Premiums invoiced by intermediated general insurance businesses fell to $9.67 billion for the six months to December 31, according to the Australian Prudential Regulation Authority (APRA).

The figure was down from $9.89 billion in the corresponding period of 2013.

About $8.1 billion was placed with APRA-authorised general insurers and $911 million with Lloyd’s underwriters.

Business placed with unauthorised foreign insurers (UFIs) fell to $708 million from $802 million.

The UK and Singapore accounted for 76% of premium placed with UFIs, and 58% was in the fire and industrial special risks class.

The high-value-insured exemption was used to place 70% of the UFI business, with the average premium across all exemption types $166,700, down from $185,800.

At December 31 there were 1598 intermediaries licensed to conduct general insurance business. Of those, 853 placed business directly with underwriters in the six-month period, 32 placed all their business through other Australian intermediaries and 713 did not place any general insurance business.