The commercial insurance market is expected to stay competitive, but with rational pricing to support growth, according to Suncorp Commercial Insurance CEO Anthony Day.

Additional capacity remains and there is increased competition at the large end of the market in particular, he says.

Suncorp Commercial has reported an 8% rise in gross written premium to $1.99 billion, with increases across the portfolio for the year to June 30. The broker channel recorded double-digit growth.

Mr Day says the company has worked to develop a range of distribution channels.

“Customers in the new digital world expect and want to have choices when purchasing their insurance. While we will continue to seek strong growth in the broker channel, we are also increasing our focus on direct channels.”

He says the personal injury market is undergoing significant reform, which is likely to drive greater harmonisation across classes and schemes, plus “greater certainty of earnings”.

Suncorp’s statutory portfolio grew 10.5% in the year, driven by strong performances in workers’ compensation and NSW compulsory third party (CTP).

GIO NSW saw good growth in new business and strong scheme performance. Queensland CTP grew in the high single digits, with Suncorp claiming a market share of almost 50%.