Brokers and other general insurance intermediaries invoiced $8.5 billion in premium in the six months to June 30, up 6.5% on the first half of last year.

Premium placed with unauthorised foreign insurers (UFIs) grew 7% to $564 million, the Australian Prudential Regulation Authority (APRA) says.

About 59% of the cover placed with UFIs was for fire and industrial special risks (ISR). Insurers in Singapore and the UK were dominant, accounting for 68% of the UFIs total.

The high-value-insured exemption was used to place $303 million, up from $288 million for the corresponding period last year; the custom exemption to place $232 million, up from $217 million; and the foreign exemption to place $8 million, up from $5 million.

The number of new or renewed policies placed with UFIs was 4543, up from 3166, and the average premium across all exemption types was $122,541, up from $118,133.

“This increase was mainly due to an increase in the average premium for new or renewed policies in the fire and ISR class of business,” says the report.

Some $752 million was placed with Lloyd’s underwriters, up from $710 million, and $7.19 billion with APRA-authorised general insurers, increased from $6.75 billion.

On June 30, 1556 intermediaries were licensed to conduct general insurance business, with 873 placing business directly with underwriters.

Another 25 placed all business directly through other intermediaries and 658 did not place any general insurance business.

Of the 873 placing business with underwriters, 842 placed business with APRA-authorised general insurers, 219 with Lloyd’s underwriters and 69 with UFIs.

The sum placed with APRA-authorised general insurers represents 44% of the $16.5 billion direct premium those insurers wrote in the same period.