Home / Daily / Intermediaries invoiced $14.85 billion in December half
31 March 2021
General insurance intermediaries invoiced about $14.85 billion of premium in the six months to December 31, up from $13.67 billion in the corresponding period a year earlier, according to figures released today by the prudential regulator.
Roughly $11.86 billion of the premium was placed with general insurers authorised to operate here, $1.93 billion with Lloyd’s underwriters and $1.06 billion with unauthorised foreign insurers (UFIs), the Australian Prudential Regulation Authority (APRA) says.
The regular APRA update is based on data from 1662 intermediaries in operation during the December half.
In the UFI space, fire and industrial special risk (ISR) made up 54% of premium invoiced, at $572 million. Invoiced premium for risks grouped in “other direct classes” category amounted to $187 million, or 18%, while business for marine and aviation came in at $29 million or 3%.
The average premium for a new or renewed fire and ISR policy was about $860,000.
UFIs from Singapore grabbed the largest share of invoiced premium at $448 million, followed by the UK at $246 million. Next was Continental Europe, on $135 million, followed by Bermuda ($110 million) and UFIs grouped in “other countries” ($75 million).
Click here for the APRA report.