General insurance intermediaries issued premium invoices totalling $22.3 billion in the six months to December, the Australian Prudential Regulation Authority says. 

The business placed with APRA-authorised insurers, Lloyd’s underwriters and unauthorised foreign insurers was up from $20.1 billion in January-June last year and $21.3 billion a year earlier.  

APRA says the December-half figure is based on data from 1725 intermediaries including brokers. In the year-earlier period, there were 1579. 

Intermediaries placed most of their business with authorised insurers, invoicing $17.08 billion in the half. Lloyd’s underwriters took $2.64 billion and unauthorised foreign insurers $1.56 billion.

In the unauthorised foreign insurer space, Singapore dominated with a 43% share of premium, or $575 million. The UK followed with 25% ($332 million), then Bermuda on 16% ($221 million) and continental Europe on 10% ($130 million).

Most business with unauthorised foreign insurers related to fire and industrial special risk ($796 million). Other direct classes accounted for $193 million; professional indemnity $174 million; public and product liability $142 million; marine and aviation $29 million; and other accident $11 million.

The biannual APRA update does not provide a breakdown of intermediary by type.

See the statistics here.