Brokers and other intermediaries placed about $18.49 billion in premium with general insurers in the first six months of the year, according to an Australian Prudential Regulation Authority (APRA) bi-annual update. 

The June half figure represents an increase of $1.89 billion from a year earlier, the regulator’s intermediated general insurance statistics publication says. 

The half-year data is based on input from 1681 intermediaries who are current Australian Financial Services Licence holders authorised to deal in general insurance products. APRA does not provide a breakdown by intermediary type. 

Intermediaries invoiced APRA-regulated general insurers $15.14 billion, up from $13.73 billion. The value of receipts to Lloyd’s underwriters and unauthorised foreign insurers (UFIs) also went up, to $2.19 billion from $1.8 billion and $1.15 billion from $1.05 billion respectively. 

Business placed with UFIs by region shows 56% or $643 million of premium went to Singapore-based UFIs, 20% or $234 million to the UK and 10% or $116 million to Continental Europe. UFIs grouped in “other countries” wrote 10% of premium and Bermuda 4% or $48 million. 

Fire and industrial special risk (ISR) accounted for 66% or $756 million of premium placed with UFIs, with the lion’s share going to Singapore at $546 million. 

Products in “other direct classes” made up 19% or $220 million of invoiced premium to UFIs, professional indemnity 7% or $75 million, and public and product liability 5% or $54 million.