Australia: Insurance Core Principles—Detailed Assessment of Observance
Electronic Access:
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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.
Series:
Country Report No. 2012/312
Subject:
Capital adequacy requirements Financial institutions Financial regulation and supervision Financial sector policy and analysis Financial services Insurance Insurance companies Solvency
English
Publication Date:
November 21, 2012
ISBN/ISSN:
9781589069794/1934-7685
Stock No:
1AUSEA2012006
Pages:
137
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