Australia General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028
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Australia General Insurance Market Report Overview
The gross written premium (GWP) of the Australia general insurance market was AUD96.7 billion in 2023 and is expected to achieve a CAGR of more than 8% during 2024-2028. The Australia general insurance market research report provides in-depth market analysis, information, and insights into Australia’s general insurance segment. It also provides values for key performance indicators such as gross written premium, loss ratio, retail, and commercial split, premium by line of business, and reinsurance premiums during the review period and forecast period.
Australia General Insurance Market Outlook, 2023-2028 (AUD Billion)
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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of the Australian economy and demographics, and provides detailed information on the competitive landscape in the country. The report also gives insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. Moreover, it includes details of insurance regulations and recent changes in the regulatory structure.
Market Size (2023) | AUD96.7 billion |
CAGR | >8% |
Forecast Period | 2024-2028 |
Historical Period | 2019-2023 |
Key Lines of Business | · Non-Life PA&H
· Motor · Property · Liability · MAT · Financial Lines |
Key Distribution Channel | · Direct from Insurers
· Bank · Online aggregator · Insurance broker · Financial advisor |
Leading Companies | · AAI
· Insurance Australia · QBE Insurance · Medibank · Bupa Hi |
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Australia General Insurance Market Trends
Cyber insurance and inclusive insurance are a few of the key trends driving the Australian general insurance market.
Cyber Insurance: Coalition Insurance launched a suite of Active Cyber insurance products in November 2023 that helped prevent digital risk. Policyholders receive risk assessments that help them understand the existing security features and the areas that require defense. Through Coalition, insurance brokers can sell cyber insurance to businesses with up to AUD2 billion ($1.3 billion) in turnover without the need for a minimum premium. In November 2023, Arch Insurance launched a new cyber insurance practice that offers excess and primary insurance products that cover cyber, IT liability, and cyber property. The goal is to provide comprehensive cyber insurance solutions to brokers and clients in the midmarket and large corporate segments.
Inclusive Insurance: RAPs are playing a crucial role in driving positive change within the insurance sector in Australia. These voluntary, structured programs guide organizations in building respectful relationships and creating opportunities for Aboriginal and Torres Strait Islander (ATSI) peoples. There are four stages of RAPs: Reflect, Innovate, Stretch, and Elevate, with increasing levels of commitment towards the indigenous people’s inclusion. In March 2023, Bupa launched its third RAP for 2023–26 as part of its commitment to improve the health of Indigenous people. The Stretch RAP aims to enhance health equity, employment, and procurement. Bupa aims to boost its existing efforts to purchase goods and services from First Nations suppliers and to increase efforts to recruit, retain, and advance First Nations employees within the organization.
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Australia General Insurance Market Segmentation by Line of Business
The key lines of business in the Australian general insurance market are non-life PA&H, motor, property, liability, mat, and financial lines. In 2023, non-life PA&H was the leading LoB in the Australian general insurance sector, accounting for over 34% share of premiums. The increasing cost of healthcare due to rising inflation will support the growth of PA&H insurance during the forecast period.
Australia General Insurance Market Analysis by Lines of Business, 2023 (%)
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Australia General Insurance Market Segmentation by Distribution Channel
The key distribution channels in the Australia life insurance industry are direct insurers, banks, insurance brokers, online aggregators, and financial advisors. In 2023, direct insurers accounted for the highest Australia general insurance market share across all the channels.
Australia General Insurance Market Analysis by Distribution Channel, 2021 (%)
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Australia General Insurance Market - Competitive Landscape
The leading general insurance companies in the Australia general insurance market are AAI, Insurance Australia, QBE Insurance, Medibank, and Bupa Hi among others. In 2023, AAI was the leading general insurer in Australia.
Australia General Insurance Market Analysis by Companies, 2023 (%)
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Segments Covered in the Report
Australia General Insurance Market Lines of Business Outlook (Value, AUD Billion, 2019-2028)
- General Insurance PA&H
- Motor
- Property
- Liability
- Financial Lines
- MAT
- Miscellaneous
Australia General Insurance Market Distribution Channel Outlook (Value, AUD Billion, 2019-2028)
- Direct from Insurers
- Bank
- Insurance Broker
- Online Aggregator
- Financial Advisor
Scope
This report provides a comprehensive analysis of the general insurance segment in Australia –
- It provides historical values for the Australia 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 Australia’s general insurance segment and market forecasts until 2027.
- It profiles the top general insurance companies in Australia and outlines the key regulations affecting them.
Key Highlights
• Key insights and dynamics of Australia’s general insurance segment.
• A comprehensive overview of Australia’s economy, government initiatives, and investment opportunities.
• Australia’s insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.
• Australia’s general insurance industry’s market structure giving details of lines of business.
• Australia’s general reinsurance business’ market structure giving details of premium ceded along with cession rates.
• Distribution channels deployed by the Australia’s general insurers.
• Details of the competitive landscape and competitors’ profiles.
Reasons to Buy
- Make strategic business decisions using in-depth historical and forecast market data related to the Australia general insurance segment.
- Understand the demand-side dynamics, key market trends, and growth opportunities in The Australia general insurance segment.
- Assess the competitive dynamics in the general insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
- Gain insights into key regulations governing Australia’s general insurance industry, and their impact on companies and the industry’s future.
Insurance Australia
QBE Insurance (Australia)
Allianz Australia Insurance
Insurance Manufacturers of Australia
The Hollard Insurance Company
Medibank
Bupa HI
Table of Contents
Frequently asked questions
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What was the Australia general insurance market gross written premium in 2023?
The gross written premium of the Australia general insurance market was AUD96.7 billion in 2023.
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What is Australia’s general insurance market growth rate?
The general insurance market in Australia is expected to achieve a CAGR of more than 8% during 2024-2028.
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Which LoB held the highest share of the Australia general insurance market?
In 2023, the general insurance PA&H line of business segment held the highest share in the Australia general insurance market.
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Which was the most preferred distribution channel in the Australia general insurance market?
Direct insurers were the most preferred distribution channel in the Australia general insurance market in 2023.
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Which are the leading companies in the Australia general insurance industry?
The leading insurance companies in Australia’s general insurance industry are AAI, Insurance Australia, QBE Insurance, Allianz Australia Insurance, The Hollard Insurance, Chubb Insurance Australia, Auto & General Insurance, Zurich Australian Insurance, RACQ Insurance, and Insurance Manufacturers of Australia among others.
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