APRA releases latest intermediated general insurance statistics

APRA releases latest intermediated general insurance statistics | Insurance Business Australia

APRA releases latest intermediated general insurance statistics

The Australian Prudential Regulation Authority (APRA) has released the statistics on intermediated general insurance for the six months ended June 2021.

The prudential regulator published the data placed with APRA-authorised general insurers, Lloyd’s underwriters, and unauthorised foreign insurers on a bi-annual basis. It contains industry-level data relating to business placed by intermediaries.

The statistics were provided on business placed with unauthorised foreign insurers, segmented by region, exemption type, atypical risk class, and customised reason.

Read more: APRA releases reporting standards for superannuation data transformation

For the six months ended June 2021, the total premium invoiced by intermediated general insurance business was $14,124 million, a slight decrease from $15,141 million for the six months ended December 2020.

From the total premium invoiced for the first half of 2021, business placed with APRA-authorised general insurers was $11,689 million, business placed with Lloyd’s underwriters at $1,642 million, and business placed with unauthorised foreign insurers at $793 million.

Meanwhile, the total number of intermediaries for the six months ended June 2021 was 1,666, a slight increase from 1,656 during the six months ended December 2020.

APRA also reported that the total premium effective in the six months to December 2020 reached $14,070 million, an increase from $13,426 million for the six months to June 2020.

From this, business placed with APRA-authorised general insurers reached $11,538 million. For business placed with Lloyd’s underwriters, it was $1,743 million, and for business placed with unauthorised foreign insurers it was $789 million.