Australia: Insurance Core Principles—Detailed Assessment of Observance

International Monetary Fund

No 2012/312, IMF Staff Country Reports from International Monetary Fund

Abstract: 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.

Keywords: ISCR; CR; APRA member; business plan; capital base; financial system; holding company; APRA staff; corporate governance; supervision activity; Insurance companies; Insurance; Capital adequacy requirements; Solvency; Global (search for similar items in EconPapers)
Pages: 137
Date: 2012-11-21
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