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Intermediary premium holds steady

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Insurance intermediaries invoiced $10.4 billion of premium in the half-year to June 30, the Australian Prudential Regulation Authority (APRA) says.

The sum compares with about $10.6 billion in the preceding six months.

About $8.9 billion of June-half premium was placed with APRA-authorised general insurers, $1.1 billion with Lloyd’s underwriters and $500 million with unauthorised foreign insurers (UFIs). Fire and industrial special risk lines made up 58% of UFI premium.

Singapore and the UK continue to dominate the UFI sphere, accounting for 61% or $295 million of premium.

Some 1686 intermediaries were licensed to conduct general insurance business at June 30.

About 48% of them chose to place business direct with underwriters in the June half.