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Australia Motor Insurance Market Size, Share, Analysis: By Policy Type: Third-Party Motor Insurance, Third-Party, Fire and Theft Motor Insurance, Comprehensive Motor Insurance; By Vehicle Type: Old Vehicles, New Vehicles; By User: Personal Vehicle, Commercial Vehicle; By Distribution Channel; Regional Analysis; Competitive Landscape; 2024-2032
Australia Motor Insurance Market Outlook
The Australia motor insurance market size reached USD 14.4 billion in 2023. The market is expected to grow at a CAGR of 6.3% between 2024 and 2032, reaching USD 25.1 billion by 2032.
Key Takeaways:
- As per the Australian Bureau of Statistics, in 2021, 20.1 million motor vehicles were registered in Australia.
- Australia's auto sector saw over a million new vehicle sales in 2022, dominated by SUVs and light commercials at 76.8% per FCAI.
- The automotive composite sector expanded, driven by the 20.1 million registered vehicles the Australian Bureau of Statistics recorded in 2021.
Personal vehicles contribute to the Australia motor insurance market growth since they typically offer a range of additional options, including roadside assistance, rental car coverage, and protection for customized equipment
Personal vehicle insurance offers personalized protection for individuals and families, encompassing extensive coverage against theft, vandalism, accidents, and natural disasters. It also includes liability for third parties, coverage for personal injuries, and additional options such as roadside assistance, rental cars, and discounted rates.
Commercial vehicle insurance is specifically designed for business-oriented vehicles such as delivery trucks and taxis, providing heightened liability limits and cargo coverage. These policies can extend to cover employee drivers, offer discounts for fleets, ensure compliance with regulations, and customize coverage for various industries. Some policies even include coverage for lost income resulting from accidents.
In March 2024, KOBA Insurance (KOBA) unveiled a fresh electric vehicle (EV) insurance product tailored to suit the growing market. This product was crafted to meet the distinctive requirements of EV drivers, offering them choices for repair services, EV rentals, coverage for charging equipment, and regular battery health assessments.
Market Segmentation
Australia Motor Insurance Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Policy Type
- Third-Party Motor Insurance
- Third-Party Fire and Theft Motor Insurance
- Comprehensive Motor Insurance
Market Breakup by Vehicle Type
- Old Vehicles
- New Vehicles
Market Breakup by User
- Personal Vehicle
- Commercial Vehicle
Market Breakup by Distribution Channel
- Direct Response
- Insurance Agents/Brokers
- Banks
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Australian Capital Territory
- Western Australia
- Others
The Australia motor insurance market key players are Auto & General Services Pty Ltd., Youi Pty Ltd., BJS Insurance Brokers Pty Ltd., Allianz Australia Insurance Limited, and Insurance Australia Limited among 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:
|
| Breakup by Policy Type |
|
| Breakup by Vehicle Type |
|
| Breakup by User |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*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 Asia Pacific Motor Insurance Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Motor Insurance Historical Market (2018-2023)
8.3 Asia Pacific Motor Insurance Market Forecast (2024-2032)
9 Australia Motor Insurance Market Overview
9.1 Key Industry Highlights
9.2 Australia Motor Insurance Historical Market (2018-2023)
9.3 Australia Motor Insurance Market Forecast (2024-2032)
10 Australia Motor Insurance Market by Policy Type
10.1 Third-Party Motor Insurance
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Third-Party, Fire and Theft Motor Insurance
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Comprehensive Motor Insurance
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Australia Motor Insurance Market by Vehicle Type
11.1 Old Vehicles
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 New Vehicles
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Australia Motor Insurance Market by User
12.1 Personal Vehicle
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Commercial Vehicle
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Australia Motor Insurance Market by Distribution Channel
13.1 Direct Response
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Insurance Agents/Brokers
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Banks
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Others
14 Australia Motor Insurance Market by Region
14.1 New South Wales
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Victoria
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Queensland
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Australian Capital Territory
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Western Australia
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Auto & General Services Pty Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Youi Pty Ltd.
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 BJS Insurance Brokers Pty Ltd.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Allianz Australia Insurance Limited
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Insurance Australia Limited
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Motor Insurance Market: Key Industry Highlights, 2018 and 2032
2. Australia Motor Insurance Market: Key Industry Highlights, 2018 and 2032
3. Australia Motor Insurance Historical Market: Breakup by Policy Type (USD Billion), 2018-2023
4. Australia Motor Insurance Market Forecast: Breakup by Policy Type (USD Billion), 2024-2032
5. Australia Motor Insurance Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
6. Australia Motor Insurance Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
7. Australia Motor Insurance Historical Market: Breakup by User (USD Billion), 2018-2023
8. Australia Motor Insurance Market Forecast: Breakup by User (USD Billion), 2024-2032
9. Australia Motor Insurance Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
10. Australia Motor Insurance Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
11. Australia Motor Insurance Historical Market: Breakup by Region (USD Billion), 2018-2023
12. Australia Motor Insurance Market Forecast: Breakup by Region (USD Billion), 2024-2032
13. Australia Motor Insurance Market Structure
Key Questions Answered in the Report
The market was valued at USD 14.4 billion in 2023.
The market is projected to grow at a CAGR of 6.3% between 2024 and 2032.
The revenue generated from the motor insurance market is expected to reach USD 25.1 billion in 2032.
The motor insurance market is categorised according to type, which includes old and new.
The key players are Auto & General Services Pty Ltd., Youi Pty Ltd., BJS Insurance Brokers Pty Ltd., Allianz Australia Insurance Limited, and Insurance Australia Limited among others.
Based on the user, the market is divided into personal vehicles and commercial vehicles.
The market is broken down into New South Wales, Victoria, Queensland, Australian Capital Territory, Western Australia, and others.
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