Brokers now placing $10 billion in premiums with Australian and overseas insurers

The Australian Prudential Regulation Authority (APRA) has released its Intermediated General Insurance Statistics publication for the six months to June 2018.

The Intermediated General Insurance Statistics publication provides an overview of intermediated general insurance placed with APRA-authorised general insurers, Lloyd’s underwriters and unauthorised foreign insurers (UFIs).

Key statistics for the intermediated general insurance industry in the year ended 30 June 2018:

Intermediaries invoiced $10.4 billion in premium in the period. Of this;
ᵒ $0.5 billion (5 per cent) was placed with UFIs,
ᵒ $1.1 billion (10 per cent) was placed with Lloyd’s underwriters, and
ᵒ $8.9 billion (85 per cent) was placed with APRA-authorised general insurers.

As at 30 June 2018, there were 1,686 intermediaries licensed to conduct general insurance business. Of these;
ᵒ 801 intermediaries (48 per cent) placed business directly with underwritersa between 1 January 2018 and 30 June 2018 (the period),
ᵒ 28 intermediaries (2 per cent) placed all their business directly through other Australian intermediaries, and
ᵒ 857 intermediaries (51 per cent) did not place any general insurance business in the period .

Of the 801 intermediaries that placed business directly with underwriters in the period;
ᵒ 755 intermediaries (94 per cent) placed business with APRA-authorised general insurers,
ᵒ 270 intermediaries (34 per cent) placed business with Lloyd’s underwriters, and
ᵒ 76 intermediaries (9 per cent) placed business with unauthorised foreign insurers (UFIs).

Copies of the June 2018 Intermediated General Insurance Statistics publication are available on APRA’s website.