The total volume of general insurance premiums invoiced through general insurance intermediaries has continued to increase, according to APRA Intermediated General Insurance Statistics as at June 2020.
APRA data shows that the total premium invoiced through intermediaries for the 12 months to 30 June 2020 was $25,122 million, up from $23,257 million the previous financial year.
Premium invoiced in the first six months of 2020 was slightly down on premium invoiced in the first six months of 2019 in relation to business placed with Australian authorised insurers, but business placed with Lloyd’s and with unauthorised foreign insurers continued to grow.
The intermediated general insurance statistics report premium invoiced. This means that the business placed as at 30 June is likely to be invoiced in July, and therefore included in the statistics for the second half of each calendar year. There is a seasonal variation between the premium collected in the June half year and the December half year. The December half year is traditionally larger than the June half year, presumably because of the impact of the invoicing of the June renewals.
The APRA data also shows that the proportion of premium received by APRA authorised insurers from intermediaries has grown from around 45 per cent to 49 per cent in the six months to December 2019.
The APRA intermediated general insurance statistics report is available here.