Australia: Insurance Core Principles—Detailed Assessment of Observance

November 21, 2012

Preview Citation

Format: Chicago

Australia: Insurance Core Principles—Detailed Assessment of Observance, (USA: International Monetary Fund, 2012) accessed November 21, 2024

Summary

The insurance industry in Australia has weathered the global financial crisis well and was resilient to the catastrophic events in 2010/11. The insurance industry is mature but relatively small compared to the banking sector. Assets held by insurers represented only about 8 percent of the financial system total assets as at end-2011. Since 2007, the insurance market has been consolidating steadily as the total number of players fell from 190 to 172 although branches of foreign-owned general insurers rose from 36 to 43. The industry was comprised of 24 life insurers, 108 general insurers, 19 reinsurers, 7 captive general insurers and 14 friendly societies as at end-June 2011.

Subject: Capital adequacy requirements, Financial institutions, Financial regulation and supervision, Financial sector policy and analysis, Financial services, Insurance, Insurance companies, Solvency

Keywords: APRA member, APRA staff, Business plan, Capital adequacy requirements, Capital base, Corporate governance, CR, Financial system, Global, Holding company, Insurance, Insurance companies, ISCR, Solvency, Supervision activity

Publication Details

Pages:

137
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2012/312
Stock No:

1AUSEA2012006
ISBN:

9781589069794
ISSN:

1934-7685

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