KPMG's General Insurance Industry Survey 2013 includes the financial results of general insurers that represent a significant part of the Australian market.
- Overall performance has seen a significant improvement with profits of $4,394 million compared with previous year results of $2,732 million.
- The significant increase in profit generated by the Australian operations of insurers largely reflects the increase in premium rate earnings, and a reduction in catastrophic claims.
- The industry’s capital coverage at 30 June 2013 was 1.82 times APRA minimum capital requirements which is higher than 2012 at 1.79 times.
- Lean, efficient, innovative, agile, and a customer centric focus will continue to be the core attributes of successful insurers into 2013/14.