The Australian Prudential Regulation Authority (APRA) has released its half yearly Intermediated General Insurance Statistics publication for June 2019.
The Intermediated General Insurance Statistics publication, released twice each year, provides an overview of intermediated general insurance placed with APRA-authorised general insurers, Lloyd’s underwriters and unauthorised foreign insurers (UFIs).
Intermediaries placed $9.2 billion in premium with APRA-authorised general insurers that were effective in the preceding six-month period. This represented approximately 45 per cent of the $20.4 billion of direct premium written by APRA-authorised general insurers in the same period.
Aggregate business by intermediaries and authorised insurers
• As at 30 June 2019, there were 1,675 intermediaries licensed to conduct general insurance business. Of these:
ᵒ 761 intermediaries (45 per cent) placed business directly with underwritersa between 1 January 2019 and 30 June 2019 (the period);
ᵒ 24 intermediaries (2 per cent) placed all their business directly through other Australian intermediaries; and
ᵒ 890 intermediaries (53 per cent) did not place any general insurance business in the period.
• Of the 761 intermediaries that placed business directly with underwriters in the period:
ᵒ 723 intermediaries (95 per cent) placed business with APRA-authorised general insurers;
ᵒ 266 intermediaries (35 per cent) placed business with Lloyd’s underwriters; and
ᵒ 77 intermediaries (10 per cent) placed business with unauthorised foreign insurers (UFIs).
• Intermediaries invoiced $11.5 billion in premium in the period. Of this:
ᵒ $9.6 billion (84 per cent) was placed with APRA-authorised general insurers;
ᵒ $1.3 billion (11 per cent) was placed with Lloyd’s underwriters; and
ᵒ $0.6 billion (5 per cent) was placed with UFIs.
Data in this publication are sourced from forms submitted to APRA by Australian financial services licensees who hold a current authority to transact general insurance business. APRA implemented the intermediated general insurance data collection in May 2010 following the introduction of the Corporations Amendment Regulations in December 2009.
The next volume of data will be the December 2019 edition, which will be released on 4 March 2020.