Premiums invoiced by intermediated general insurance businesses fell 1.7% to $8.73 billion in the six months to June 30 as placements with unauthorised foreign insurers (UFIs) declined, Australian Prudential Regulation Authority (APRA) data shows.

The total fell from $8.88 billion in the corresponding period last year and from $9.76 billion in the half-year to December.

Business placed with APRA-authorised general insurers, 85% of the total, eased 0.2% from the corresponding period last year to $7.42 billion.

Placements with Lloyd’s underwriters declined 2.9% to $827 million, while business through UFIs dropped 19% to $483 million.

Placements with UFIs for fire and industrial special risks dropped 24.8% to $281 million, while professional indemnity slumped 42.6% to $41 million.

Singapore and the UK accounted for 64% of total UFI placements.

The average premium for a new or renewed policy placed with UFIs was little changed at $116,000, compared with $115,000 in the first half last year.

There were 1642 intermediaries licensed at June 30. Of these, 48% placed business directly with underwriters in the half, 2% went through other Australian intermediaries and 50% placed no premium.