APRA releases General Insurance Claims Development Statistics for December 2017
The Australian Prudential Regulation Authority (APRA) today released its General Insurance Claims Development Statistics publication for the December 2017 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 2017 accident year:
| Gross earned premium | Latest estimated gross ultimate cost of claims | Latest estimated ultimate loss ratio |
|---|---|---|---|
CTP motor vehicle | $4.1 billion | $3.6 billion | 87.4% |
Public and product liability | $2.2 billion | $1.2 billion | 56.0% |
Professional indemnity | $1.6 billion | $1.1 billion | 69.8% |
Employers' liability | $1.6 billion | $1.2 billion | 79.7% |
Houseowners/householders | $8.3 billion | $5.0 billion | 60.3% |
Domestic motor vehicle | $8.7 billion | $6.2 billion | 70.9% |
Fire and ISR | $4.3 billion | $3.5 billion | 80.1% |
Commercial motor vehicle | $2.2 billion | $1.7 billion | 74.4% |
Reinsurance | $6.2 billion | $3.5 billion | 56.8% |
Copies of the December 2017 General Insurance Claims Development Statistics publication are available at: https://www.apra.gov.au/publications/general-insurance-claims-development-statistics.
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The Australian Prudential Regulation Authority (APRA) is the prudential regulator of the financial services industry. It oversees banks, mutuals, general insurance and reinsurance companies, life insurance, private health insurers, friendly societies, and most members of the superannuation industry. APRA currently supervises institutions holding around $9 trillion in assets for Australian depositors, policyholders and superannuation fund members.