Intermediaries premium rises to $16.5 billion in June half

21 September 2022

General insurance intermediaries invoiced about $16.58 billion in premium in the half-year to June 30, up from $14.12 billion a year earlier, Australian Prudential Regulation Authority (APRA) figures released today show.

APRA-authorised general insurers made up the majority of business placed during the period, at $13.7 billion, which is higher than the $11.69 billion achieved in the corresponding half of last year.

Business with Lloyd’s underwriters reached $1.82 billion, compared with $1.64 billion a year earlier and unauthorised foreign insurers (UFIs) $1.06 billion, up from $793 million.

The half-yearly APRA update is based on input from 1662 intermediaries.

Fire and industrial special risk (ISR) dominated the business placed with UFIs in the June half, with a 65% share of premium receipts, or $694 million.

Risks grouped in “other direct classes” trailed a distant second, at 19% or $200 million, followed by professional indemnity, at 8% or $80 million. Public and product liability made up about 5% of business with UFIs, or $51 million.

UFIs in Singapore continue to take most of the business away from rivals in other regions, taking in about $596 million or 56% of premiums invoiced. The UK came second, at $176 million or 17%, followed by UFIs in “other countries” with $142 million or 13%.