The following key high-level results cover this latest product level dashboard update:
- In the 12 months to 31 March 2023, GWP for direct and indirect general insurers has increased by 10.2%. There have been increases in GWP across all lines of business, except for CTP and Professional Indemnity where premium changes have remained relatively flat.
- Across the major personal and commercial classes of business (excluding other), GWP has increased by 11.5%. In particular, Commercial Property and Commercial Motor Vehicle has seen premium growth rates of 15.2% and 14.6% respectively.
- In the 12 months to 31 March 2023, Underwriting Profitability was $5.3b, which has increased by 12.4% compared to the previous 12 months.
- Fire and ISR has had an increase in underwriting result from $359m in the previous 12 months to $1,951m in the 12 months to 31 March 2023. This increase in underwriting profit has primarily been due the release of reserves for Business Interruption by insurers following recent court decisions on policy wordings for pandemic exclusions and also as a result of premium increases
We’d like to thank our Corporate Partner KPMG for providing this data.