APRA releases general insurance statistics for the June 2021 quarter

APRA has released its Quarterly General Insurance Performance Statistics and Quarterly General Insurance Institution Level Statistics publications for June 2021

Written on 1 September, 2021
Tanaya Das

The Australian Prudential Regulation Authority (APRA) has released its Quarterly General Insurance Performance Statistics and Quarterly General Insurance Institution Level Statistics publications for the June 2021 quarter.

The general insurance industry reported a net profit after tax of $1.0 billion and return on net assets of 3.4 per cent during the year ended 30 June 2021. Stronger underwriting results were constrained by provisioning for COVID-19 related Business Interruption (BI) claims, and large natural catastrophe claims costs. Investment market volatility resulted in investment income, although increasing, continuing to be lower than pre-COVID-19 levels.

The industry PCA coverage ratio increased slightly in the year ended 30 June 2021 to 1.71x, up from the ratio of 1.68x reported for the same period last year.

The Quarterly General Insurance Performance Statistics publication provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios. The publication also includes detailed statistics at a class-of-business level, a breakdown of operating income and expenses, and more granular solvency information.

The Quarterly General Insurance Institution-level Statistics publication contains individual insurer information about financial performance, financial position, capital adequacy and key ratios. The quarterly performance statistics of insurers may be impacted by factors outside of their control, such as natural catastrophe events, as well as those driven by their internal processes, such as the timing of actuarial valuations. Users should take these factors into account when interpreting the statistics.

You can access the entirety of the 30 June 2021 quarterly publications on APRA’s website.