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First-half intermediary premium hits $9.4 billion

Insurance intermediaries invoiced $9.4 billion in premium in the six months to June 30, according to Australian Prudential Regulation Authority (APRA) statistics.

The figure is down from $9.7 billion six months ago, but up from $8.81 billion the previous corresponding period.

About $8 billion was placed with APRA-regulated general insurers, $911 million with Lloyd’s underwriters and $424 million with unauthorised foreign insurers (UFIs).

Premium placed with UFIs declined by $58 million compared with the corresponding period last year, because of reduced fire and industrial special risk placements.

The UK and Singapore continued to dominate the UFI space, accounting for 59% of the $424 million invoiced premium.

The high-value-insured exemption was used to place 64% of business with UFIs, the custom exemption 26%, the atypical exemption 7% and the foreign exemption 3%.

New or renewed policies placed with UFIs increased to 4520 from 3829, and the average premium across all exemption types declined to $96,700 from $115,400.

Some 1645 intermediaries were licensed to conduct business in the six months.

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