Australia

Details

  • Industry: Financial Services, Insurance
  • Type: Survey report
  • Date: 25/09/2012

General Insurance Industry Review

General Insurance Industry Review
KPMG's General Insurance Industry Review includes the financial results of general insurers representing a significant part of the Australian market.

General Insurance Industry Survey 2012 

Whilst the year to 30 June 2012 has been characterised by a reduced number of severe weather events when compared to recent years, the results of some of the insurers included in the survey still reflect the impact of events which occurred in the first half of 2011.
General Insurance Industry Survey 2012 cover
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KPMG's General Insurance Industry Survey 2012 includes the financial results of general insurers that represent a significant part of the Australian market.

 

Key findings

  • Overall performance has seen stronger premium growth however this has been impacted by higher claim costs.
  • Insurance profit generated by the Australian operations of insurers has declined compared to the previous period. The result reflects the impact of severe weather event losses, increased reinsurance costs for some insurers and the effect of interest rate reductions.
  • The industry capital coverage at 30 June 2012 was higher than 2011 at 1.79 times APRA minimum capital requirements (2011: 1.75 times).
 

Insurance

KPMG’s Insurance group helps general insurance companies, health, life, reinsurance and broking arms of the industry make better business decisions.