Allianz is the greatest beneficiary of the HIH “dismemberment”, according to consultants Deloitte Touche Tohmatsu. In an update of its “top 20” table published in the August edition of Insurance & Risk Professional, National Insurance Industry Group Chairman Peter Caldwell said the HIH portfolio Allianz obtained pushed the company’s premium income up by 57% for the year ended December 31 2001.

The company is now in sixth place on the ladder, and Mr Caldwell believes Allianz could conceivably become the third-largest insurer by the end of this year.

The top 20 insurers account for 82% of the private sector market, leaving about 50 insurers to share 18%. That means that each averages 0.4% of the market.

IAG has 16.7% of the total market; Suncorp 11.4%; CGU 9.7%; Royal & SunAlliance 9.1%; QBE 7.5%; and Allianz 7.3%.