Insurance facts and figures 2007 - PwC

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Top 15 general insurers Ranking Measure: Performance: Entity Year end Current $m Net earned premium Prior $m Underwriting result Prior % Current Rank Change $m Prior $m Investment result Current $m Prior $m Result after tax Current $m 1 QBE Insurance Group 12/06 8,158 7,386 1 10% 1,200 808 822 718 1,483 1,091 2 Insurance Australia Group 06/06 6,132 6,144 2 -0% 533 430 905 1,043 862 928 3 Promina 12/06 3,092 2,940 3 5% 263 186 307 327 549 507 4 Suncorp 06/06 2,527 2,471 4 2% 230 131 241 313 916 991 5 Allianz Australia 12/06 1,991 1,892 5 5% 213 94 243 280 349 276 6 Wesfarmers 06/06 783 735 6 7% 130 142 35 43 1,048 702 7 Zurich Australian Insurance 12/06 700 689 7 2% 104 75 161 146 232 246 8 Swiss Re 12/06 523 648 9 -19% 150 58 66 77 123 115 9 Munich Re 12/06 521 661 8 -21% 96 198 77 112 109 193 10 RACQ 12/05 347 340 10 2% 26 11 51 51 54 38 11 Chubb Insurance 12/05 231 229 11 1% 39 47 31 28 48 52 12 AIG (American Home Assurance) 12/06 225 224 13 0% 62 99 39 31 55 77 13 Westpac 09/06 182 162 15 12% 84 78 21 17 67 62 14 ACE Insurance 12/06 170 182 14 -7% 60 53 17 21 57 44 15 General Reinsurance Australia 12/05 136 203 12 -33% 52 (20) 42 27 51 (5) Prior $m Source: Published annual financial statements or Insurance Act Return, including segment reporting for organisations with significant non-general insurance activities Notes: World wide premium is ranked for those companies/groups based in Australia, while only premium under the control of the Australian operations are included for those with overseas parents. Where a group has significant non-general insurance operations, only performance and position information relating to general insurance is disclosed (subject to availability). In some instances this involves estimating of a notional tax charge for the result after tax. Outstanding claims are net of all reinsurance recoveries. 4
Industry information 1 Financial Position: Outstanding claims Investments Net Assets Total Assets Current $m Prior $m Current $m Prior $m Current $m Prior $m Current $m Prior $m 11,645 10,870 18,915 16,503 6,349 5,159 31,757 29,665 6,008 5,957 9,929 10,370 3,761 4,503 16,972 17,102 2,242 2,220 4,503 4,626 1,480 1,549 6,921 6,904 4,249 4,172 3,920 4,085 4,433 5,261 57,369 52,488 3,337 3,298 5,453 4,625 1,666 1,518 10,669 7,592 253 197 659 634 348 340 1,563 1,513 944 961 1,320 1,182 541 467 2,357 2,367 1,105 868 1,479 1,784 551 830 1,993 2,541 998 987 1,618 1,698 475 450 2,242 2,236 458 404 652 558 172 282 852 731 336 276 529 422 229 129 836 716 780 225 651 544 256 222 1,395 1,074 43 38 341 277 200 172 521 434 144 185 333 360 167 146 962 1,069 (40) 38 677 649 276 225 1,131 1,189 5
Page 1 and 2: Insurance facts and figures 2007
Page 3 and 4: Insurance facts and figures 2007
Page 5 and 6: 4 Financial reporting 85 Developmen
Page 7 and 8: HIC HPPA IAA IASB IBD IBNER IBNR IC
Page 9 and 10: Introduction
Page 11: Industry information 1 Top 15 gener
Page 15 and 16: Industry information 1 Net Insuranc
Page 17 and 18: Industry information 1 Financial Po
Page 19 and 20: Industry information 1 Financial Po
Page 21 and 22: Industry information 1 Debt securit
Page 23 and 24: Industry information 1 General insu
Page 25 and 26: Industry information 1 Total privat
Page 27 and 28: Industry information 1 World catast
Page 29 and 30: Industry information 1 New annual p
Page 31: Industry information 1 Loss and exp
Page 34 and 35: 2.1 Developments Developments over
Page 36 and 37: The requirements of these prudentia
Page 38 and 39: 2.2 Framework Under the regulatory
Page 40 and 41: Although APRA is responsible for th
Page 42 and 43: 2.3 Authorisation GENERAL INSURANCE
Page 44 and 45: authorisation, APRA can stipulate t
Page 46 and 47: AUTHORISED REPRESENTATIVES AND INSU
Page 48 and 49: Section 989B of the Corporations Ac
Page 50 and 51: • submits a Financial Information
Page 52 and 53: • A general insurer must develop,
Page 54 and 55: • The fitness and propriety of a
Page 56 and 57: LPS 232 - Business Continuity Manag
Page 58 and 59: Figure 2.2 summarises the calculati
Page 60 and 61: Insurance risk capital factors Tabl
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Table 2.6 - Counterparty grades Gra
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General insurers in run-off This ap
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The key requirements of the new sta
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The solvency requirement broadly co
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AS3.04 Capital Adequacy Standard is
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The resilience reserve is intended
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Funds held in a trust account can b
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If the reinsurance program has a co
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The Life Act also provides that cer
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3.1 Framework The insurance industr
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Table 3.1 - Policyholder protection
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• given a PDS before becoming bou
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With effect from 1 July 2003, only
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As AFSL holders, insurers are requi
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Since 2001, there has been a marked
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INSURANCE BROKERS Insurance Brokers
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4.1 Developments AASB 7 FINANCIAL I
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Australia had one of the leading-ed
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• it eliminates or significantly
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4.2 Framework Insurers’ financial
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Figure 4.1 - Overview of relevant f
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10 core principles that the Council
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4.3 Accounting standards GENERAL IN
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• Non-insurance contracts; and
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value unless the claims are to be s
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Outstanding claims should have rega
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Interaction with regulatory reporti
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Life investment contract A life inv
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The income statement includes all p
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Incremental costs that are directly
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• The process used to determine t
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Premium revenue Under the revised A
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AUTHORISED REPRESENTATIVES AND INSU
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APRA prudential standards stipulate
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4.5 Other returns GENERAL INSURANCE
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- A description of the probability
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In March 2006, the IAA released Pro
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• An annual FCR; • An appointed
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• National Claims and Policies Da
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• Levy on deregulated premium col
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• Quarterly unaudited PHIAC 4 med
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136 5.1 Developments Tax reform in
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• under the hedging election and
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Outstanding claims A deduction is a
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Classes of income The income of a l
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Investment income A life insurer is
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HEALTH INSURANCE An organisation wh
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5.4 Levies and premium taxation GEN
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Table 5.4 - Stamp duty rates - Gene
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However, life insurers may be entit
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• The expenses incurred by the in
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General Insurance Supervisory Levy
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6.1 Commonwealth legislation The in
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etail financial products is more st
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and provides guarantees and assista
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GENERAL INSURANCE BROKERS’ CODE O
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7.1 Government authorities Governme
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PRIVATE HEALTH INSURANCE ADMINISTRA
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7.2 Industry associations ASSOCIATI
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AUSTRALIAN HEALTH SERVICE ALLIANCE
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FINANCIAL SERVICES ACCOUNTANTS ASSO
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INSTITUTE OF PUBLIC INSURANCE ASSES
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INSURANCE PREMIUM FINANCE ASSOCIATI
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NATIONAL INSURANCE BROKERS ASSOCIAT
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PRIVATE HEALTH INSURANCE OMBUDSMAN
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Registered general insurers Chubb I
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Registered general insurers Poseido
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7.5 Registered life insurers Americ
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7.6 Registered health insurers ACA
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7.7 Government insurers ACT Insuran
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PERTH 250 St George’s Terrace Tel
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Insurance facts and figures 2007 - PwC

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