Slowdown for Australian general insurers

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.