Australia Life Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2028

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Published: February 23, 2024 Report Code: GDIS2823MR-ST

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Australia Life Insurance Market Report Overview

The gross written premium of the Australia life insurance market was AUD33.6 billion ($23.3 billion) in 2023.  The market will achieve a CAGR of more than 5% during 2024-2028. The Australia life insurance market is expected to pick up pace in 2024 supported by macroeconomic and demographic factors, such as a stabilizing economy, an aging population, low unemployment rates, and improved investment returns.

The Australia life insurance market research report provides in-depth market analysis, including insights into the lines of business in the country’s life insurance industry. Furthermore, the report provides a detailed outlook by product category as well as values for key performance indicators, including direct written premium, penetration, and premium ceded and cession rates for the review and forecast periods.

Australia Life Insurance Market Outlook, 2023-2028 (AUD Billion)

Australia Life Insurance Market Outlook, 2023-2028 (AUD Billion)

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The Australian life insurance market report also analyzes distribution channels operating in the segment and gives a comprehensive overview of the Australian economy and demographics. It further evaluates the competitive landscape in the country, which entails segment dynamics, 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) AUD33.6 billion ($23.3 billion)
CAGR (2024-2028) >5%
Forecast Period 2024-2028
Historical Period 2019-2023
Key Lines of Business ·        General Annuity

·        Endowment

·        Life PA&H

·        Other Life
Key Distribution Channels ·        Direct from Insurers

·        Banks

·        Insurance Brokers

·        Online Aggregators

·        Financial Advisors
Leading Companies ·        TAL Life

·        AIA Australia

·        MLC

·        Zurich Australia

·        MetLife
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Australia Life Insurance Market Trends

Favorable pension plans, premium inflation, the development of insurtech, and digitalization in distribution channels are the key trends influencing the Australian life insurance market.

  • For instance, the Australian Prudential Regulation Authority (APRA) is contemplating developing post-retirement long-term income solutions involving life insurers to support the financial wellness of the growing elderly population.
  • Technology and artificial intelligence (AI) integration are expected to play a pivotal role in enhancing customer experience through personalized services and customer interaction through chatbots and the use of AI-based mobile apps.

Australia Life Insurance Market Segmentation by Lines of Business

General annuity accounted for the highest share of the Australian life insurance market in 2023

The key lines of business in the Australian life insurance industry are general annuity, endowment, life PA&H, and other life. Phased withdrawal products without longevity risks dominate annuity insurance, linked to a superannuation fund or ordinary business.

Australia Life Insurance Market Analysis by Lines of Business, 2023 (%)

Australia Life Insurance Market Analysis by Lines of Business, 2023 (%)

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Australia Life Insurance Market Segmentation by Distribution Channels

In 2023, direct sales was the most preferred channel to purchase life insurance

A few of the key distribution channels in the Australian life insurance industry are direct from insurers, insurance brokers, financial advisors, online aggregators, banks, and others. While direct channels had the highest preference rate among 55-64 year-olds, financial advisors were most preferred among the 25-34 year-old demography.

Australia Life Insurance Market Analysis by Distribution Channels, 2023 (%)

Australia Life Insurance Market Analysis by Distribution Channels, 2023 (%)

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Australia Life Insurance Market - Competitive Landscape

TAL Life accounted for the highest share of the Australia life insurance market in 2023

A few of the leading life insurance companies in Australia are:

  • TAL Life
  • AIA Australia
  • MLC
  • Zurich Australia
  • MetLife

Australia Life Insurance Market Analysis by Companies, 2023 (%)

Australia Life Insurance Market Analysis by Companies, 2023 (%)

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Australia Life Insurance Market - Latest Developments

A few of the latest developments in the Austria life insurance market are:

  • On December 14, 2023, the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) released a joint letter addressing practices related to premium increases in the life insurance industry.
  • In September 2023, the National Australia Bank developed new digital invoicing technology to help healthcare and disability providers interact with National Disability Insurance Scheme participants.

Segments Covered in the Report

Australia Life Insurance Lines of Business Outlook (Value, AUD Billion, 2019-2028)

  • General Annuity
  • Endowment
  • Life PA&H
  • Other Life

Australia Life Insurance Distribution Channel Outlook (Value, AUD Billion, 2019-2028)

  • Direct from Insurers
  • Banks
  • Insurance Brokers
  • Online Aggregators
  • Financial Advisors

Scope

This report provides:

  • A comprehensive analysis of the life insurance segment in Australia.

  • Historical values for the Australian life insurance segment for the report’s review period and projected figures for the forecast period.

  • Profiles of the top life insurance companies in Australia and outlines the key regulations affecting them.

Key Highlights

  • Key insights and dynamics of Australia’s life 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 life insurance segment’s market structure gives details of lines of business.

  • Australia’s life reinsurance business’s market structure gives details of premium ceded along with cession rates.

  • Distribution channels deployed by Australia’s life 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 Australia’s life insurance segment.

  • Understand the demand-side dynamics, key market trends, and growth opportunities in Australia’s life insurance segment.

  • Assess the competitive dynamics in the life insurance segment.

  • Identify growth opportunities and market dynamics in key product categories.

TAL Life Limited
AIA Australia Limited
MLC Limited
Zurich Australia Limited
MetLife Insurance Limited
TAL Life Insurance Services Limited
Resolution Life Australasia Limited (Australia)
QInsure Limited
Challenger Life Company Limited
ClearView Life Assurance Limited

Table of Contents

Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Trends and KPIs

Key Trends by Lines of Business

Distribution Channel

Competitive Landscape

Deals and Jobs

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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