Premiums invoiced by intermediated general insurance businesses grew to $9.85 billion in the past six months, according to the Australian Prudential Regulation Authority (APRA).

The total was up from $9.38 billion in the corresponding period of 2012 and from $8.56 billion in the six months to June.

Intermediaries placed 82% of the business with APRA-authorised general insurers, 10% with Lloyd’s underwriters and the remainder with unauthorised foreign insurers (UFIs) not overseen by the Australian regulator.

Singapore and the UK accounted for 73% of UFI business, while 63% was for fire and industrial special risks for high-value-insured policyholders.

The average premium for a new or renewed policy with UFIs was $190,210, down from $215,270 in the corresponding period of 2012.

The decline reflects new policies with small premiums using the “custom exemption”, which applies when no authorised insurer will take on the risk, or where their terms or prices are much less favourable.

There were 1582 general insurance licensed intermediaries as of December 31. Of those, 55% placed business directly with underwriters, 2% placed all business through other Australian intermediaries and 43% did not place any business in the six months.

Intermediaries placed 43% of APRA-authorised insurers’ gross written premium during the June half, excluding Lloyd’s. More recent figures are not yet available.