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GI Industry Trends - Building Insurance

The below table represents trends existing in building insurance available within Australia. The Building Insurance series are derived by indexing the original data, provided by Insurance Statistics Australia, to the September quarter 2001. The indexed series is then smoothed by applying a moving average technique.

How to use this table

The numbers in the series do not represent dollar values or frequencies. They represent the percentage change in the index numbers between two consecutive or distant quarters. This provides an indication of the underlying trend change in premiums, claims frequency, claims size and cost per policy.

The value of each series is indexed to the September quarter 2001. This means that the September quarter 2001 value is assigned an index number of 100 and subsequent values of the series are assigned index numbers that show the percentage change in the series from the September quarter level.

The indexed series is then smoothed using a moving average technique, to remove short term volatility in the underlying series, making it easier to identify the underlying trend.

For example, if the average smoothed indexed premium at the Sept-10 quarter is 198.2 and the average smoothed indexed premium at the Sept-11 quarter is 226.5, premiums between the two distant quarters have risen by 14.8 per cent.

Formula: (226.5 -198.2 / 198.2) x 100 = 14.27

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Home Building Insurance (National)

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Quarter Av premium Av claim size (qtr) Claim freq (qtr) Cost per policy (qtr)
Sep-2001 100.6 103.8 109.0 114.4
Dec-2001 102.3 114.9 111.1 129.2
Mar-2002 104.0 122.5 112.2 138.2
Jun-2002 105.8 119.1 106.1 126.7
Sep-2002 107.8 126.4 103.7 132.0
Dec-2002 110.0 137.3 108.0 149.6
Mar-2003 111.8 135.1 114.9 155.1
Jun-2003 113.1 120.2 120.7 144.7
Sep-2003 113.9 109.1 130.5 143.2
Dec-2003 114.8 110.3 130.2 144.7
Mar-2004 115.9 113.8 118.5 136.2
Jun-2004 117.6 104.2 106.5 111.1
Sep-2004 119.4 105.9 110.4 117.7
Dec-2004 121.0 118.8 123.3 148.5
Mar-2005 122.1 127.9 127.7 164.3
Jun-2005 123.1 127.5 119.8 153.7
Sep-2005 124.5 132.8 117.0 157.5
Dec-2005 126.1 154.2 116.8 181.2
Mar-2006 127.7 179.4 111.8 199.8
Jun-2006 129.1 185.4 100.1 186.4
Sep-2006 130.3 170.3 95.4 161.4
Dec-2006 131.5 167.9 103.8 174.1
Mar-2007 132.9 179.6 113.7 205.6
Jun-2007 134.6 187.5 118.0 222.4
Sep-2007 136.6 201.0 120.6 243.9
Dec-2007 138.9 219.7 122.2 268.8
Mar-2008 140.9 225.0 119.6 269.6
Jun-2008 141.6 202.9 114.9 237.1
Sep-2008 143.1 225.4 110.5 250.1
Dec-2008 147.7 300.9 110.1 327.5
Mar-2009 155.3 342.8 111.8 374.1
Jun-2009 162.9 295.0 107.1 312.4
Sep-2009 168.6 209.2 111.6 231.9
Dec-2009 173.4 187.4 128.2 248.9
Mar-2010 178.7 242.4 136.7 327.9
Jun-2010 184.4 263.8 124.5 312.9
Sep-2010 190.5 282.4 116.0 334.8
Dec-2010 196.7 330.4 120.8 432.7
Mar-2011 203.1 390.3 128.5 523.2
Jun-2011 209.9 413.3 114.5 486.4
Sep-2011 218.2 379.3 97.5 374.0
Dec-2011 228.2 321.5 101.8 317.2
Mar-2012 239.7 288.5 116.1 335.7
Jun-2012 251.4 251.4 111.4 280.5
Sep-2012 263.0 243.9 108.4 268.2
Dec-2012 274.6 277.7 108.0 310.8
Mar-2013 285.8 307.1 105.0 337.8
Jun-2013 296.2 309.3 95.6 308.2
Sep-2013 305.1 308.3 85.7 268.8
Dec-2013 312.1 321.7 82.4 263.6
Mar-2014 317.8 334.3 81.6 272.9
Jun-2014 322.4 315.3 77.9 244.0
Sep-2014 326.3 314.2 83.2 261.5
Dec-2014 329.7 366.0 98.0 368.7
Mar-2015 331.4 440.1 106.7 472.4
Jun-2015 330.9 505.8 99.7 498.5
Sep-2015 329.3 532.8 86.6 459.0
Dec-2015 328.3 514.2 82.1 418.1
Mar-2016 329.0 459.6 88.0 398.4
Jun-2016 330.6 404.6 93.7 379.6
Sep-2016 331.6 380.3 91.9 351.3
  • Source of underlying data: Insurance Statistics Australia
  • Original data has been indexed to the September quarter 2001 and trended using a 7 term Henderson moving average.
  • The data does not include State or Commonwealth Government taxes and charges.

 

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