Insurance facts and figures 2007 - PwC

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Contents Introduction 2 1 Industry information 3 Top 15 general insurers 4 Top 15 life insurers 6 Top 15 health insurers 8 Top 10 government insurers 10 Investment performance indicators 12 Inflation indicators 14 General insurance 15 Life insurance 20 Health insurance 22 2 Regulation and supervision 25 Developments 26 Framework 30 • Reserve Bank of Australia 30 • Australian Prudential Regulation Authority 30 • Australian Securities and Investments Commission 33 • Private Health Insurance Administration Council 33 Authorisation 34 Supervision and compliance 40 Solvency and capital adequacy requirements 49 Investment policy 65 Reinsurance 66 3 Policyholder protection 71 Framework 72 • Insurance Council of Australia 73 Product disclosure 75 Pricing and competition 77 Sales practice regulation 79 Ability to pay claims 80 Use of personal information 81 Sources of redress 82 ii
4 Financial reporting 85 Developments 86 Framework 92 • Australian Accounting Standards Board 92 • Australian Prudential Regulation Authority 93 • Australian Securities & Investments Commission 95 • Australian Stock Exchange 95 • Private Health Insurance Administration Council 96 • Medicare Australia 96 • Life Insurance Actuarial Standards Board 96 Accounting standards 98 Annual accounts 119 Other returns 122 Key dates 129 5 Taxation 135 Developments 136 Personal taxation 147 Levies and premium taxation 148 Stamp duty 149 Goods and services tax 151 Key dates 155 6 Insurance legislation 157 Commonwealth legislation 158 State and territory legislation 163 Industry codes 163 7 Insurance directory 165 Government authorities 166 Industry associations 170 Complaints review services 181 Registered general insurers 183 Registered life insurers 188 Registered health insurers 190 Government insurers 192 PwC Australian offices and industry experts 193 iii
Page 1 and 2: Insurance facts and figures 2007
Page 3: Insurance facts and figures 2007
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 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
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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
Page 72 and 73:
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
Page 202:
PERTH 250 St George’s Terrace Tel
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Insurance facts and figures 2007 - PwC

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