Australia General Insurance Market Size and Trends by Line of Business, Distribution, Competitive Landscape and Forecast to 2027

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Published: June 13, 2023 Report Code: GDIS2691MR-ST

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Australia General Insurance Market Report Overview

The gross written premium of the Australia general insurance market was AUD88.2 billion in 2022 and is expected to achieve a CAGR of more than 6% during 2023-2027. The Australia general insurance market research report provides in-depth market analysis, information, and insights into the 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, 2022-2026 (AUD Billion)

Australia General Insurance Market Outlook, 2022-2026 (AUD Billion)

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The report analyzes distribution channels operating in the segment, gives a comprehensive overview of The Australia 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 (2022) AUD88.2 billion
CAGR >6%
Forecast Period 2023-2027
Historical Period 2018-2022
Key Lines of Business ·       General Insurance PA&H

·       Motor

·       Property

·       Liability

·       Financial Lines

·       MAT

·       Miscellaneous
Key Distribution Channel ·       Direct from Insurers

·       Bancassurance

·       Insurance Broker

·       Online Aggregator

·       Financial Advisor
Leading Companies ·       AAI

·       Insurance Australia

·       QBE Insurance

·       Allianz Australia Insurance

·       The Hollard Insurance

·       Insurance Manufacturers of Australia

·       Others
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Australia General Insurance Market Trends

Personalization and inclusive insurance are some of the key trends driving the Australia general insurance market.

Personalization: Embedded insurance and banking products are being explored by insurers to develop personalized insurance in Australia. Banks leverage their existing database and are at an advantage to provide personalized financial expertise. Advisr is an online platform that connects individuals with brokers and agents based on their specific insurance requirement using social media and digital marketing tools.

Inclusive Insurance: In 2022, insurance industry stakeholders conducted a survey under Worth the Risk to assess the inclusivity of the LGBTQI+ community in insurance. The Health Insurance Fund of Australia (HIF), which offers cover for LGBTI+ couples, is now welcoming new members who are transgender or non-binary. The HIF is now providing a third option in the gender category which can be left blank if required. National Seniors Insurance and Australian Seniors are entities that provide affordable life insurance products designed specifically for people aged between 45–79.

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Australia General Insurance Market Segmentation by Line of Business

The key lines of business in the Australia general insurance market are general insurance PA&H, motor, property, liability, financial lines, MAT, and miscellaneous. In 2022, general insurance PA&H accounted for the highest Australia general insurance market share. Health insurance constituted more than 93% of PA&H DWP in 2022. Mental well-being is a focus area for PA&H insurers with many insurers introducing virtual consultation services via apps to assist policyholders. PA&H insurance’s growth is also expected to be supported by positive developments in tourism.

Australia General Insurance Market Analysis by Lines of Business, 2022 (%)

Australia General Insurance Market Analysis by Lines of Business, 2022 (%)

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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, bank, insurance brokers, online aggregators, and financial advisors. In 2022, direct insurers accounted for the highest Australia general insurance market share. Bancassurance was the second-most preferred channel among all age groups for property insurance in 2022.

Australia General Insurance Market Analysis by Distribution Channel, 2021 (%)

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, Allianz Australia Insurance, The Hollard Insurance, Chubb Insurance Australia, Auto & General Insurance, Zurich Australian Insurance, RACQ Insurance, and Insurance Manufacturers of Australia among others. In 2022, AAI was the leading general insurer in Australia.

Australia General Insurance Market Analysis by Companies, 2022 (%)

Australia General Insurance Market Analysis by Companies, 2022 (%)

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Segments Covered in the Report

Australia General Insurance Market Lines of Business Outlook (Value, EUR Billion, 2018-2027)

  • General Insurance PA&H
  • Motor
  • Property
  • Liability
  • Financial Lines
  • MAT
  • Miscellaneous

Australia General Insurance Market Distribution Channel Outlook (Value, EUR Billion, 2018-2027)

  • Direct from Insurers
  • Bancassurance
  • 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 the Australian general insurance segment.

• A comprehensive overview of the Spanish economy, government initiatives, and investment opportunities.

• The Australian insurance regulatory framework’s evolution, key facts, taxation regime, licensing, and capital requirements.

• The Spanish general insurance industry’s market structure giving details of lines of business.

• The Spanish general reinsurance business’ market structure giving details of premium ceded along with cession rates.

• Distribution channels deployed by the Australian general insurers.

• Details of the competitive landscape and competitors’ profiles.

Reasons to Buy

  • Make strategic business decisions using in-depth historic 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.

AAI
Insurance Australia
QBE Insurance (Australia)
Allianz Australia Insurance
Insurance Manufacturers of Australia
The Hollard Insurance Company
Medibank
Bupa HI

Table of Contents

Executive Summary

Economy Overview

Regulatory and Compliance

Key Market Trends

Summary Trends and KPIs

Key Trends by Line of Business

Distribution Channels

Competitive Landscape

Competitor Profiles

Reinsurance

Appendix

Frequently asked questions

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