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Intermediaries’ half-year premium tops $21 billion 

General insurance intermediaries invoiced $21.24 billion of premium in the second half of last year, up about $1.9 billion on the corresponding period in 2022, the Australian Prudential Regulation Authority (APRA) says in a revised update.

The July-December result marks the first time intermediaries have topped $21 billion over six months, archives show.

The prudential regulator told the December-half result is “higher than the previous years”, without elaborating.

It revised its general insurance intermediary statistics to correct selected figures after questions from The original update put invoiced premium at about $25.08 billion, apparently driven by a sharp rise in business placed with Lloyd’s underwriters to nearly $6.47 billion from $2.52 billion in the December half of 2022.

The revised update amends premium with Lloyd’s underwriters to $2.63 billion.

The regulator has also changed its figure for premium in the six months to June, revising it to $19.75 billion from $23.58 billion; business placed with Lloyd’s underwriters has been amended to $2.35 billion from $6.18 billion.

The revised update makes no other changes. Business placed with APRA-authorised general insurers rose to $17.09 billion in the half from $15.33 billion, and unauthorised foreign insurers (UFIs) grew to almost $1.52 billion from $1.48 billion.

The update is based on data from 1606 intermediaries, down from 1653 in the December half of 2022. APRA does not provide a breakdown by intermediary type.

Singapore dominated the UFI space, accounting for about 48% of invoiced premium, or $732 million. UFIs in Britain were next, with 22% of premium or $331 million, followed by Bermuda on 15% or $223 million.

Fire and industrial special risk made up the biggest share of premium invoiced to UFIs, at 61% or $933 million. About $510 million of this class of business went to UFIs in Singapore.

Products in “other direct classes” took up 14% or $219 million of business with UFIs, followed by professional indemnity at 12% or $182 million, and public and product liability at 10% or $148 million. The remaining UFI business comprised of 1% each for marine and aviation, and “other accident” products.