Insurance facts and figures 2007 - PwC

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Major Australian catastrophes Original cost adjusted to June 2006 CPI 2006 2005 Cyclone “Larry” Nth QLD, $350m* est. Hailstorms Gold Coast, 2005, $63m Hail, Storm, Winds NSW, TAS, VIC, 2005, $220m 2003 Hail, storm Melbourne metro, 2003, $132m Bushfires Canberra, 2003, $373m 2001 1999 1998 Bushfires Sydney and NSW, 2001, $78m Hailstorms Sydney, 1999, $2093m Hailstorms, Brisbane, $95m Floods (excl. Cyclone Les) NT, 1998, $87m Cyclone “Sid” and floods QLD, 1998, $88m 1996 Hailstorms Singleton NSW, 1996, $62m Hailstorms Armidale/Tamworth NSW, 1996, $131m 1994 1992 1991 1990 Bushfires NSW, 1994, $79m Storms Sydney, 1992, $166m Storms Sydney, 1991, $321m Flood and wind from Cyclone Joy Qld, 1990/1, $110m Cyclone Nancy, Qld/NSW, 1990/1, $62m Hailstorms Sydney, 1990, $564m 1989 1986 Earthquake Newcastle, 1989, $1364m Hailstorms Western Sydney, 1986, $207m Storms and floods Sydney, 1986, $70m Cyclone Winifred, QLD, 1986, $80m 1985 1984 Hailstorms Brisbane, 1985, $389m Bushfires NSW, 1984/5, $58m Floods NSW, 1984, $184m 1983 1981 1977 1976 Ash Wednesday Bushfires SA & VIC, 1983, $421m Storms and floods Dalby QLD, 1981, $59m Thunderstorms NSW, 1977, $63m Cyclone Ted Qld, 1976, $71m Hailstorms NSW, 1976, $189m 1975 Cyclone Joan, WA, 1975, $106m Floods, Sydney, 1975, $80m 1974 Cyclone Tracy, Darwin, 1974, $1240m Cyclone Wanda, Brisbane, 1974, $421m 2500 2000 1500 1000 500 0 A ($m) Source: Insurance Disaster Response Organisation. Major disaster event list since June 1967. Revised to June 2006. "Cyclone Larry' est. $350 mil residential cost only 18
Industry information 1 World catastrophes The 40 most costly insurance losses 1970 – 2006 2005 2004 2003 2002 2001 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1979 1974 Hurricane Wilma; torrential rain, floods, US, $13.0bn QHurricane Rita; floods, damage to oil rigs, US, $10.4bn Hurricane Katrina, US, $66.3bn Seaquake; tsunamis in Indian Ocean, $2.1bn Hurricane Jeanne; floods, landslides, US & Carribean, $4.0bn Typhoon Songda, Japan & Sth Korea, $3.8bn Hurricane Ivan; damage to oil rigs, US, $13.7bn Hurricane Frances, US & Bahamas, $5.5bn Hurricane Charley, US & Carribean, $8.6bn Hurricane Isabel, US, $2.3bn Thunderstorms, tornadoes, hail, US, $3.5bn Severe floods across Europe, Europe, $2.6bn Terrorist attacks on WTC, Pentagon etc, US, $21.4bn Tropical storm Allison; rain, floods, US, $4.1bn Hail, floods & tornados, US, $2.5bn Winter storm Martin, France & Spain, $2.9bn Winter storm Lothar over Western Europe, $7.0bn Winterstorm Anatol, Western/Northern Europe, $2.3bn Typhoon Bart, South Japan, $4.9bn Hurricane Floyd, Eastern US, Bahamas & Caribbean, $3.4bn Hurricane Georges, US, Carribean, $4.4bn Floods after heavy rain in Central Europe, $2.0bn Hurricane Fran, US, $2.3bn Hurricane Opal, US, $3.3bn Rain, floods and landslides $2.1 bn Great Hanshin earthquake in Kobe, Japan, $3.3bn Northridge earthquake, US, $19.0bn Blizzards, tornadoes, US, $2.7bn Hurricane Iniki, US, $2.3bn Hurricane Andrew, US, $23.0bn Forest fires which spread to urban areas, drought, US, $2.5bn Typhoon Mireille, Japan, $8.4bn Winter storm Vivian, Europe, $4.9bn Winter storm Daria, Europe, $7.2bn Explosion in a petrochemical factory, US, $2.2bn Hurricane Hugo, Puerto Rico, $7.4bn Explosion on the Piper Alpha oil rig, UK, $3.4bn Storms and floods in Europe, $5.5bn Hurricane Frederic, US, $2.2bn Tropical cyclone Fifi, Honduras, $2.0bn 70,00 60,00 50,00 40,00 30,00 20,00 10,00 0 A ($bn) Source: SWISS Re, Natural catastrophes and man-made disasters in 2004, Sigma no.1/2005 USD converted to AUD using exchange rate of $A1 = $US0.7762, 31 December 2004 19
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 and 12: Industry information 1 Top 15 gener
Page 13 and 14: Industry information 1 Financial Po
Page 15 and 16: Industry information 1 Net Insuranc
Page 21 and 22: Industry information 1 Debt securit
Page 23 and 24: Industry information 1 General insu
Page 25: Industry information 1 Total privat
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
Page 62 and 63: Table 2.6 - Counterparty grades Gra
Page 64 and 65: General insurers in run-off This ap
Page 66 and 67: The key requirements of the new sta
Page 68 and 69: The solvency requirement broadly co
Page 70 and 71: AS3.04 Capital Adequacy Standard is
Page 72 and 73: The resilience reserve is intended
Page 74 and 75: 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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