APRA releases latest general insurance institution-level figures

APRA releases latest general insurance institution-level figures | Insurance Business Australia

Insurance News

APRA releases latest general insurance institution-level figures

Data highlights financial performance, position, and capital adequacy

Insurance News

By
Roxanne Libatique

The Australian Prudential Regulation Authority (APRA) has released the latest general insurance institutional-level statistics for general insurers (level 1), general insurance groups (level 2), and Lloyd’s Australia.

The latest data highlights financial performance, position, and capital adequacy for the 12 months to June 2023.

Gross earned premiums

For the year-end June 30, 2023, RAC Insurance Pty Limited (total business) had the highest gross earned premium (GWP) among level 1, with $956 million – followed by Avant Insurance Limited (total business) with $286 million and Pacific International Insurance Pty Limited (total business) with $229 million.

For the same period, Insurance Australia Group (total business) had the highest GWP among level 2, with $13,838 million, followed by Suncorp Insurance Holdings (total business) with $11,831 million and Hollard Holdings Australia Pty Ltd (total business) with $2,629 million.

Australian general insurance industry’s growth

APRA’s latest general insurance institutional-level statistics reflect the recent growth of the industry.

Specifically, the report expects the Australian general insurance industry to see an annual growth of 9.5% in 2023 and 9.8% in 2024 due to increased healthcare awareness post-COVID-19 pandemic, high demand for natural catastrophe insurance due to the impacts of climate change, and skyrocketing property and motor insurance premiums.