The general insurance intermediated channel placed about $19.9 billion in premium during the first six months of the year, up from $18.8 billion a year earlier. 

A bi-annual update from the Australian Prudential Regulation Authority says business placement with authorised insurers led the way with $16.3 billion, followed by Lloyd’s underwriters ($2.48 billion) and unauthorised foreign insurers ($1.13 billion). 

The update is based on data from 1589 intermediaries, including general insurance brokers. In the year-earlier period, there were 1612. 

Singapore dominated the unauthorised foreign insurance space, taking about 61% of invoiced premium, or $683 million. The UK came a distant second, on 21% or $233 million, followed by continental Europe at 8% or $92 million. 

The rest of the business with unauthorised foreign insurers went to Bermuda ($35 million) and “other countries” ($83 million). 

Most business with unauthorised foreign insurers related to fire and industrial special risk ($739 million). Other direct classes accounted for $209 million; professional indemnity $71 million; public and product liability $56 million; marine and aviation $30 million; and other accident $23 million.