Insurers earned $32.59 billion of gross written premium and paid out claims totalling $20.77 billion last financial year, new figures show.

The domestic motor vehicle class earned the most – $7.35 billion – and paid out $6.33 billion, according to Australian Prudential Regulation Authority (APRA) statistics.

Home and contents insurance followed, with $7.1 billion in premium and $3.4 billion in claims.

Fire and industrial special risk earned premium of $3.95 billion, with claims of $1.58 billion.

These three classes accounted for 54% of all claims, after catastrophes early last year and this year lifted incurred losses.

In Queensland the gross loss ratio for lenders’ mortgage insurance was 93%, due to “above-average claim