Gross premium revenue for insurance entities regulated by the Australian Prudential Regulation Authority (APRA) was $28.2 billion for the 12 months ended June 30 last year – up $900 million on the previous year.

According to APRA’s six-monthly general insurance bulletin, insurers reported gross premium revenue of $26.3 billion, making up 93.3% of the total, and reinsurers accounted for the remainder.

In their financial years ending between July 2005 and June 2006, insurers reported underwriting results of $3.1 billion, up 18.6% on the previous 12 months and 13.4% lower than the period before that.

Insurers reported $30.3 billion in outstanding claims provision and $12.4 billion in premium liabilities while reinsurers reported $4.8 billion and $1.1 billion respectively.

Domestic motor vehicle and householder classes of business accounted for the largest proportions of total direct gross premium revenue, at 21.7% and 14.9% respectively.

Gross premium revenue for professional indemnity insurance fell 5.6% from the previous year to $1.3 billion. Public and product liability gross premium revenue fell 8.8% from the previous year to $1.9 billion.

Gross incurred claims reported in the year ended June 30 were $17.7 billion – $16.8 billion (94.8%) being made up by claims on insurers.