Australia’s General Insurance Premiums Rise 5.7% in First Half of 2024

Australia’s general insurance sector saw a 5.7% year-on-year (YoY) increase in premiums during the first half of 2024, totaling $13.73 billion (A$19.9 billion), according to data from the Australian Prudential Regulation Authority (APRA).

However, the number of intermediaries in the sector experienced a slight decline, falling 1.4% YoY to 1,589 by the end of June 2024.

APRA-authorised general insurers also posted a 5.8% YoY rise in premiums, reaching $11.25 billion (A$16.3 billion). In addition, business placed with Lloyd’s underwriters surged 11.3%, amounting to $1.73 billion (A$2.5 billion).

(Exchange rate: $1.00 = A$1.44)

Related topics:

• Cyber Scams Drive Changes in User Behavior, Chubb Reports
• Private Insurers Lead Growth in India’s Non-Life Insurance Market
• Crawford Malaysia Boosts Team for Flood Claims Ahead of Monsoon