Home and contents and domestic motor insurance helped lift general insurance gross written premium (GWP) in the year to September 30, according to latest industry figures from the Australian Prudential Regulation Authority (APRA).

GWP increased 3% to $41.76 billion, of which insurers earned $39.27 billion, up 3%, and reinsurers $2.49 billion, up 16%.

The 115 insurers and reinsurers regulated by APRA paid $10.3 billion for reinsurance, up 3%.

Gross incurred claims grew 7.5% to $26.7 billion, but this was mostly due to increases in claims for inwards reinsurance and a lower government bond yield raising the value of outstanding claims liabilities on long-tail classes.

The industry made a 16.9% return on net assets.

Not all the regulator’s figures are comparable, because the Suncorp group restructured into one from five regulated entities during the September quarter last year.

The 103 primary insurers’ underwriting profit fell 5% to $3.77 billion but investment income lifted their insurance profit 7% to $5.61 billion. They paid commissions of $3.46 billion, up 6%, and made a combined profit of $4.24 billion, down 9%.

The 12 reinsurers made a combined profit of $410 million, compared with $73 million the previous year, which included a large, unexplained charge.

Household insurance GWP grew 4% to $7.49 billion, while commercial motor GWP was up 3% to $2.09 billion. Domestic motor GWP gained 2% to $7.94 billion and compulsory third party GWP increased 5% to $3.51 billion.

Fire and industrial special risks GWP fell 2% to $33.86 billion, while public and product liability GWP increased 3% to $2.22 billion. Professional indemnity GWP gained 1% to $1.52 billion.