Intermediaries invoiced $13.4 billion in premium

The latest Australian Prudential Regulation Authority (APRA) intermediated general insurance statistic figures show the extent of business placed by insurance intermediaries for the year ended 31 December 2019.

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

Aggregate business by intermediaries and authorised insurers
• As at 31 December 2019, there were 1,662 intermediaries licensed to conduct general insurance business.

Of these:

  • 777 intermediaries (47 per cent) placed business directly with underwriters between 1 July 2019 and 31 December 2019 (the period);
  • 25 intermediaries (2 per cent) placed all their business directly through other Australian intermediaries; and
  • 860 intermediaries (52 per cent) did not place any general insurance business in the period.

• Of the 777 intermediaries that placed business directly with underwriters in the period:

  • 735 intermediaries (95 per cent) placed business with APRA-authorised general
    insurers;
  • 295 intermediaries (38 per cent) placed business with Lloyd’s underwriters; and
  • 80 intermediaries (10 per cent) placed business with unauthorised foreign insurers (UFIs).

• Intermediaries invoiced $13.4 billion in premium in the period. Of this:

  • $10.9 billion (81 per cent) was placed with APRA-authorised general insurers;
  • $1.7 billion (13 per cent) was placed with Lloyd’s underwriters; and
  • $0.9 billion (7 per cent) was placed with UFIs

Intermediaries placed $10 billion in premium with APRA-authorised general insurers that were effective in the preceding six-month period. This represented approximately 47 per cent of the $21.4 billion of direct premium written by APRA-authorised general insurers in the same period.

You can find the current and previous statistics on the APRA website.