Close to half of home loan losses in NSW
Mortgage insurance claims escalated rapidly, off a very low base, during the second half of the 2005 calendar year. Half those losses were reported in New South Wales and the Australian Capital Territory. The APRA general insurance bulletin, for the June 2005 year, first published in March this year, and the second edition, for the December 2005 year, and published in August, reveal the extent of the increase in mortgage insurance claims. Aggregate mortgage insurance claims Australia-wide in the year to June 2005 were $11 million. APRA said about $3 million of these claims were in NSW and the ACT. Six months later, the Australia-wide aggregate for mortgage insurance claims was $50 million. APRA said $23 million of these claims, or 46 per cent, were in NSW/ACT.