Australia Life Insurance Key Trends and Opportunities to 2026
The Australia life insurance market size was valued at $22.8 billion in 2021. The market is expected to decline at a CAGR of more than (1)% during the period 2021 and 2026. Australian life insurance continued its declining trend in 2021 as the pandemic further dragged the growth prospects already reeling from the financial sectors reforms. Low sales from protection products such as individual disability insurance and group risk insurance, a low-interest-rate environment and mis-selling practices impacted the business during the review period.
The Australia life insurance market research report provides in-depth market analysis, information and insights into the Australian life insurance segment. This report provides a detailed outlook by product category for the Australian life insurance segment. It provides values for key performance indicators such as gross written premium, penetration, and premium ceded and cession rates during the review period (2017-2021) and forecast period (2021-2026). The report also 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 brings together GlobalData’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.
What are the key Australia life insurance market trends?
AIA Australia introduced an active benefits and wellbeing program in partnership with Vitality. The data from the program showed an increase of physical activity in a year from its customers that use Apple Watches, as of 2022. The Apple Watch benefit was an expansion of AIA’s wellbeing program, which uses behavioral science, coupled with rewards that will improve the physical activity of customers.
TAL entered into a partnership with the virtual healthcare provider Teladoc Health, to provide TAL’s superannuation customers with mental health support services within a period of nine days. The ‘Mental Health Assist’ provides access to mental health experts such as psychiatrists and psychologists, who assess the customer’s mental health condition via video conference and track mental health outcomes through a tailored treatment plan. The APRA proposed measures to strengthen the private health insurance (PHI) capital framework. These developments are expected to fuel the Australia life insurance market growth during the forecast period.
What are the key line of business in the Australia life insurance market?
The key line of business in the Australia life insurance market are general annuity and other life insurance. Annuities grew by over in 2021, driven by retail sales of annuity products. Life insurers such as Challenger launched a new market-linked lifetime annuity product in October 2021, which facilitated retirement customers to mitigate longevity risks. This was launched in line with the APRA’s retirement income covenant, which will be effective from July 1, 2022.
Australia life insurance market, by line of business
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What are the key distribution channels in the Australia life insurance market?
The key distribution channels in the Australia life insurance market are direct from insurer, bank, insurance broker, financial advisor, online aggregator, and others. Based on the four main consumer classification – retail, group, direct and bank – insurers use the most efficient distribution channel.
Australia life insurance market, by distribution channels
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Which are the major companies the Australia life insurance market?
The major companies the Australia life insurance market are TAL Life Ltd, Challenger Life Company Ltd, MLC Ltd, AIA Australia Ltd, Westpac Life Insurance Services Ltd, OnePath Life Ltd, AMP Life Ltd, MetLife Insurance Ltd, Zurich Australia Ltd, Qlnsure Ltd. TAL Life Ltd has the highest market share in the Australia life insurance industry.
Australia life insurance market, by companies
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Market overview
| Market size 2021 | $22.8 billion |
| CAGR% (2021-2026) | >(1)% |
| Key line of business | General Annuity and Other Life Insurance |
| Key Distribution Channels | Direct from Insurer, Bank, Insurance Broker, Financial Advisor, Online Aggregator, and Others |
| Key major companies | TAL Life Ltd, Challenger Life Company Ltd, MLC Ltd, AIA Australia Ltd, Westpac Life Insurance Services Ltd, OnePath Life Ltd, AMP Life Ltd, MetLife Insurance Ltd, Zurich Australia Ltd, Qlnsure Ltd |
Scope
This report provides a comprehensive analysis of the life insurance segment in Australia –
- It provides historical values for the Australian life insurance segment for the report’s 2017-2021 review period, and projected figures for the 2021-2026 forecast period.
- It profiles the top life 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 life insurance segment.
- Understand the demand-side dynamics, key market trends and growth opportunities in the Australian life insurance segment.
- Assess the competitive dynamics in the life insurance segment.
- Identify growth opportunities and market dynamics in key product categories.
Key Players
Table of Contents
Frequently Asked Questions
The life insurance market size in Australia was valued at $22.8 billion in 2021.
The life insurance market in Australia is expected to decline at a CAGR of more than 1% during the period 2021 and 2026.
The key line of business in the Australia life insurance market are general annuity and other life insurance.
The key distribution channels in the Australia life insurance market are direct from insurer, bank, insurance broker, financial advisor, online aggregator, and others.
The major companies the Australia life insurance market are TAL Life Ltd, Challenger Life Company Ltd, MLC Ltd, AIA Australia Ltd, Westpac Life Insurance Services Ltd, OnePath Life Ltd, AMP Life Ltd, MetLife Insurance Ltd, Zurich Australia Ltd, Qlnsure Ltd. TAL Life Ltd has the highest market share in the Australia life insurance industry.
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