 17-aligned insurance data collections. Given the scale and complexity of those reporting changes, it is necessary to allow an initial period for insurers to embed the new reporting requirements and then pause to ensure the foundations of the data are sound and consistently understood across the market.
Undertaking this review now helps reduce the risk of:
- misinterpretation of market-wide results
- greater rework later once data is embedded in regular use
- inconsistent assumptions becoming entrenched over time
High-quality data means that we can publish market-wide analysis and benchmarking. Insurers can use publicly available data to compare themselves to the industry or insurer groups.
High-quality, consistent data improves our ability to distinguish between firm-specific issues and broader market trends. This supports more focused, risk-based supervision, limiting sector-wide impacts and increasing predictability for insurers.
The process will generally involve the following steps:
- Initial notification – We will email insurers to advise that the initial review of their submissions is commencing.
- Review and feedback – We will review submissions and send each insurer an email providing itemised feedback which will identify questions, clarifications, or issues. We will ask the insurer’s response to each line of itemised feedback.
- Engagement – Teams meetings may be arranged to discuss findings if needed.
- Resubmissions – Based on responses, we may request resubmitted returns or updated explanations.
Engagement is expected to be iterative and proportionate.
The review is being conducted on a staged basis, with insurers brought into the process in tranches. This approach allows us to manage the review efficiently and apply learnings as the process progresses, which means firms may be contacted at different times.
The review applies to all insurers reporting AIRs/QIRs and is being conducted on a system-wide basis. It is not targeted at specific insurers and should not be interpreted as signalling concern about any individual insurer.
While the review itself is not targeted, the depth of review, level of engagement, and follow-up required will be proportionate to risk and impact, including the materiality of issues identified and their relevance to market-wide analysis. This may also influence the extent to which corrections to previously submitted data are requested.
The review focuses on matters such as:
- consistency with audited financial statements
- consistency within and across submitted templates
- alignment with reporting definitions and instructions
- documentation, traceability, and explanations of figures
- plausibility checks and trend movements
Yes, in some cases. Resubmissions may be requested where corrections or additional detail is needed following the review.
Resubmission requests are a normal outcome of a data quality review and do not necessarily imply errors of a prudential nature.
Insurers are expected to apply appropriate internal review and governance before resubmitting data. This includes ensuring figures are supported, consistent, and aligned with reporting instructions.
The expectation is proportional due diligence, not system rebuilds or re-engineering.
We will email insurers to advise that the initial review of their submissions is commencing, and we would appreciate if insurers:
- follow reporting instructions and guidance around the data quality review
- ensure submissions are supported by internal documentation
- plan for engagement and potential resubmissions
- provide timely and clear responses to help the review proceed efficiently