Australia

Details

  • Industry: Financial Services, Insurance
  • Type: Survey report
  • Date: 24/09/2013

General Insurance Survey

General Insurance Industry Survey
KPMG's annual General Insurance Survey includes financial results of general insurers that represent a significant part of the Australian market.

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General Insurance Industry Survey 2013 

In the 12 months to 30 June 2013, the Australian insurance industry has weathered the year largely unaffected by catastrophes, resulting in a significantly improved financial performance for the industry as a whole. However, the industry is currently facing one of its toughest ever environments, with interest rates the lowest they have been in 40 years, new ‘non traditional’ market entrants challenging traditional insurers and new regulatory and capital requirements to consider.
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KPMG's General Insurance Industry Survey 2013 includes the financial results of general insurers that represent a significant part of the Australian market.

 

Key findings

  • 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.
 

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