APRA report: General insurers issued invoices worth $18 billion over six months

APRA report: General insurers issued invoices worth $18 billion over six months | Insurance Business Australia

Insurance News

APRA report: General insurers issued invoices worth $18 billion over six months

One class type has the most policies recorded

Insurance News

By
Jonalyn Cueto

The Australian Prudential Regulation Authority (APRA) has released its bi-annual intermediated general insurance statistics.

The publication provides an overview of APRA-authorised general insurers, Lloyd’s underwriters and unauthorised foreign insurers (UFIs).

In the period of Dec 2022-June 2023, the total premium invoiced in business by intermediaries and authorised insurers was $18.4 billion, $15.1 billion of which was placed with APRA-authorised general insurers, $2.1 billion was placed with Lloyd’s underwriters, and $1.15 billion was placed with unauthorised foreign insurers.

The total number of intermediaries was 1,681, 676 of which placed business with an underwriter.

Gross written premium for direct business written by APRA-authorised general insurers, excluding Lloyd’s, for the same period was $30.4 billion.

The total premium invoiced for six months between Dec 2022 and June 2023 for business placed with UFIs was worth $756 million, which is 66% of the total premium invoiced by this group. Singapore appears to have the highest level of premiums under the classification of fire and ISR insurance, with more than $546 million recorded.

The total amount of premium invoiced for renewed or new policies was $1.09 million, which equates to more than 5,800 policies. Shipowners P&I and equine were recorded to have the most policies renewed or newly executed, with 468 and 2,828 policies recorded, respectively, or a total amount of premiums invoiced of more than $11 million each.

Any thoughts about the latest intermediated general insurance statistics for June 2023? Leave your comments below.