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)
Mar-2001 99.4 96.1 83.2 80.5
Jun-2001 100.6 92.6 80.1 74.5
Sep-2001 101.5 95.3 79.4 76.5
Dec-2001 103.2 105.5 80.9 86.4
Mar-2002 104.9 112.5 81.7 92.5
Jun-2002 106.7 109.3 77.3 84.7
Sep-2002 108.8 116.1 75.5 88.3
Dec-2002 111.0 126.0 78.7 100.0
Mar-2003 112.8 124.1 83.7 103.8
Jun-2003 114.1 110.4 87.9 96.7
Sep-2003 115.0 100.2 95.1 95.8
Dec-2003 115.8 101.4 94.9 97.0
Mar-2004 116.9 104.7 86.3 91.4
Jun-2004 118.6 95.8 77.6 74.5
Sep-2004 120.5 97.3 80.4 78.8
Dec-2004 122.0 109.1 89.8 99.3
Mar-2005 123.1 117.5 93.1 109.9
Jun-2005 124.2 116.9 87.3 102.6
Sep-2005 125.6 122.1 85.3 105.6
Dec-2005 127.2 142.4 85.2 122.3
Mar-2006 128.8 166.0 81.7 135.2
Jun-2006 130.2 171.2 73.1 125.8
Sep-2006 131.4 156.6 69.5 108.2
Dec-2006 132.7 154.0 75.6 116.2
Mar-2007 134.0 164.9 82.8 137.5
Jun-2007 135.8 172.1 85.9 148.8
Sep-2007 137.8 184.6 87.9 163.1
Dec-2007 140.2 201.7 89.0 179.8
Mar-2008 142.1 206.5 87.1 180.2
Jun-2008 142.8 183.5 83.7 156.3
Sep-2008 144.4 210.2 80.7 170.4
Dec-2008 149.1 291.5 80.6 232.2
Mar-2009 156.6 336.2 81.9 268.3
Jun-2009 164.3 286.4 78.3 221.6
Sep-2009 170.1 195.6 81.1 157.2
Dec-2009 174.9 169.2 93.5 164.7
Mar-2010 180.3 221.8 100.6 221.7
Jun-2010 186.1 241.7 92.2 213.2
Sep-2010 192.2 259.7 85.6 227.5
Dec-2010 198.5 304.5 88.3 291.2
Mar-2011 204.9 359.3 93.5 350.4
Jun-2011 211.8 379.7 83.5 325.7
Sep-2011 220.0 348.0 71.1 250.4
Dec-2011 229.9 295.2 74.3 212.8
Mar-2012 241.4 264.9 84.8 225.2
Jun-2012 253.4 230.8 81.4 188.2
Sep-2012 265.2 225.3 79.0 180.1
Dec-2012 276.9 256.6 78.2 208.4
Mar-2013 288.4 276.3 77.8 225.6
Jun-2013 299.3 260.0 74.9 202.2
Sep-2013 307.8 235.5 71.8 169.9
Dec-2013 311.7 227.9 73.1 164.4
  • Source of underlying data: Insurance Statistics Australia. Updated February 7, 2014
  • Original data has been indexed to the March 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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