Industry good times roll on
The industry is enjoying favourable conditions despite an increase in competition, according to quarterly industry figures released by the Australian Prudential Regulation Authority (APRA).
It says underwriters had net premium revenue of $5.36 billion for the September 2006 quarter – compared with $5.35 billion for the corresponding period in 2005.
But events such as Cyclone Larry led to an increase in insured damages. Net incurred claims were up about $300 million to $3.38 billion compared to the September 2005 quarter.
Net profit for the industry during the quarter was $1.1 billion, slightly down on the 2005 result ($1.4 billion), and charges and levies cost the industry more than $240 million.
It says underwriters had net premium revenue of $5.36 billion for the September 2006 quarter – compared with $5.35 billion for the corresponding period in 2005.
But events such as Cyclone Larry led to an increase in insured damages. Net incurred claims were up about $300 million to $3.38 billion compared to the September 2005 quarter.
Net profit for the industry during the quarter was $1.1 billion, slightly down on the 2005 result ($1.4 billion), and charges and levies cost the industry more than $240 million.