The top ten insurers in Australia account for nearly 80 per cent of the sector’s $2.8 billion in profit last year, official figures show.
At the same time, some 23 insurers operating in Australia, including offshore majors Zurich, Warren Buffet-backed General Re and online specialist Progressive Direct delivered a loss last year.
Figures released by the Australian Prudential Regulation Authority give a comprehensive snapshot on the nation’s 106 regulated insurers. They also provide financial details of separate insurance brand, as opposed to profitability at a group level.
Insurance Australia Group’s flagship general insurance arm was the most profitable operator, returning $419.8 million in the year to end June, the figures show.
This was followed by European-based reinsurance major Munich Re on $335.8 million. Allianz generated $256 million while the RACV-IAG joint venture Insurance Manufacturers Australia returned $190.7 million.
Suncorp had two brands in the top 10 – its flagship Suncorp unit with $255.6 million and GIObrand on $110.4 million.
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