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SYDNEY, AustraliaGross premium revenue for Australian nonlife insurers increased by more than $500 million Australian ($427 million) in 2006 compared with 2005, according to statistics published by the Australian Prudential Regulation Authority.
Sydney, Australia-based APRA said that gross premium revenue for general insurers that it regulates was $28.9 billion Australian ($24.7 billion) during the year to Dec. 31, 2006.
Direct insurers accounted for 95.1% of that total, while reinsurers accounted for the remainder, the regulator said in a statement.
The total net loss ratio for the nonlife industry was 57%, down from 61% in 2005, it said.