Industry net premium revenue up 4.8%

September 2010 - Net premium revenue for the industry in the year ended 30 June 2010 was 25.4 billion, up 4.8% compared to the year ended 30 June 2009, despite the hail storms in Melbourne and Perth in March, which had a total insurance cost of more than $1 billion. APRA (Australian Prudential Regulation Authority) has provided the figures in their quarterly General Insurance Performance Statistics to June 2010.

Direct insurers wrote $24.0 billion which is roughly 94.2% of the industry’s total net premium while the remaining $1.5 billion was written by reinsurers. Net claims incurred for the industry were $16.3 billion which is down by 8.2% from last year, the figure comprises of direct insurer claims of $15.6 billion and reinsurer claims of $0.7 billion. The reported net loss ratio for the industry for the year ending 30 June 2010 was 64%, down from 73% last year.

[Insurance and Risk Professional August-September 2010]