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APRA releases General Insurance Claims Development Statistics for December 2017

Thursday 28 June 2018

The Australian Prudential Regulation Authority (APRA) today released its General Insurance Claims Development Statistics publication for the December 2017 reference period.

The publication details trends in claims payments and reserves across the general insurance industry by class of business. The more relevant development statistics cover the long-tail classes of business.

Highlights for key classes of business for the 2017 accident year:

 

Gross earned premium

Latest estimated gross ultimate cost of claims

Latest estimated ultimate loss ratio

CTP motor vehicle

$4.1 billion

$3.6 billion

87.4%

Public and product liability

$2.2 billion

$1.2 billion

56.0%

Professional indemnity

$1.6 billion

$1.1 billion

69.8%

Employers' liability

$1.6 billion

$1.2 billion

79.7%

Houseowners/householders

$8.3 billion

$5.0 billion

60.3%

Domestic motor vehicle

$8.7 billion

$6.2 billion

70.9%

Fire and ISR

$4.3 billion

$3.5 billion

80.1%

Commercial motor vehicle

$2.2 billion

$1.7 billion

74.4%

Reinsurance

$6.2 billion

$3.5 billion

56.8%

 

Copies of the December 2017 General Insurance Claims Development Statistics publication are available at: https://www.apra.gov.au/publications/general-insurance-claims-development-statistics.

Claims

Media enquiries

Contact Ben McLean, APRA Media Unit, on +61 2 9210 3024

All other enquiries

For more information contact APRA on 1300 558 849.

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6.5 trillion in assets for Australian depositors, policyholders and superannuation fund members.