Intermediary premium exceeds $17 billion in December half
About $17.16 billion in general insurance premium was invoiced by intermediaries in the six months to December, the Australian Prudential Regulation Authority (APRA) says in a regular update.
The December figure represents an increase from $15.14 billion in the year-earlier corresponding period.
Business placed with APRA-authorised general insurers rose to $13.64 billion from $12.08 billion and business arranged with Lloyd’s underwriters also went up, to $2.33 billion from almost $2 billion.
Invoiced premium with unauthorised foreign insurers (UFIs) increased as well, to $1.19 billion from $1.06 billion.
The APRA update is based on data from 1665 intermediaries in operation during the period.
Of the $1.19 billion placed with UFIs, Singapore led with $608 million, followed by the UK, at $300 million.
The rest of the UFI-linked business comprised of Bermuda ($84 million), continental Europe ($81 million), New Zealand ($36 million) and other countries ($83 million).
Fire and industrial special risk (ISR) made up the majority of business placed with UFIs, with some $635 million invoiced during the December half.
Risks in “other direct classes” came a distant second, at $214 million. Other lines placed with UFIs are professional indemnity ($184 million) and public and product liability ($108 million).
APRA will release the next intermediated general insurance data on September 21.