About Us

The Insurance Council of Australia is the representative body of the general insurance industry in Australia.  Our members represent about 91 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. June 2018 Australian Prudential Regulation Authority statistics show that the private sector insurance industry generates gross written premium of $45.7 billion per annum and has total assets of $121.4 billion. The industry employs approximately 60,000 people and on average pays out about $120.8 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). 

1. Source: Australian Prudential Regulation Authority (APRA) Quarterly General Insurance Performance Statistics (QGIPS): https://www.apra.gov.au/publications/quarterly-general-insurance-performance-statistics

 

2. To obtain total private sector insurance industry gross written premium:

    a. PDF version of QGIPS, ‘Table 1A General insurers’ financial performance’, Row 1 ‘Gross written premium’, final column, Year-end figure.  Please note APRA’s reported figure is in $millions, so this needs to be converted to $billions for the footnote.

 

3. To obtain total private sector insurance industry total assets:

    a. PDF version of QGIPS, ‘Key Statistics’ table, Row 13 ‘Total assets ($m)’, final column, Year-end figure.  Please note APRA’s reported figure is in $millions, so this needs to be converted to $billions for the footnote.

 

4. To derive average pay out of claims each working day:

    a. PDF version of QGIPS, ‘Table 1a General insurers’ financial performance’, Row 8 ‘Gross incurred claims (current and prior years)’, final column, Year-end figure.  Please note APRA’s reported figure is already in $millions. 

    b. Divide figure from 4(a) by an approximate number of working days in the relevant financial year.  For the 2017-18 financial year, 250 working days have been used. 

 

 

 

 

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