The world's specialist insurance market Lloyd's wrote total premiums of A$3.2 billion (US$2.5 billion) last year, more than six times the A$500 million posted for 1998.
Last year's premium volume in Australia made Lloyd's the fifth largest player in the country and the fourth largest territory for Lloyd’s worldwide.
Lloyd's disclosed these figures in a statement released in conjunction with this year being its 20th year of business in Australia.
The statement said: “Here in Australia, Lloyd’s has been privileged to play a role in helping communities across the country during some of their toughest times, including the 2009 Black Saturday bushfires in Victoria and the 2010-11 floods in Queensland.
“We’ve also seen the introduction of GST, Financial Services Reform, the demise of HIH, the introduction of various Codes of Practice, the Financial Ombudsman Service and the creation of the Terrorism Pool to name but a few industry milestones.”
Lloyd's adds that as it look to the future, it is very clear that the technological revolution will continue to bring new risks and challenges but Lloyd’s ability to innovate, as well as its financial strength, will see it continue to grow.