Australia General Insurance – Key Trends and Opportunities to 2026

Pages: 94 Published: May 20, 2022 Report Code: GDIS2481MR

The Australia general insurance market size was $61.2 billion in 2021. The market is expected to grow at a CAGR of more than 6% during the forecast period. The Australian general insurance premium growth was aided by the double-digit growth in commercial property and professional indemnity GWP and growing demand for natural catastrophic policies during the nine months of 2021.

The Australia general insurance market research report provides a detailed outlook by product category for Australia’s general insurance segment. It provides values for key performance indicators such as gross written premium, net written premium, loss ratio, premium by line of business, and loss ratio, during the review period and forecast period. The report also analyzes distribution channels operating in the segment and gives a comprehensive overview of Australia’s economy and demographics. Moreover, it provides detailed information on the competitive landscape in the country and includes details of insurance regulations and recent changes in the regulatory structure.

Australia General Insurance Market Overview

Australia General Insurance Market Overview

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What are the key Australia general insurance market trends?

The Australian Securities and Investments Commission issued a consultation paper regarding the modification of class order on Product Disclosure Statement (PDS) requirements for general insurance products in November 2021. Following the end of consultation in December 2021, it issued PDS requirements which facilitate insurance quotes being given to consumers over the phone, enabling consumers to shop around and compare general insurance products for five years. In line with the development, AAI introduced a digital tool to assist home and contents insurance customers with better insurance quotes in 2022.

With unsustainable losses from climatic damages, demand for parametric insurance is expected to become more widespread. In November 2021, a new parametric cyclone insurance product, Redicova, was launched in Northern Australia by Lloyd’s Disaster Risk facility (DRF). The product aims to provide payouts by utilizing track maps (a method that plots the journey of cyclones through real-time data) and data from the Australian Bureau of Meteorology to assist Northern Australian businesses to reduce the impact of severe cyclones.

What are the key lines of business in the Australia general insurance market?

The key lines of business in the Australia general insurance market are non-life PA&H insurance, motor insurance, property insurance, liability insurance, miscellaneous insurance, financial lines insurance, and MAT insurance. Non-life PA&H insurance has the highest share in the market followed by motor insurance and property insurance.

Non-life PA&H insurance market in Australia

PA&H insurance was partially impacted by slow growth in health insurance. Following the outbreak, policyholders started canceling their private health insurance (PHI) policies, as pandemic restrictions forced the cancellation of services that were charged under the health fund and which people could no longer use.

Motor insurance market in Australia

Insurtech-led product innovations are being tried for some traction in the market. These include short-term car insurance and pay-as-you-go (PAYG) models.

Property insurance market in Australia

Earthquakes, floods, and wildfires are major drivers for property insurance in Australia. High losses from wildfires and other catastrophe-linked insurance lines led to double-digit growth in premium prices since Q4 2017, a trend that is expected to continue in 2022

Australia General Insurance Market Analysis by Lines of Business

Australia General Insurance Market Analysis by Lines of Business

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Which are the leading companies in the Australia general insurance market?

The leading companies in the Australia general insurance market are AAI Ltd, Insurance Australia Ltd, QBE Insurance (Australia) Ltd, Allianz Australia Insurance Ltd, Insurance Manufacturers of Australia Pty Ltd, The Hollard Insurance Company Pty Ltd, Chubb Insurance Australia Ltd, Auto & General Insurance Company Ltd (Australia), RACQ Insurance Ltd, and Zurich Australian Insurance Ltd. AAI Ltd was the leading insurer in 2021.

Australia General Insurance Market Analysis by Companies

Australia General Insurance Market Analysis by Companies

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Market Report Scope

Market size (2021) $61.2 billion
CAGR >6%
Forecast period 2021-2026
Key lines of business Non-Life PA&H Insurance, Motor Insurance, Property Insurance, Liability Insurance, Miscellaneous Insurance, Financial Lines Insurance, and MAT Insurance
Leading companies AAI Ltd, Insurance Australia Ltd, QBE Insurance (Australia) Ltd, Allianz Australia Insurance Ltd, Insurance Manufacturers of Australia Pty Ltd, The Hollard Insurance Company Pty Ltd, Chubb Insurance Australia Ltd, Auto & General Insurance Company Ltd (Australia), RACQ Insurance Ltd, and Zurich Australian Insurance Ltd

Scope

This report provides a comprehensive analysis of the general insurance segment in Australia –

  • It provides historical values for the Australian general insurance segment for the report’s review period and projected figures for the forecast period.
  • It offers a detailed analysis of the key categories in the Australian general insurance segment, and market forecasts for 2025.
  • It profiles the top general insurance companies in Australia and outlines the key regulations affecting them.

Reasons to Buy

  • Make strategic business decisions using in-depth historic and forecast market data related to the Australian general insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends, and growth opportunities in the Australian general insurance segment.
  • Assess the competitive dynamics in the general insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.

Key Players

AAI Ltd
Insurance Australia Ltd
QBE Insurance (Australia) Ltd
Allianz Australia Insurance Ltd
Insurance Manufacturers of Australia Pty Ltd
The Hollard Insurance Company Pty Ltd
Chubb Insurance Australia Ltd
Auto & General Insurance Company Ltd (Australia)
RACQ Insurance Ltd
Zurich Australian Insurance Ltd

Table of Contents

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Property Insurance

Motor Insurance

Liability Insurance

Financial Lines Insurance

Marine, Aviation, and Transit Insurance

Personal Accident and Health Insurance

Miscellaneous Insurance

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Competitive Landscape

Competitor Profiles

Regulatory and Compliance

Appendix

Frequently Asked Questions

The general insurance market in Australia was valued at $61.2 billion in 2021.

The general insurance market in Australia is expected to grow at a CAGR of more than 6% during the forecast period.

The key lines of business in the Australia general insurance market are non-life PA&H insurance, motor insurance, property insurance, liability insurance, miscellaneous insurance, financial lines insurance, and MAT insurance.

The leading companies in the general insurance in Australia market are AAI Ltd, Insurance Australia Ltd, QBE Insurance (Australia) Ltd, Allianz Australia Insurance Ltd, Insurance Manufacturers of Australia Pty Ltd, The Hollard Insurance Company Pty Ltd, Chubb Insurance Australia Ltd, Auto & General Insurance Company Ltd (Australia), RACQ Insurance Ltd, and Zurich Australian Insurance Ltd.

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