The Insurance Council of Australia is the representative body of the general insurance industry in Australia. Its members represent more than 90 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 Australian financial services system.
The private sector insurance industry generates gross premium revenue of $43.4 billion a year and has total assets of $119.3 billion. The general insurance industry on average pays out $121.9 million in claims to policyholders each working day.
Insurance Council members provide insurance products ranging from those usually purchased by individuals (such as home and contents insurance, travel insurance and motor vehicle insurance) to those purchased by small businesses and larger organisations (such as product and public liability insurance, commercial property, and directors and officers insurance).
Source of statistics: Australian Prudential Regulation Authority statistics - December 2015