The Australian Prudential Regulation Authority (APRA) has recently released its Intermediated General Insurance Statistics publication for the June quarter 2017. The report states that intermediaries including general insurance brokers placed $7.8 billion in premium with APRA-authorised general insurers that were effective in the preceding six-month period.
This represented approximately 42 per cent of the $18.7 billion of direct premium written by APRA-authorised general insurers in the same period. Highlights for aggregate business by intermediaries and authorised insurers included the following:
• As at 30 June 2017, there were 1,645 intermediaries licensed to conduct general insurance business. Of these;
ᵒ 798 intermediaries (49 per cent) placed business directly with underwritersa between 1 January 2017 and 30 June
ᵒ 31 intermediaries (2 per cent) placed all their business directly through other Australian intermediaries, and
ᵒ 816 intermediaries (49 per cent) did not place any general insurance business in the period.
• Many intermediaries placed business with a variety of underwriters in the period. Of the 798 intermediaries that
placed business directly with underwriters in the period;
ᵒ 751 intermediaries (94 per cent) placed business with APRA-authorised general insurers,
ᵒ 253 intermediaries (32 per cent) placed business with Lloyd’s underwriters, and
ᵒ 74 intermediaries (9 per cent) placed business with unauthorised foreign insurers (UFIs).
• Intermediaries invoiced $9.4 billion in premium in the period. Of this;
ᵒ $0.5 billion (5 per cent) was placed with UFIs,
ᵒ $0.9 billion (10 per cent) was placed with Lloyd’s underwriters, and
ᵒ $8.0 billion (85 per cent) was placed with APRA-authorised general insurers