APRA releases its latest bi-annual intermediated general insurance statistics
The Australian Prudential Regulation Authority has released its Bi-annual Intermediated General Insurance Performance Statistics until the year ending December 2022.
The Intermediated General Insurance Statistics provide insights about the industry relating to business placed by intermediaries. Included statistics also shed valuable insight on business placed with unauthorised foreign insurers (UFIs), which is then further segmented by region, exemption type, atypical risk class and customised reason.
The information released by APRA covers two sets of data. Firstly, aggregate data on all insurance contracts with APRA-authorised general insurers, Lloyd’s underwriters and UFIs. And secondly, any additional detailed information about individual risks placed with UFIs (either directly or via foreign intermediaries).
Business by intermediaries and authorised insurers | |||||
| Dec 2020 | Jun 2021 | Dec 2021 | Jun 2022 | Dec 2022 | |
| Intermediated general insurance business | |||||
| Total premium invoiced in the period of which: | 15,141 | 14,124 | 17,169 | 16,600 | 18,501 |
| Business placed with APRA-authorised general insurers ($m) | 12,088 | 11,689 | 13,646 | 13,735 | 14,617 |
| Business placed with Lloyd’s underwriters ($m) | 1,995 | 1,642 | 2,330 | 1,805 | 2,418 |
| Business placed with unauthorised foreign insurers ($m) | 1,058 | 793 | 1,193 | 1,059 | 1,466 |
This bi-annual report was introduced to enable policymakers to monitor insurance business flowing offshore to UFIs. UFIs are foreign domiciled insurers permitted to conduct their insurance business in Australia under limited exemption arrangements and are not regulated by APRA or required to comply with APRA’s general insurance prudential requirements.
You can read the bi-annual statistics in more detail at APRA’s website at: Intermediated General Insurance Statistics.