APRA releases latest annual general insurance statistics

The Australian Prudential Regulation Authority (APRA) has released its annual general insurance statistics report for general insurers, general insurance groups, and Lloyd’s Australia, covering financial performance, position, and capital adequacy.

For the 12 months ending June 30, 2022, QBE Insurance Group had the highest gross earned premium at $22,694 million. It was followed by Insurance Australia Group at $12,972 million, Suncorp Insurance Holdings at $10,872 million, and IAG Australia at $10,218 million.

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For the six months ending June 30, 2022, QBE again dominated its competitors, with a $12,583 million gross earned premium. It was followed by IAG Group at $6,457 million, Suncorp at $5,466 million, and IAG Australia at $5,089 million.

Meanwhile, Lloyd’s had a gross income premium of $1,692,034 for the financial year ended December 2021, down from $2,748,627 in 2020. Meanwhile, the total claims paid for the same period was $108,174, a significant drop from $480,538 in 2020.

The total expenses for the financial year ended December 2021 were $546,303, down from $915,421 in the previous year. Finally, the underwriting surplus for the year totalled $1,145,730, down from $1,833,206 in 2020.