Australia's general insurance industry has recorded mixed premium growth numbers for the June 2004 renewals period. Although dwarfed by life insurance, the general sector controls roughly A$76 billion $54 billion in assets and writes over A$20 billion $14 billion in annual net premium income. However, these amounts may be about to experience a period of prolonged inertia due to cut-throat pricing amongst competitors.
According to a joint JPMorgan and Deloitte survey, the domestic lines of insurance - household, motor and compulsory third party insurance - recorded a meagre 3% average increase in premium rates, while the change for the commercial insurance industry on average dropped by 5%.
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