Which general insurers earned the most premium between 2020-21?

Which general insurers earned the most premium between 2020-21? | Insurance Business Australia

Which general insurers earned the most premium between 2020-21?

Last week, the Australian Prudential Regulation Authority (APRA) released its latest annual data on life insurance claims and disputes. Now, it's general insurers' turn to show their performance for the latest financial year.

The annual general insurance institutional-level statistics for general insurers (level 1), general insurance groups (level 2), and Lloyd’s Australia features financial performance, position, and capital adequacy from August 2020 to June 2021.

For 12 months, Munich Reinsurance Company dominated other general insurers, with $1,536 million total business gross earned premium. It was followed by Swiss Re Asia Pte Ltd with $1,529 million total business gross earned premium and AIG Australia Limited with $989 million.

Commonwealth Insurance Limited and RAC Insurance Pty Limited were ranked fourth and fifth, with $811 million and $722 million total business gross earned premium, respectively.

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For general insurance groups, QBE Insurance Group Limited outranked other groups, having $20,347 million total business gross earned premium. Suncorp Insurance Holdings Limited and Insurance Australia Group Limited followed, with $10,191 million total business gross earned premium and $12,288, respectively.

Allianz Australia Limited made it to the top four with $5,070 million total business gross earned premium, while Hollard Holdings Australia Pty Ltd was fifth with $1,517 million total business gross earned premium.

For Lloyd's underwriters, the total premium income for the financial year ended December 2020 reached $1,492,331 – a slight increase from $2,351,633 for the previous financial year.