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GI Industry Trends - Building Insurance

The below table represents trends existing in building insurance available within Australia. The Building Insurance series are derived by indexing the original data, provided by Insurance Statistics Australia, to the March quarter 2004. The indexed series is then smoothed by applying a moving average technique.

How to use this table

The numbers in the series do not represent dollar values or frequencies. They represent the percentage change in the index numbers between two consecutive or distant quarters. This provides an indication of the underlying trend change in premiums, claims frequency, claims size and cost per policy.

The value of each series is indexed to the March quarter 2004. This means that the March quarter 2004 value is assigned an index number of 100 and subsequent values of the series are assigned index numbers that show the percentage change in the series from that quarter.

The indexed series is then smoothed using a moving average technique, to remove short term volatility in the underlying series, making it easier to identify the underlying trend.

For example, if the average smoothed indexed premium at the Sept-10 quarter is 198.2 and the average smoothed indexed premium at the Sept-11 quarter is 226.5, premiums between the two distant quarters have risen by 14.8 per cent.

Formula: (226.5 -198.2 / 198.2) x 100 = 14.27

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Home Building Insurance (National)

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Quarter Average premium Average claim size (qtr) Claim freq (qtr) Cost per policy (qtr)
Mar-2004 100.0 95.6 86.6 83.4
Jun-2004 101.5 92.9 83.4 77.6
Sep-2004 103.0 96.6 87.4 85.4
Dec-2004 104.3 106.7 96.4 104.4
Mar-2005 105.3 114.9 99.8 115.5
Jun-2005 106.2 114.4 93.6 108.0
Sep-2005 107.4 119.2 91.5 110.8
Dec-2005 108.7 138.4 91.2 127.4
Mar-2006 110.1 161.1 87.3 140.4
Jun-2006 111.3 166.4 78.3 131.1
Sep-2006 112.5 152.7 74.7 113.7
Dec-2006 113.7 150.4 81.3 122.6
Mar-2007 114.8 160.8 89.1 144.4
Jun-2007 116.2 167.6 92.4 155.8
Sep-2007 117.9 179.5 94.5 170.8
Dec-2007 120.1 196.3 95.8 188.6
Mar-2008 121.8 201.3 93.8 189.4
Jun-2008 122.2 181.7 90.2 166.6
Sep-2008 123.4 201.6 86.8 175.9
Dec-2008 127.5 268.9 86.5 230.4
Mar-2009 134.1 306.5 87.7 263.3
Jun-2009 140.6 264.1 83.9 219.8
Sep-2009 145.4 187.7 87.2 163.1
Dec-2009 149.5 168.4 100.1 175.0
Mar-2010 154.1 217.7 106.8 230.5
Jun-2010 159.1 236.9 97.3 220.0
Sep-2010 164.3 253.6 90.7 235.3
Dec-2010 169.7 296.6 94.4 304.2
Mar-2011 175.1 350.4 100.5 367.8
Jun-2011 181.0 371.1 89.5 341.9
Sep-2011 188.2 340.5 76.2 262.9
Dec-2011 196.8 288.7 79.6 223.0
Mar-2012 206.7 259.0 90.8 236.0
Jun-2012 216.8 225.7 87.1 197.2
Sep-2012 226.9 219.0 84.7 188.6
Dec-2012 236.8 249.3 84.4 218.5
Mar-2013 246.5 275.7 82.1 237.5
Jun-2013 255.5 277.7 74.7 216.7
Sep-2013 263.1 276.8 67.0 188.9
Dec-2013 269.2 288.8 64.4 185.3
Mar-2014 274.1 300.1 63.7 191.9
Jun-2014 278.0 283.1 60.9 171.6
Sep-2014 281.4 282.1 65.0 183.8
Dec-2014 284.4 330.3 76.6 260.2
Mar-2015 285.8 394.7 83.4 331.9
Jun-2015 285.4 445.1 77.9 345.4
Sep-2015 284.0 460.8 67.7 312.7
Dec-2015 283.2 442.8 64.0 282.2
Mar-2016 283.6 399.2 67.7 267.1
Jun-2016 285.3 349.8 72.7 254.2
Sep-2016 287.7 324.4 77.1 254.4
Dec-2016 290.8 361.7 81.9 299.0
Mar-2017 294.1 426.0 80.3 336.3
Jun-2017 297.6 466.1 72.3 332.2
Sep-2017 301.3 462.0 66.7 308.9
Dec-2017 305.0 434.2 68.6 298.5
Mar-2018 308.7 419.4 70.0 295.2
Jun-2018 312.1 421.1 67.3 284.8
  • Source of underlying data: Insurance Statistics Australia
  • Original data has been indexed to the March quarter 2004 and trended using a 7 term Henderson moving average.
  • The data does not include State or Commonwealth Government taxes and charges.

 

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