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APRA releases new general insurance annual statistical publication

Wednesday 21 March 2012

 

12.07

The Australian Prudential Regulation Authority (APRA) today released the new annual publication, General Insurance Supplementary Statistical Tables, for the financial years ended in the 12 months to 30 June 2011.

The publication has been released following APRA’s consultation on changes to its general insurance statistical publications. It includes State level premium and claims expenses for direct insurers, and information about public insurers’ financial performance, position, and premiums and claims by class of business. This information was previously published in the Half Yearly General Insurance Bulletin publication, which has been discontinued following the consultation.

The publication shows that direct insurers wrote $30.6 billion gross earned premium inside Australia for the financial years ended in the 12 months to 30 June 2011.

General insurance was also undertaken by 14 public sector insurers for the year ended 30 June 2011. These insurers are not subject to the provisions of the Insurance Act 1973 and are not regulated by APRA.

For the year ended 30 June 2011, total public sector insurer premium revenue was $10.2 billion, an increase of .7 billion from the previous year.

Public insurers’ net profit was .5 billion, an increase of .3 billion from the previous year. The primary driver of this increase was an improved underwriting result, which increased by .6 billion from the previous year.

Public insurers’ total assets were $55.5 billion, an increase of $4.1 billion from the previous year. The total liabilities were $55.2 billion, an increase of $3.7 billion from the previous year.

APRA’s consultation on proposed changes to its general insurance statistical publications closed on 19 January 2012. Copies of the discussion paper, submissions made in response to this paper and APRA’s response to these submissions are available on APRA’s website.

The June 2011 General Insurance Supplementary Statistical Tables publication is available on APRA's website.
 

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 trillion in assets for Australian depositors, policyholders and superannuation fund members.