The Australian Prudential Regulation Authority (APRA) has released the latest general insurance institutional-level statistics for general insurers (level 1), general insurance groups (level 2), and Lloyd's Australia.
The latest data highlights financial performance, position, and capital adequacy for the 12 months to June 2023.
For the year-end June 30, 2023, RAC Insurance Pty Limited (total business) had the highest gross earned premium (GWP) among level 1, with $956 million – followed by Avant Insurance Limited (total business) with $286 million and Pacific International Insurance Pty Limited (total business) with $229 million.
For the same period, Insurance Australia Group (total business) had the highest GWP among level 2, with $13,838 million, followed by Suncorp Insurance Holdings (total business) with $11,831 million and Hollard Holdings Australia Pty Ltd (total business) with $2,629 million.
APRA's latest general insurance institutional-level statistics reflect the recent growth of the industry.
A report recently published by data and analytics company GlobalData predicted the Australian general insurance industry to jump from$86.8 billion in 2023 to a whopping $123.1 billion by 2027.
Specifically, the report expects the Australian general insurance industry to see an annual growth of 9.5% in 2023 and 9.8% in 2024 due to increased healthcare awareness post-COVID-19 pandemic, high demand for natural catastrophe insurance due to the impacts of climate change, and skyrocketing property and motor insurance premiums.
