Insurance facts and figures 2007 - PwC

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7.5 Registered life insurers American International Assurance Co (Australia) Ltd Tel: 1800 333 613 www.aiaa.com.au AMP Life Ltd Tel: (02) 9257 5000 www.amp.com.au ANZ Life Assurance Co Ltd Tel: (02) 9234 8111 www.anz.com.au / www.ing.com.au Asteron Life Ltd Tel: (02) 8275 3500 www.asteron.com.au BT Life Ltd Tel: 13 21 35 www.btonline.com.au Challenger Life No 2 Ltd Tel: (02) 9994 7000 www.challenger.com.au Colonial Mutual Life Assurance Society Ltd (The) Tel: (02) 8484 4817 www.comminsure.com.au Combined Life Insurance Co of Australia Ltd Tel: (02) 9922 2096 www.combined.com Commonwealth Insurance Holdings Ltd Tel: (02) 8484 4817 www.comminsure.com.au Cuna Mutual Life Australia Ltd Tel: (02) 9295 5555 www.cunamutual.com.au General Reinsurance Life Australia Ltd Tel: (02) 8236 6100 www.genre.com Gerling Global Life Reinsurance Co of Australia Pty Ltd Tel: (02) 8274 4200 www.gerling.com Hallmark Life Insurance Co Ltd Tel: (02) 9251 3155 www.ge.com.au Hannover Life Re of Australasia Ltd Tel: (02) 9251 6911 www.hannoverlifere.com.au HCF Life Insurance Co Pty Ltd Tel: 13 13 34 www.hcf.com.au ING Life Ltd Tel: (02) 9234 8111 www.ing.com.au IOOF Life Ltd Tel: 13 13 69 www.ioof.com.au Macquarie Life Ltd Tel: (02) 8232 3333 www.macquarie.com.au MBF Life Ltd Tel: (02) 9323 9500 www.mbf.com.au Metlife Insurance Ltd Tel: 1300 555 625 www.metlife.com.au MLC Ltd Tel: (02) 9957 8000 www.mlc.com.au MLC Lifetime Co Ltd Tel: (02) 9957 8000 www.mlc.com.au Munich Reinsurance Co of Australasia Ltd Tel: (02) 9272 8000 www.munichre.com National Australia Financial Management Ltd Tel: (02) 9957 8000 www.national.com.au National Mutual Life Association of Australasia Ltd (trading as AXA) Tel: (03) 9616 3911 www.axa.com.au Norwich Union Life Australia Ltd (Trading as Aviva) Tel: (03) 9829 8989 www.avivagroup.com.au NULife Insurance Ltd (Trading as Aviva) Tel: (03) 9829 8989 www.avivagroup.com.au PrefSure Life Ltd Prefsure was acquired by Tower 31/3/06 RACV Financial Services Ltd (Acquired by St Andrews Australia Ltd) Tel: 1800 630 705 www.standrewsaus.com.au RGA Reinsurance Co of Australia Ltd Tel: (02) 8264 5800 www.rgare.com St Andrews Life Insurance Pty Ltd Tel: 1300 363 159 www.standrewsaus.com.au 188
Insurance directory 7 Registered life insurers St George Life Ltd Tel: (02) 9236 1111 www.stgeorge.com.au Suncorp Life & Superannuation Ltd Tel: (07) 3362 1222 www.suncorp.com.au Swiss Re Life & Health Australia Ltd Tel: (02) 8295 9500 www.swissre.com Tower Australia Ltd Tel: (02) 9448 9000 www.toweraustralia.com.au Westpac Life Insurance Services Ltd Tel: (02) 9259 9374 www.westpac.com.au Zurich Australia Ltd Tel: 132 687 www.zurich.com.au 189
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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
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• Quarterly unaudited PHIAC 4 med
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136 5.1 Developments Tax reform in
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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
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Page 172 and 173: GENERAL INSURANCE BROKERS’ CODE O
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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 192 and 193: Registered general insurers Chubb I
Page 194 and 195: Registered general insurers Poseido
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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