Brokers and other general insurance intermediaries placed more business in the second half of last year, invoicing about $21.24 billion of premium compared with a year-earlier $19.34 billion.

The three channels – authorised general insurers, Lloyd’s underwriters and unauthorised foreign insurers (UFIs) – all recorded increases in invoiced premium, the Australian Prudential Regulation Authority says in a revised update.

Business placed with authorised general insurers rose to $17.09 billion from $15.33 billion, UFIs grew to almost $1.52 billion from $1.48 billion, and Lloyd’s underwriters increased to $2.63 billion from $2.52 billion.

APRA revised the update to correct selected figures after questions from insuranceNEWS.com.au. The original update put invoiced premium at about $25.08 billion, apparently driven by a sharp rise in business placed with Lloyd’s underwriters to nearly $6.47 billion from $2.52 billion in the December half of 2022.

The regulator has also changed its figure for premium in the six months to June, revising it to $19.75 billion from $23.58 billion; business placed with Lloyd’s underwriters was amended to $2.35 billion from $6.18 billion.

The update is based on data from 1606 intermediaries, down from 1653 in the December half of 2022. 

APRA does not provide a breakdown by intermediary type. General insurance intermediaries are defined as current Australian Financial Services Licence holders that are authorised to deal in general insurance products.

Singapore dominated the UFI space, accounting for about 48% of invoiced premium, or $732 million. UFIs in Britain were next, with 22% of premium or $331 million, followed by Bermuda on 15% or $223 million.

Fire and industrial special risk made up the biggest share of premium invoiced to UFIs, at 61% or $933 million. About $510 million of this class went to UFIs in Singapore.

Products in “other direct classes” took up 14% or $219 million of business with UFIs, followed by professional indemnity at 12% or $182 million, and public and product liability at 10% or $148 million.

The remaining UFI business comprised 1% each for marine and aviation, and “other accident” products.