Domestic motor insurance continued to top the charts in 2022 in terms of claims reported and gross premium earned, according to data release by the Australian Prudential Regulation Authority (APRA).
Reported claims for domestic motor vehicles were 1.94 million, up from 1.92 million in 2021. Meanwhile, gross earned premiums were $11.77 billion, an increase on $10.99 billion the prior year.
Household insurance was second, in terms of both claims reported and gross earned premium. There were 966,000 reported household insurance claims, rising from 840,000 the previous year. Gross earned premiums for householders insurance hit $11.57 billion, topping 2021’s $10.66 billion.
Rounding out the top three for claims reported was commercial motor, with 321,000, representing a decrease on 2021’s 332,000.
Meanwhile, fire and ISR came in third for gross earned premium, at $7.26 billion. This was higher than the $6.49 billion witnessed in 2021.
Travel insurance claims reported more than doubled, from 46,000 in 2021 to 106,000 in 2022, a year that saw a loosening of some COVID-19 pandemic restrictions.
Meanwhile, employers’ liability, public and product liability, marine, consumer credit and professional indemnity all saw reported claims numbers fall.
According to APRA data, claims reported figures for insurance products in 2022 included:
In terms of gross earned premium, there were increases almost across the board with consumer credit and mortgage proving exceptions. Gross earned premium for consumer credit were $64 million for 2022, down from $101 million in 2021. Mortgage gross earned premium for 2022 was $423 million, down from $583 million.
According to APRA data, gross premium earned for each type of product was: