The Australian Prudential Regulation Authority (APRA) has revealed data on general insurance for the period ending December 2023.
The report revealed a marked upsurge in total premiums invoiced through intermediaries in the general insurance market, registering at $25,079 million, a considerable increase from $18,841 million in June 2023 and $19,343 million in December 2022.
Interactions between intermediaries and APRA-authorised insurers reflected growth, with premiums rising to $17,093 million from the previous half-year’s $15,404 million and the previous year’s $15,334 million.
There was an even more pronounced increase in business placed with Lloyd’s underwriters, which leapt to $6,468 million, a significant rise from $2,229 million in June 2023 and $2,521 million in December 2022. Additionally, the premiums directed to unlicensed foreign insurers saw an uptick to $1,517 million.
The tally of active intermediaries in the market saw a marginal decline to 1,606 in December 2023, down from 1,612 in June 2023 and 1,653 in December 2022.
In a breakdown, those transacting with APRA-endorsed insurers fell to 631 (from 650 in June 2023 and 654 in December 2022), whereas the number working with Lloyd’s underwriters slightly increased to 307 (from 310 in June 2023 and 300 in December 2022).
Those who confined their dealings exclusively to other Australian intermediaries decreased to 16 (from 26 in June 2023 and 22 in December 2022), and intermediaries who did not conduct any business rose to 925 (from 903 in June 2023 and 947 in December 2022).
APRA also recently released its latest Private Health Insurance Risk Equalisation statistics, which highlighted an increase in health insurance deficits across all states.
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