APRA releases General Insurance Claims Development Statistics for December 2018
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%|
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.