​The Australian Prudential Regulation Authority (APRA) released its Quarterly General Insurance Performance Statistics March 2015 on 28 May 2015. The publication "provides industry aggregate summaries of financial performance, financial position, capital adequacy and key ratios" which are relevant to the 115 insurers licensed to conduct general insurance business in Australia.

Key findings for the insurance industry for the year ending 31 March 2015 include that:

  1. net earned premiums were $31.8 billion, up 2.4% from the previous year;
  2. gross incurred claims were $31.2 billion, up 21.8% from the previous year;
  3. net incurred claims were $22 billion, up 19.7% from the previous year;
  4. total assets were $116.3 billion, up 4.3% from the previous year; and
  5. total net profit after tax was $3.8 billion, down from $4.7 billion from the previous year.

The following is a snapshot of performance for the following key product classes:

Public and product liability

Click here to view the table.

Professional indemnity

Click here to view the table.

Fire and ISR 

Click here to view the table.

Further information in relation to all classes of business can be found here:

Quarterly General Insurance Performance Statistics March 2015.