Premium rates up and volumes stable: Top-line growth for the listed insurers and brokers is being driven by premium rate increases, with slight volume growth for the insurers but large volume growth for the brokers as retention improved for both insurers and brokers. IAG/SUN continue to lose market share in personal lines so are aiming to improve volume growth while maintain rate increases in-line with inflation. 

Margins improving: Ongoing premium rate increases are finally translating into higher margins for the listed insurers. QBE was the stand-out with a 200bp improvement on pcp, SUN delivering a 30bp improvement HoH and IAG margins slightly down but with strong underlying claims improvement in intermediated channels. The General Insurers (GI's) have again been impacted by claims inflation, rising natural perils costs and elevated controllable costs, driven by regulatory and compliance costs. Ongoing efficiency programs, repricing and significant reserve strengthening in recent periods should more than offset these headwinds.