The Australian Prudential Regulation Authority (APRA) has released its latest intermediated general insurance statistics, which show continued growth in the intermediated general insurance business.
Total premiums invoiced stood at $19.91 billion in June 2024, increasing from $18.84 billion recorded during the same period last year. However, this figure shows a slight decline from the December 2023 figure of $21.27 billion.
Premiums placed with APRA-authorised general insurers amounted to $16.30 billion, a solid increase from $15.40 billion in June 2023. Although it represents a slight dip from the December 2023 peak of $17.08 billion, the year-on-year growth demonstrates the enduring strength of these insurers in the market.
APRA-authorised insurers continue to command the lion’s share of the market, and the consistent flow of business their way underscores their dominance in the intermediated insurance landscape.
Lloyd’s underwriters also saw a steady volume of business in the first half of 2024, with premiums placed with them totaling $2.48 billion by June 2024. This is up from $2.23 billion in June 2023, marking a year-on-year increase that mirrors the general trend of growth in intermediated insurance.
Although the December 2023 figure was slightly higher at $2.68 billion, the overall rise in business placed with Lloyd’s underwriters over the year indicates their continued relevance and the trust intermediaries place in them.
In contrast, premiums placed with unauthorised foreign insurers fluctuated more significantly. The June 2024 figure of $1.13 billion represents a decrease compared to both the $1.51 billion recorded in December 2023 and the $1.21 billion from June 2023.
This volatility highlights the less stable position of unauthorised foreign insurers in the market, as their business seems more susceptible to broader market shifts and possibly regulatory pressures.
APRA’s bi-annual report provides an overview of intermediated general insurance placed with APRA-authorised general insurers, Lloyd's underwriters, and unauthorised foreign insurers (UFIs).
The June 2024 intermediated general insurance statistics publication is available on the APRA website here.
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