The Insurance Council of Australia is the representative body of the general insurance industry in Australia. Our members represent approximately 95 per cent of total premium income written by private sector general insurers. Insurance Council members, both insurers and reinsurers, are a significant part of the financial services system. September 2017 Australian Prudential Regulation Authority statistics show that the private sector insurance industry generates gross written premium of $44.9 billion per annum and has total assets of $118.6 billion. The industry employs approximately 60,000 people and on average pays out about $132 million in claims each working day.
Insurance Council members provide insurance products ranging from those usually purchased by individuals (such as home and contents insurance, travel insurance, motor vehicle insurance) to those purchased by small businesses and larger organisations (such as product and public liability insurance, professional indemnity insurance, commercial property, and directors and officers insurance).
Source of statistics: Australian Prudential Regulation Authority (APRA) Quarterly General Insurance Performance Statistics (QGIPS): http://apra.gov.au/GI/Publications/Pages/quarterly-general-insurance-statistics.aspx.