The Australian Prudential Regulation Authority (APRA) has released its biannual intermediated general insurance statistics for June 2020 which contain industry level data relating to business placed by intermediaries.
APRA publishes statistics on intermediated general insurance placed with APRA-authorised general insurers, Lloyd’s underwriters and unauthorised foreign insurers, on a bi-annual basis.
| Business by intermediaries and authorised insurers | ||||||
| Six months ended | ||||||
| Jun 2018 | Dec 2018 | Jun 2019 | Dec 2019 | Jun 2020 | ||
| Intermediated general insurance business | ||||||
| Total premium invoiced in the period of which: | 10,448 | 11,685 | 11,572 | 13,670 | 11,452 | |
| Business placed with APRA-authorised general insurers ($m) | 8,890 | 9,571 | 9,661 | 11,155 | 9,272 | |
| Business placed with Lloyd’s underwriters ($m) | 1,079 | 1,370 | 1,285 | 1,660 | 1,358 | |
| Business placed with unauthorised foreign insurers ($m) | 478 | 744 | 626 | 856 | 821 | |
| Total number of intermediaries of which: | 1,654 | 1,657 | 1,657 | 1,668 | 1,662 | |
| Number that placed business with an underwritera of whichb: | 808 | 797 | 766 | 784 | 776 | |
| Number that placed business with APRA-authorised general insurers | 763 | 746 | 727 | 742 | 741 | |
| Number that placed business with Lloyd’s underwriters | 271 | 286 | 269 | 298 | 277 | |
| Number that placed business with unauthorised foreign insurers | 76 | 84 | 81 | 82 | 82 | |
| Number that placed business only through other Australian intermediaries | 28 | 30 | 24 | 25 | 25 | |
| Number of intermediaries that placed no business | 818 | 830 | 867 | 859 | 861 | |
| Total premium effectivec in the period of which: | 10,885 | 11,424 | 12,235 | 12,983 | ||
| Business placed with APRA-authorised general insurers ($m) | 9,317 | 9,289 | 10,120 | 10,659 | ||
| Business placed with Lloyd’s underwriters ($m) | 1,098 | 1,405 | 1,362 | 1,598 | ||
| Business placed with unauthorised foreign insurers ($m) | 471 | 730 | 753 | 726 | ||
| Total business written by APRA-authorised general insurers (excluding Lloyds) | ||||||
| Gross written premium – direct business ($m) | 20,560 | 20,413 | 21,393 | 21,877 | 21,902 | |
| Proportion of APRA-authorised insurer gross written premium placed by intermediaries (per cent) | 45 per cent | 46 per cent | 47 per cent | 49 per cent | ||
| a Business placed with an underwriter either directly or through a foreign intermediary. |
| b The number of intermediaries that placed business with an underwriter is not equal to the sum of the numbers of intermediaries that placed business with APRA-authorised general insurers, Lloyd’s underwriters and unauthorised foreign insurers. Many intermediaries placed business with a variety of underwriters. |
| c Business placed by intermediaries is typically invoiced after the policy is effective. The premium effective for a six month period includes premium that is invoiced in the following six month period. As such, premium effective is published with a six month lag compared to premium invoiced and will be available in the next period. This is also the case with the proportion of APRA-authorised insurer gross written premium placed by intermediaries. |
You can access more information on the APRA website.