Frequently asked questions
Q1. Who can obtain access to ISA data?
A1. ISA prepares reports for its members from data about their
insurance business which they supply on a confidential basis. ISA data is
therefore available to:
• people who work for
ISA members and
• individuals and
organisations to which the ISA Board agrees to release it.
If you are associated with an organisation such as an insurer or reinsurer
that could be a member of ISA but is not, we cannot supply you with data:
however, we would be happy to speak to you to discuss joining ISA.
Q2. How do I get access to ISA data?
A2. All data requests can be made via email to
ISAmanager@finity.com.au
or telephone to (+61) 2 8252 3300. Please note that all data requests from
non-members are subject to approval by the Board of ISA. Before ISA can provide
any data to you, you will first need to provide details of what you will be
using the data for: in particular, you need ISA’s written permission to include
ISA data in anything that will be circulated outside your organisation.
Q3. What is the cost of ISA data?
A3. ISA members pay an annual fee to participate in ISA. Information
supplied by ISA generally is free of charge for students and government
organisations. If you are a student: we will need to know the institution, name
of the course and contact details of your course supervisor or lecturer. Other
organisations are generally charged a fee for provision of data which is based
on the nature and extent of the data required and agreed in advance.
Q4. Who can become a member of ISA and how much does it cost?
A4. Membership of ISA is open to:
• direct insurers and third
party claims managers (provided
they submit data for the relevant classes),
• reinsurers,
brokers and other organisations interested in the insurance market.
Costs of membership varies by class of business covered.
Q5. What sort of data is a member required to provide and how is it
used?
A5. For the Motor and Domestic syndicates, members are required to
provide:
• number of policies and
claims,
• sum insured on
policies (Domestic only),
• annual premium,
• amount paid on
claims,
• amount
outstanding on claims,
• incurred cost
of claims.
We use the data provided to calculate:
• incurred cost
of claims = [amount paid on claims] + [amount outstanding on claims] – [amount
outstanding on claims prior period],
• Domestic Total
Number of Policies = {([Buildings number of policies] + [Contents number of
policies]) ÷ 2} + [Combined number of policies],
• Domestic Total Number of Claims = {([Buildings number of claims] +
[Contents number of claims]) ÷ 2} + [Combined number of claims],
• Average Premium = [annual premium] ÷ [number of policies],
• Average Sum Insured = [sum insured on policies] ÷ [number of
policies],
• Claim Frequency = [number of claims] ÷ [number of policies],
• Average Claim Size = [incurred cost of claims] ÷ [number of claims],
• Cost per Policy = [incurred cost of claims] ÷ [number of policies],
• Loss Ratio = [incurred cost of claims] ÷ {([annual premium] +
[annual premium prior period]) ÷ 2}.
