APRA Data Shows Rising Insurance Premiums Through Intermediaries

Of this total, $18.87 billion was placed with APRA-authorized general insurers, marking a rise from $17.66 billion. Premiums placed with Lloyd's underwriters also saw an increase, reaching $2.99 billion compared to $2.54 billion in the prior period. Conversely, business with unauthorized foreign insurers declined to $1.11 billion from $1.39 billion.

Despite the growth in premium volumes, the number of intermediaries placing business remained relatively stable. Out of 1,766 intermediaries recorded, 651 placed business with at least one underwriter, while 1,086 did not place any business during the reporting period.

These trends highlight the evolving dynamics within Australia's insurance market, emphasizing the critical role intermediaries play in connecting businesses with suitable coverage options. For small and medium-sized enterprises, understanding these shifts is essential for navigating the complexities of obtaining appropriate insurance protection.