APRA releases general insurance data for first half of 2022

APRA releases general insurance data for first half of 2022 | Insurance Business Australia

APRA releases general insurance data for first half of 2022

The Australian Prudential Regulation Authority (APRA) has released its bi-annual intermediated general insurance statistics for June 2022.

The report provides an overview of intermediated general insurance placed with APRA-authorised general insurers, Lloyd's underwriters, and unauthorised foreign insurers (UFIs) – segmented by region, exemption type, atypical risk class, and customised reason.

For business by intermediaries and authorised insurers, APRA's report showed that the gross written premium (GWP) for the six months ended June 2022 totalled $26,838 million, with the premium invoiced in the period totalling $16,581 million and the number of intermediaries hitting $1,662 million.

For business placed with UFIs by region and class of business, the report showed a total of $1,064 million premium invoiced for the six months ended June 2022, where Bermuda accounted for $59 million, Continental Europe $52 million, New Zealand $39 million, Singapore $596 million, UK $176 million, and other countries $142 million.

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Focusing on business placed with UFIs by exemption type, the total premium invoiced for the six months ended June 2022 was $1,064 million, where HVI accounted for $680 million, atypical $30 million, foreign $44 million, and custom $310 million. Meanwhile, regarding new or renewed policies, the report showed a total premium invoiced of $1,025 million, where fire and ISR accounted for $661 million, public and product liability $52 million, professional indemnity $76 million, and other direct classes $200 million.

The report also showed data covering business placed with UFIs by customised reason and class of business. From the six months to June 2022, the total premium invoiced was $289 million, where marine and aviation accounted for $7 million, other accident $5 million, professional indemnity $41 million, and other direct classes $120 million.

See the rest of the general insurance data on the APRA website. The report follows the release of APRA's data on life insurance and private health insurance covering the year ended June 2022.