The Australian Prudential Regulation Authority (APRA) has released its General Insurance Claims Development Statistics publication for the December 2018 reference period.
The publication details trends in claims payments and reserves across the general insurance industry by class of business. The more relevant development statistics cover the long-tail classes of business.
Highlights for key classes of business for the 2018 accident year:
| Gross earned premium | Latest estimated gross ultimate cost of claims | Latest estimated ultimate loss ratio | |
|---|---|---|---|
| CTP motor vehicle | $3.8 billion | $3.2 billion | 84.4% |
| Public and product liability | $2.3 billion | $1.3 billion | 54.0% |
| Professional indemnity | $1.8 billion | $1.3 billion | 74.0% |
| Employers’ liability | $1.6 billion | $1.3 billion | 77.4% |
| Houseowners/householders | $8.7 billion | $4.1 billion | 47.1% |
| Domestic motor vehicle | $9.3 billion | $6.4 billion | 68.9% |
| Fire and ISR | $4.4 billion | $3.1 billion | 71.8% |
| Commercial motor vehicle | $2.5 billion | $1.8 billion | 72.6% |
| Reinsurance | $6.8 billion | $3.1 billion | 46.1% |
Copies of the December 2018 General Insurance Claims Development Statistics publication are available on the APRA website here.
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