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Australia Insurance Market Size, Share, Trends, Analysis: By Type: Life Insurance, Property and Casualty Insurance, Non-Life Insurance, Health and Medical Insurance; By Organisation Size: Small and Medium-sized Enterprises (SMEs), Large Enterprises; By Mode: Online, Offline; By End Use; Regional Analysis; Competitive Landscape; 2024-2032
Australia Insurance Market Outlook
The Australia insurance market size was valued at USD 73.4 billion in 2023. The market is further projected to grow at a CAGR of 1.8% between 2024 and 2032, reaching a value of USD 86.7 billion by 2032.
Key Takeaways
- The Australian general insurance industry is projected to reach USD 83.9 billion by 2027, from AUD 86.8 billion in direct written premiums (DWP) in 2023.
- As per industry reports, the underwriting profit in the insurance industry increased from USD 911 million in the 2022 to USD 2,051 million in 2023, primarily due to the release of reserves for severe weather-related events, such as hailstorms and floods.
- The Australian Prudential Regulation Authority (APRA) plays a crucial role in regulating the insurance industry, ensuring financial stability, and monitoring the performance and capital adequacy of insurers.
- As per Insurance Council of Australia, nearly 38,000 insurance claims were filed due to storms, rain, and flooding that affected the east coast during December 2023.
The growth of the insurance market in Australia is influenced by the increased healthcare awareness post-pandemic, leading to a rise in demand for insurance coverage, especially in the health and medical insurance sector. Additionally, the escalating demand for natural catastrophic insurance due to climate change impacts and the surge in property and motor insurance premium rates contribute to the Australia insurance market growth. The industry’s growth is also bolstered by rising vehicle sales, which is driving the share of the motor insurance segment.
The trend towards open insurance, driven by initiatives like Australia's Consumer Data Right legislation, is reshaping the insurance sector. Insurers are focusing on leveraging data transparency to offer more personalised products and services, enhancing customer engagement, and driving market competitiveness. Sustainability, particularly environmental, social, and governance (ESG) factors, is becoming a strategic priority for insurers, aligning with the global push towards net-zero commitments. This trend not only addresses climate-related risks but also presents opportunities for insurers to innovate in a changing market landscape.
Additionally, the industry is experiencing a shift towards more detailed data analytics tools like cloud computing Power BI to drive focused decision-making. The acceleration of technological advancements within the insurance industry is another notable trend shaping the Australia insurance market development. Insurers are embracing digital technologies to enhance customer experiences, streamline operations, and offer innovative products like cyber insurance.
Health and medical insurance, the primary line of business in the Australian insurance market, represented 34.8% of premiums in 2023 and has shown consistent growth over ten consecutive quarters and approximately 55% of the Australian population now have health insurance. In addition, rising healthcare costs due to inflation are expected to boost the demand for private health insurance, especially for uninsured consumers, amidst a 5.2% CPI inflation in Australia in August 2023.
Market Segmentation
Australia Insurance Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments
Market Breakup by Type
- Life Insurance
- Property and Casualty Insurance
- Non-Life Insurance
- Health and Medical Insurance
Market Breakup by Organisation Size
- Small and Medium-sized Enterprises (SMEs)
- Large Enterprises
Market Breakup by Mode
- Online
- Offline
Market Breakup by End Use
- Individual
- Corporate
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Australian Capital Territory
- Western Australia
- Others
Competitive Landscape
Market players are emphasising strategies such as personalised insurance offerings, inclusive insurance options to enhance customer experience and to maintain a competitive edge in the market.
- Insurance Australia Group Limited
- Suncorp Group Limited
- QBE Insurance (Australia) Limited
- Allianz Australia Limited
- Dai-ichi Life Holdings, Inc.
- AIA Group Limited
- Zurich Financial Services Australia Ltd.
- Resolution Life NOHC Pty Limited
- Medibank Private Limited
- Steadfast Group Limited
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by Organisation Size |
|
| Breakup by Mode |
|
| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Australia Insurance Market Overview
8.1 Key Industry Highlights
8.2 Australia Insurance Historical Market (2018-2023)
8.3 Australia Insurance Market Forecast (2024-2032)
9 Australia Insurance Market by Type
9.1 Life Insurance
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Property and Casualty Insurance
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
9.3 Non-Life Insurance
9.3.1 Historical Trend (2018-2023)
9.3.2 Forecast Trend (2024-2032)
9.4 Health and Medical Insurance
9.4.1 Historical Trend (2018-2023)
9.4.2 Forecast Trend (2024-2032)
10 Australia Insurance Market by Organisation Size
10.1 Small and Medium-sized Enterprises (SMEs)
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Large Enterprises
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 Australia Insurance Market by Mode
11.1 Online
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Offline
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Australia Insurance Market by End Use
12.1 Individual
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Corporate
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Australia Insurance Market by Region
13.1 New South Wales
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Victoria
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Queensland
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Australian Capital Territory
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Western Australia
13.5.1 Historical Trend (2018-2023)
13.5.2 Forecast Trend (2024-2032)
13.6 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Insurance Australia Group Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Suncorp Group Limited
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 QBE Insurance (Australia) Limited
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Allianz Australia Limited
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Dai-ichi Life Holdings, Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 AIA Group Limited
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Zurich Financial Services Australia Ltd.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Resolution Life NOHC Pty Limited
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Medibank Private Limited
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Steadfast Group Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Australia Insurance Market: Key Industry Highlights, 2018 and 2032
2. Australia Insurance Historical Market: Breakup by Type (USD Billion), 2018-2023
3. Australia Insurance Market Forecast: Breakup by Type (USD Billion), 2024-2032
4. Australia Insurance Historical Market: Breakup by Organization Size (USD Billion), 2018-2023
5. Australia Insurance Market Forecast: Breakup by Organization Size (USD Billion), 2024-2032
6. Australia Insurance Historical Market: Breakup by Mode (USD Billion), 2018-2023
7. Australia Insurance Market Forecast: Breakup by Mode (USD Billion), 2024-2032
8. Australia Insurance Historical Market: Breakup by End Use (USD Billion), 2018-2023
9. Australia Insurance Market Forecast: Breakup by End Use (USD Billion), 2024-2032
10. Australia Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
11. Australia Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
12. Australia Insurance Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 73.4 billion.
The market is expected to grow at a CAGR of 1.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 86.7 billion by 2032.
The market is being driven as insurance aids in protecting high-value purchases like homes and cars, safeguarding property and possessions against disasters, ensuring financial protection in case of lawsuits, and fulfilling long-term and short-term financial planning goals.
Key trends aiding the market expansion are a shift towards more detailed data analytics tools, growing demand for personalised insurance products and inclusive insurance offerings, and a focus on customer-centric services and regulatory compliance.
Regions considered in the market are New South Wales, Victoria, Queensland, Western Australia, and Australian Capital Territory, among others.
Based on organisation size, the market comprises small and medium-sized enterprises (SMEs) and large enterprises.
Life insurance, property and casualty insurance, non-life insurance, and health and medical insurance are considered in the report.
Key players in this market include Insurance Australia Group Limited, Suncorp Group Limited, QBE Insurance (Australia) Limited, Allianz Australia Limited, Dai-ichi Life Holdings, Inc., AIA Group Limited, Zurich Financial Services Australia Ltd., Resolution Life NOHC Pty Limited, Medibank Private Limited, and Steadfast Group Limited, among others.
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