Buyers of home and private motor cover helped lift the industry’s gross written premium (GWP) in the year to June 30.

Home and contents GWP grew 6% to $7.46 billion on an average premium of $619, according to general insurance statistics from the Australian Prudential Regulation Authority. Gross incurred claims fell 11% to $3.11 billion.

Domestic motor vehicle GWP grew 3% to $7.89 billion, while claims increased 5% to $5.34 billion.

Commercial motor vehicle GWP fell 3% to $2.09 billion, while gross incurred claims gained 2% to $1.31 billion and the segment had a net underwriting combined ratio of 90%. The ratio shows net incurred claims and underwriting expenses as a percentage of net earned premium.

Fire and industrial special risk GWP was steady at $3.88 billion, and gross incurred claims fell 17% to $1.55 billion. The segment’s net underwriting combined ratio was 87%.

Compulsory third party (CTP) motor GWP increased 6% to $3.47 billion, while gross claims grew 18% to $2.96 billion.

The regulator says increased claims expenses mostly came from long-tail lines such as CTP motor vehicle, professional indemnity and employers’ liability, and the rises are primarily due to movement in the government bond yield, which affects how insurers value their outstanding claims liabilities.

The industry’s 103 insurers increased GWP by 4% to $39.16 billion and incurred net claims of $18.97 billion, up 2%. Commission expense grew 6% to $3.41 billion.

The insurers’ net profit fell 11% to $4.46 billion, mostly due to lower investment income on shareholders’ funds.

Reinsurers increased GWP by 18% to $2.49 billion. Their net incurred claims grew 86% to $815 million, but the 12 companies still increased profit by 104% to $491 million.

Some figures in the report do not have comparisons, because of changes to the regulator’s publications.