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Member, Beacon International Group, Ltd.
SYDNEY, Australia--Premium revenue for the Australian general insurance industry was $21.5 billion Australian ($16.05 billion) for the year to June 30, 2006, a 1.7% increase over the previous year, according to the Australian Prudential Regulation Authority.
Of that total, $19.8 billion Australian was written by primary insurers, 1.1% higher than the previous 12-month total. Reinsurers wrote $1.7 billion Australian, a 10.6% increase over the amount of business they wrote during the year to June 30, 2005.Sydney-based APRA said that net-incurred claims for the Australian nonlife insurance industry for the year to June 30 were $12.4 billion Australian, down 5.4% compared with the previous year.
The net assets of the Australian general insurance industry increased by $1 billion Australian to $25 billion Australian, according to APRA, the country's insurance regulator.