General insurance intermediaries invoiced $8.71 billion in premium in the six months to June 30, with all but 17% placed with licensed insurers, according to latest statistics from the Australian Prudential Regulation Authority (APRA).

This compares with $9.39 billion placed in the previous half-year. Market observers have told insuranceNEWS.com.au the fall is solely due to the dramatic softening of commercial insurance rates in the first six months of this year.

 Lloyd’s underwriters accounted for $848 million of the premium placed by brokers in the six months, compared with $905 million in the previous six months.

While the trend was mostly downwards, premium directed to unauthorised foreign insurers (UFI) was stable, rising slightly to $591 million from $589 million.

Most UFI business arranged by brokers was through underwriters in Singapore, where $308 million in premium was placed, easily leading London ($91 million) and Bermuda ($52 million).

Fire and industrial special risks accounted for 62% of the total placed with UFIs.

Of the 1607 licensed intermediaries registered with APRA, 845 placed business directly with authorised insurers, UFIs and Lloyd’s in the six months to June 30.

Some 729 intermediaries placed no business during the year. This number has grown steadily from 645 over the past two years.