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APRA releases General Insurance Claims Development Statistics for December 2018

The Australian Prudential Regulation Authority (APRA) has released its General Insurance Claims Development Statistics publication for the December 2018 reference period.

The publication details trends in claims payments and reserves across the general insurance industry by class of business. The more relevant development statistics cover the long-tail classes of business.

Highlights for key classes of business for the 2018 accident year:
 
  Gross earned premium Latest estimated gross ultimate cost of claims Latest estimated ultimate loss ratio
CTP motor vehicle $3.8 billion $3.2 billion 84.4%
Public and product liability $2.3 billion $1.3 billion 54.0%
Professional indemnity $1.8 billion $1.3 billion 74.0%
Employers' liability $1.6 billion $1.3 billion 77.4%
Houseowners/householders $8.7 billion $4.1 billion 47.1%
Domestic motor vehicle $9.3 billion $6.4 billion 68.9%
Fire and ISR $4.4 billion $3.1 billion 71.8%
Commercial motor vehicle $2.5 billion $1.8 billion 72.6%
Reinsurance $6.8 billion $3.1 billion 46.1%
Copies of the December 2018 General Insurance Claims Development Statistics publication are available on the APRA website here

The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, credit unions, building societies, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding $6 trillion in assets for Australian depositors, policyholders and superannuation fund members.

Media enquiries

Contact Ben McLean, APRA Media Unit, on +61 2 9210 3024

All other enquiries

For more information contact APRA on 1300 558 849.