News

Premium earnings up but profit down

News >>

Premium earnings up but profit down

Email

The Australian general insurance industry earned net profit after tax of $4.1 billion last year, down 12.8% on the 2013 figure.

However, net earned premium was up 3.2% to $31.7 billion, according to the latest statistics from the Australian Prudential Regulation Authority.

Of this sum, primary insurers wrote $30.1 billion and reinsurers $1.6 billion.

Gross incurred claims increased 3.6% to $29.8 billion, while net incurred claims were up 11.8% to $20.8 billion. Gross incurred claims for domestic motor grew 6.1% to $5.7 billion due to higher claims from catastrophes, including last November’s Brisbane hailstorm.

Increased claims led to reduced underwriting profit of $2.7 billion, down from $4.1 billion in 2013.

Short-tail classes such as householder and domestic motor powered the overall premium rise, while investment income for the industry grew 24% to $4.2 billion.

The net loss ratio was 66%, up from 61%, and the underwriting expense ratio was unchanged at 26%.

Total industry underwriting expenses increased 2.1% to $8.1 billion.

At December 31 there were 103 insurers and 12 reinsurers licensed to conduct general insurance business in Australia.

Thankyou to Insurancenews.com.au for this article

Last changed: Mar 06 2015 at 2:14 PM

Comments

  1. None Found

Add Comment

Latest News

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

read more

CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

read more