The Australian Prudential Regulation Authority (APRA) released the Quarterly General Insurance Performance Statistics on 24 May 2018.
There were 95 insurers licensed to conduct general insurance business as at 31 March 2018, of which 85 were
direct insurers and 10 reinsurers.
Some highlights for the 12 months to 31 March 2018 (with the figures for the 12 months to 31/3/17 in brackets) were:
- Gross earned premium $45.3 billion ($45.0 billion), an increase of $300 million.
- Gross incurred claims $29.7 billion ($35.1 billion), a result of benign natural catastrophe experience.
- Net loss ratio for the industry 62 per cent (68 per cent).
- Net loss ratio short tail property classes of insurance 67 per cent (75 per cent).
- Net loss ratio long tail classes 58 per cent (61 per cent).
- Underwriting expenses remained static at 25 per cent.
- Investment income $2.2 billion ($3.0 billion).
- Industry underwriting result $4.2 billion ($2.2 billion).
- Total industry net profit after tax $3.7 billion ($2.6 billion).
- Return on net assets 13.7 per cent (9.4 per cent).
The net earned premium for commercial line insurers was $3,391 million ($3,039 million), an increase of 11.5 per cent on the previous 12 months.
The full report is available here. APRA also issued Quarterly General Insurance Institution-level Statistics on the same day, providing information about the performance of individual insurance companies for the same period. That report is available here.