Intermediaries held their own in the general insurance market in the six months to June, with total premium invoiced rising 2% to $8.69 billion.

They wrote about 44% of general insurers’ total premium. The figure has been consistent over the past two years, indicating brokers are not losing business to the direct market.

More than $7.38 billion in premium was placed with general insurers authorised by the Australian Prudential Regulation Authority (APRA), up 2% on the corresponding period last year.

Another $777 million was written with Lloyd’s underwriters, up 3%. Business placed with unauthorised foreign insurers fell 5% to $529 million.

APRA licenses 1593 intermediaries, but 702 placed no business in the half year.

For the year to June 30, intermediaries wrote $18.28 billion with APRA-authorised insurers, excluding Lloyd’s, up 5% on the previous corresponding period.

Business with unauthorised foreign insurers mostly went through Britain and Singapore and was mainly for high-value or customised risk.

The high-value exemption applies to policyholders with a risk above $200 million, assets above $200 million or more than 500 employees.

Brokers can get a custom exemption if they can show no local insurer will cover the risk or will only do so at substantially less favourable terms.

About 71% of this premium was for fire and industrial special risks, 3% was for marine and aviation, 2% was for public and product liability and 3% was for professional indemnity.