Insurance facts and figures 2007 - PwC

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Registered general insurers Chubb Insurance Co of Australia Ltd Tel: (02) 9273 0100 www.chubb.com CIC Allianz Insurance Ltd Tel: 13 26 64 www.allianz.com.au Colonial Protection Insurance Pty Ltd Level 7, 48 Martin Pl, Sydney 2000 Combined Insurance Co of America (trading as Combined Insurance Co of Australia) Tel: 1300 300 480 www.combined.com Commonwealth Insurance Ltd Tel: 13 24 23 www.comminsure.com.au Commonwealth Steamship Insurance Tel: (03) 8603 1000 Converium Ltd Tel: (02) 9274 3000 www.converium.com Copenhagn Reinsurance Co Ltd (The) Tel: (02) 9247 7266 Corrvas Insurance Pty Ltd Tel: (03) 9270 7270 www.ansell.com.au Credicorp Insurance Pty Ltd Tel: 13 32 82 www.cua.com.au Cumis Insurance Society Inc (as a part of the Cuna Mutual Group) Tel: (02) 9295 5555 www.cumis.com Curasalus Insurance Pty Ltd (formerly known as Orica Insurance Pty Ltd) Tel: (03) 9665 7111 www.orica.com.au EIG Ansvar Ltd Tel: 1300 650 540 www.eigansvar.com.au Elders Insurance Ltd Tel: (02) 8251 9000 www.elders.com.au Employers Mutual Ltd Tel: (02) 8251 9000 www.emia.com.au Employers Reinsurance Corporation Level 34, 60 Margaret St, Sydney 2000 Tel: (02) 9394 2800 www.swissre.com Farmers’ Mutual Insurance Ltd (Trading as FMG Insurance Limited) Tel: (02) 6041 2611 www.fmginsurance.com.au First American Title Insurance Co of Australia Pty Ltd (Trading as First Australian Titles) Tel: (02) 8235 4433 www.firsttitle.com FM Insurance Co Ltd Tel: (03) 9609 1300 www.fmglobal.com Fortron Insurance Group Ltd Tel: (08) 9202 5300 www.fortron.com.au General ReInsurance Australia Ltd Tel: (02) 8236 6100 www.genre.com Gerling Australia Insurance Co Pty Ltd Tel: (02) 8274 4200 www.gaus.com.au GIO General Ltd Tel: (03) 8650 4111 www.gio.com.au Gordian Runoff Ltd Tel: (02) 9257 5472 Guild Insurance Ltd Tel: 1800 810 213 www.guildifs.com.au Hallmark General Insurance Co Ltd Tel: (02) 9324 7999 www.ge.com.au Hannover Reinsurance Tel: (02) 9274 3000 www.hannover-re.com HBF Insurance Pty Ltd Tel: (08) 9265 6111 or 133 423 www.hbf.com.au Hollard Insurance Co Pty Ltd (The) Tel: 1300 360 190 www.hollard.com.au Hotline Insurance Co Pty Ltd Tel: (07) 3377 8801 or 1800 095 000 www.budgetdirect.com.au HSB Engineering Insurance Ltd Tel: 1300 739 472 www.hsbaustralia.com IAG Re Ltd Tel: (02) 9292 9222 www.iag.com.au 184
Insurance directory 7 Registered general insurers Insurance Australia Ltd Tel: (02) 9292 9222 www.iag.com.au Insurance Manufacturers of Australia Pty Ltd Tel: (02) 9292 9222 www.nrma.com.au / www.racv.com.au Kemper Insurance Co Ltd 95 Harrington St, Sydney 2000 LawCover Insurance Pty Ltd Tel: (02) 9264 8855 www.lawcover.com.au Liberty Mutual Insurance Co (Trading as Liberty Internaional Underwriters) Tel: (02) 8298 5800 www.liuaustralia.com.au Lionheart Insurance Pty Ltd Tel: (08) 9389 0094 Lumley General Insurance Ltd Tel: (02) 9248 1111 www.lumley.com.au Master Butchers Co-operative Ltd Tel: (08) 8262 5433 MDA National Insurance Pty Ltd Tel: (02) 9023 3300 www.mdanational.com.au MDU Australia Insurance Co Pty Ltd Tel: (02) 9260 9000 www.unitedmp.com.au Medical Insurance Australia Pty Ltd Tel: (08) 8238 4444 www.miga.com.au Mercantile and General Reinsurance Co of Australia Ltd (The) Tel: (02) 8295 9500 Mercantile Mutual Insurance(Australia) Ltd Tel: (02) 9234 8111 www.ing.com.au Metlife Insurance Ltd Tel: 1300 555 625 www.metlife.com.au Metway Insurance Ltd (07) 3362 1222 www.suncorp.com.au MIPS Insurance Pty Ltd (Formerly Health Professionals Insurance Australia Pty Ltd) Tel (03) 8620 8828 www.mips.com.au MMIA Pty Ltd Tel: (02) 9955 3999 Mortgage Insurance Co Pty Ltd (The) Tel: (02) 9255 4100 www.allco.com.au Mortgage Risk Management Pty Ltd (07) 4153 7714 www.widebaycap.com.au MTA Insurance Ltd (Formerly MTQ Insurance Ltd) Tel: (07) 3392 136 Mutual Community General Insurance Pty Ltd Tel: (03) 9601 8222 www.cgu.com.au/mcgi Munich Reinsurance Company Australia Branch Tel: (02) 9272 8000 www.munichre.com Munich Reinsurance Co of Australasia Ltd Tel: (02) 9272 8000 www.munichre.com Municipal Mutual Insurance Ltd Tel: (03) 9642 3511 New India Assurance Co Ltd (The) Tel: (02) 9241 3388 NipponKoa Insurance Co Ltd Tel: (02) 8224 4194 www.nipponkoa.co.jp/english North Insurances Pty Ltd Tel: (03) 9283 3333 www.reotinito.com NRG London Reinsurance Co Ltd Tel: (02) 9274 3000 NRG Victory Australia Ltd Tel: (02) 9274 3000 NZI Insurance Australia Ltd (as part of CGU Insurance Australia Ltd) Tel: (03) 9601 8222 www.cgu.com.au Optus Insurance Services Pty Ltd Tel: (03) 9233 4000 www.optus.com.au Permanent LMI Pty Ltd Tel: (02) 9231 7777 www.pmigroup.com.au PMI Indemnity Ltd Tel: (02) 9231 7777 www.pmigroup.com.au PMI Mortgage Insurance Ltd Tel: (02) 9231 7777 www.pmigroup.com.au 185
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Insurance facts and figures 2007
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Insurance facts and figures 2007
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4 Financial reporting 85 Developmen
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HIC HPPA IAA IASB IBD IBNER IBNR IC
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Introduction
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Industry information 1 Top 15 gener
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Industry information 1 Financial Po
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Industry information 1 Net Insuranc
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Industry information 1 Debt securit
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Industry information 1 General insu
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Industry information 1 Total privat
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Industry information 1 World catast
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Industry information 1 New annual p
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Industry information 1 Loss and exp
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2.1 Developments Developments over
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The requirements of these prudentia
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2.2 Framework Under the regulatory
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Although APRA is responsible for th
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2.3 Authorisation GENERAL INSURANCE
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authorisation, APRA can stipulate t
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AUTHORISED REPRESENTATIVES AND INSU
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Section 989B of the Corporations Ac
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• submits a Financial Information
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• A general insurer must develop,
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• The fitness and propriety of a
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LPS 232 - Business Continuity Manag
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Figure 2.2 summarises the calculati
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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
Page 142 and 143: • Quarterly unaudited PHIAC 4 med
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Page 150 and 151: Classes of income The income of a l
Page 152 and 153: Investment income A life insurer is
Page 154 and 155: HEALTH INSURANCE An organisation wh
Page 156 and 157: 5.4 Levies and premium taxation GEN
Page 158 and 159: Table 5.4 - Stamp duty rates - Gene
Page 160 and 161: However, life insurers may be entit
Page 162 and 163: • The expenses incurred by the in
Page 164 and 165: General Insurance Supervisory Levy
Page 166 and 167: 6.1 Commonwealth legislation The in
Page 168 and 169: etail financial products is more st
Page 170 and 171: and provides guarantees and assista
Page 172 and 173: GENERAL INSURANCE BROKERS’ CODE O
Page 174 and 175: 7.1 Government authorities Governme
Page 176 and 177: PRIVATE HEALTH INSURANCE ADMINISTRA
Page 178 and 179: 7.2 Industry associations ASSOCIATI
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Page 182 and 183: FINANCIAL SERVICES ACCOUNTANTS ASSO
Page 184 and 185: INSTITUTE OF PUBLIC INSURANCE ASSES
Page 186 and 187: INSURANCE PREMIUM FINANCE ASSOCIATI
Page 188 and 189: NATIONAL INSURANCE BROKERS ASSOCIAT
Page 190 and 191: PRIVATE HEALTH INSURANCE OMBUDSMAN
Page 194 and 195: Registered general insurers Poseido
Page 196 and 197: 7.5 Registered life insurers Americ
Page 198 and 199: 7.6 Registered health insurers ACA
Page 200 and 201: 7.7 Government insurers ACT Insuran
Page 202: PERTH 250 St George’s Terrace Tel
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