The Australian Prudential Regulation Authority (APRA) has published its intermediated general insurance statistics for the six months ending December 2024.
It reported a total of $22.3 billion in invoiced premiums across all channels of placement.
According to the data, $17.97 billion of this total was arranged with APRA-authorised general insurers. A further $2.98 billion was placed through Lloyd’s underwriters, while $1.35 billion went to unauthorised foreign insurers (UFIs).
The number of intermediaries increased to 1,725, up from 1,539 reported in the June 2024 half. Among these, 660 intermediaries placed business with an underwriter. Of that group, 629 worked with APRA-authorised insurers, 323 with Lloyd’s, and 92 with UFIs. The number of intermediaries that did not place any business rose to 1,037, reflecting fluctuations in broker activity across the market.
APRA also reported that total effective premium – which adjusts for time-at-risk and other factors – reached $21.3 billion in the December 2024 half. Of this, $17.1 billion was placed with APRA-authorised general insurers, $2.64 billion with Lloyd’s, and $1.56 billion with UFIs.
Meanwhile, APRA-authorised insurers excluding Lloyd’s underwriters wrote $38.1 billion in direct gross written premium (GWP) for the same period. Of that total, 43% was placed via intermediaries, down from 52% in the June 2023 half and 51% in December 2022.
The publication comes alongside a sector outlook by research firm GlobalData, which expects Australia’s general insurance market to reach $146.9 billion in direct written premiums by 2029.
The market is projected to grow at a 9.2% compound annual growth rate (CAGR) from a base of $103.1 billion in 2025.
GlobalData forecasts the market to expand by 8.9% in 2025, citing inflation-linked premium adjustments, increased demand for catastrophe cover, and broader economic recovery.
In a separate report, APRA released updated figures on private health insurance risk equalisation for FY 2023/24.
The figures detail insurer-level net transfers within the scheme. HBF received the largest transfer at $115.3 million, while NIB paid $236.9 million into the pool.
Speaking at the Members Health Directors’ Professional Development Program in February, APRA executive board member Suzanne Smith said the sector is undergoing structural change.
“The industry’s vital signs have continued to improve; however, we can also see it is experiencing significant change and faces a range of immediate and longer-term challenges,” she said.
Smith urged boards to strengthen governance frameworks in light of demographic shifts, increased healthcare costs, and evolving consumer expectations.
