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Australian insurance premiums up


SYDNEY, Australia—Gross premium revenue for Australian insurers for the year to June 30, 2006 was $28.2 billion Australian ($21.9 billion), up $900 million Australian ($700 million) compared with the previous year, according to statistics from the Australian Prudential Regulation Authority.

APRA, the Australian insurance regulator, said that direct insurers accounted for 93.3% of that premium revenue and reinsurers the remaining 6.7%.

Gross incurred claims over the year were $17.7 billion ($13.7 billion), according to APRA, with 94.8% of those falling upon direct insurers.