The Australian Prudential Regulation Authority (APRA) has released the December 2011 edition of the Quarterly General Insurance Performance Statistics publication, which has been enhanced following APRA’s consultation on changes to its general insurance statistical publications.

As a result of this consultation, the quarterly publication now includes additional statistics such as operating income and expenses, solvency, and more class of business statistics. These additional statistics are being made available three months earlier than when previously published in the Half Yearly General Insurance Bulletin, which has ceased.

The publication shows that in the December 2011 quarter, net earned premium for the industry was $7.1 billion, up from $6.7 billion in the previous quarter. For the year ended December 2011, net earned premium was $26.6 billion.

Net incurred claims for the industry in the quarter were $5.0 billion, down from $5.2 billion in the previous quarter. For the year ended December 2011, net incurred claims were $19.9 billion.

Net profit after tax for the industry in the December 2011 quarter was $0.6 billion, down from $0.8 billion in the previous quarter. For the year ended December 2011, net profit after tax was $3.0 billion, which represented a return on net assets of 10.0 per cent.

The December 2011 Quarterly General Insurance Performance Statistics publication is available at:
www.apra.gov.au/GI/Publications/Pages/quarterly-general-insurance-statistics.aspx