Australia Life and Non-Life Insurance Market Size
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 51.38 Billion |
| Market Size (2029) | USD 64.21 Billion |
| CAGR (2024 - 2029) | 4.56 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Life and Non-Life Insurance Market Analysis
The Australia Life And Non-life Insurance Market size is estimated at USD 51.38 billion in 2024, and is expected to reach USD 64.21 billion by 2029, growing at a CAGR of 4.56% during the forecast period (2024-2029).
Australia's insurance market is divided into three segments and they are general insurance, health insurance, and life insurance. These markets are fairly distinct, and most larger insurers focus on only one particular segment. However, in recent times, many of the companies have broadened their services. The companies face competition from the banks and subsidiaries of foreign financial conglomerates. Australian general insurance companies have enjoyed attractive growth and profitability over time. This growth has been sustained by underlying macroeconomic tailwinds and growing risk awareness among Australian consumers and businesses. The general insurance industry in Australia has been the most profitable in the world for nearly 20 years.
The adverse results of the COVID-19 outbreak led to a surge in health, travel, and business interruption claims. It also caused pressure on sales due to reduced business activity and less use of face-to-face channels. The economic slowdown due to the pandemic caused interest rates to drop and increased credit risk exposure for businesses facing possible default. However, the Australian insurance industry has faced a slowdown in growth in the past five years. Annual market volume growth has been flat at 1.6%, and the premium growth was driven by price increases.
Australia Life and Non-Life Insurance Market Trends
Motor Vehicle and Household Insurance has the Largest Shares
Motor vehicle and household insurance make up the largest shares, respectively, in Australia's general insurance segment. All legally registered cars require compulsory Third Party (CTP) insurance in Australia. Additionally, many car owners take out comprehensive car insurance to reduce out-of-pocket expenses if involved in an accident. The gross loss ratio of CTP motor vehicle insurance increased significantly in the current year, largely due to a decline in gross written premiums. Extended lockdown periods have also led to many people having to work from home in Australia. Insurers have had to react retrospectively in many cases, as household insurance policies do not usually cover working from home.
Catastrophe Insurance is in High Demand
Aside from changes in insurance trends relating to the pandemic, catastrophe insurance is becoming more relevant. Insurance losses from major weather events, such as bushfires, storms, and floods, have increased claims in recent years. This negative impact on general insurers’ underwriting margins and earnings will likely continue as natural disasters become more commonplace in the country. Policyholders may expect to pay higher premiums as insurers try to compensate for these losses and secure their financial performance for the future.
Australia Life and Non-Life Insurance Industry Overview
Australia's life and non-life insurance market is moderately consolidated in nature. Some of the major players operating in the industry are currently dominating the market. However, with technological advancement and product innovation, mid-size to smaller companies are increasing their market presence by securing new contracts and tapping new markets. The major players are Insurance Australia Group Limited, Suncorp Group, AIA Group Limited, Zurich and Medibank Private Limited.
Australia Life and Non-Life Insurance Market Leaders
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Insurance Australia Group Limited
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Suncorp Group
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AIA Group Limited
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Zurich
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Medibank Private Limited
*Disclaimer: Major Players sorted in no particular order
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Australia Life and Non-Life Insurance Market News
- February 2023: Insurance Australia Group Limited (IAG), Australia's largest general insurer, invested in Myriota, a global pioneer in low-cost and low-power satellite connectivity for the Internet of Things (IoT). This aim was to explore how IoT devices can help insurance customers manage risk and safeguard their assets.
- September 2022: The world's first online marketplace for mergers and acquisitions (M&A) insurance for small and mid-sized businesses (SMEs) transactions was opened for business in Australia. Named io. Insure insurance industry veterans created this online M&A insurance marketplace as a part of POP Holdings group, a conglomerate for specialist, data, and technology-enabled insurance solutions that work with major insurers like Allianz and Zurich.
Australia Life and Non-Life Insurance Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Guaranteed Protection Drives The Market
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4.3 Market Restraints
- 4.3.1 False Claims and Lengthy Claim Procedures
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4.4 Market Opportunities
- 4.4.1 Demand for Customized Products
- 4.5 Insights in Latest Technologies Used in the Industry
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4.6 Industry Attractiveness - Porter's Five Forces Analysis
- 4.6.1 Bargaining Power of Suppliers
- 4.6.2 Bargaining Power of Buyers
- 4.6.3 Threat of New Entrants
- 4.6.4 Threat of Substitutes
- 4.6.5 Intensity of Competitive Rivalry
- 4.7 Impact of COVID-19 on the Market
5. MARKET SEGMENTATION
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5.1 By Insurance Type
- 5.1.1 Life insurance
- 5.1.1.1 Individual
- 5.1.1.2 Group
- 5.1.2 Non-Life Insurance
- 5.1.2.1 Fire
- 5.1.2.2 Motor
- 5.1.2.3 Marine
- 5.1.2.4 Health
- 5.1.2.5 Other Non-Life Insurance
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5.2 By Distribution Channel
- 5.2.1 Direct
- 5.2.2 Brokers
- 5.2.3 Banks
- 5.2.4 Other Distribution Channels
6. COMPETITIVE LANDSCAPE
- 6.1 Market Concentration Overview
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6.2 Company Profiles
- 6.2.1 Insurance Australia Group Limited
- 6.2.2 Suncorp Group
- 6.2.3 AIA Group Limited
- 6.2.4 Zurich
- 6.2.5 Medibank Private Limited
- 6.2.6 Genworth Mortgage Insurance Australia Limited
- 6.2.7 ClearView Wealth Limited
- 6.2.8 Cover-More Limited
- 6.2.9 AMP Limited
- 6.2.10 NIB Holdings Limited*
- *List Not Exhaustive
7. MARKET FUTURE TRENDS
8. DISCLAIMER AND ABOUT US
Australia Life and Non-Life Insurance Industry Segmentation
Insurance is a contract, represented by a policy, in which an individual or entity receives financial protection or reimbursement against losses from an insurance company. The company pools client risk to make payments more affordable for the insured. The Australian life and non-life insurance market is segmented by insurance type and distribution channel. By insurance type, it is segmented into life insurance and non-life insurance. By life insurance, it is again sub-segmented into individual and group. By non-life insurance, it is again sub-segmented into fire, motor, marine, health, and other non-life insurance. By distribution channel, it is segmented into direct, agency, banks, and other distribution channels.
The report offers market size and forecasts for the Australian life and non-life insurance market in value (USD) for all the above segments.
| By Insurance Type | Life insurance | Individual |
| Group | ||
| By Insurance Type | Non-Life Insurance | Fire |
| Motor | ||
| Marine | ||
| Health | ||
| Other Non-Life Insurance | ||
| By Distribution Channel | Direct | |
| Brokers | ||
| Banks | ||
| Other Distribution Channels |
Australia Life and Non-Life Insurance Market Research FAQs
How big is the Australia Life And Non-life Insurance Market?
The Australia Life And Non-life Insurance Market size is expected to reach USD 51.38 billion in 2024 and grow at a CAGR of 4.56% to reach USD 64.21 billion by 2029.
What is the current Australia Life And Non-life Insurance Market size?
In 2024, the Australia Life And Non-life Insurance Market size is expected to reach USD 51.38 billion.
Who are the key players in Australia Life And Non-life Insurance Market?
Insurance Australia Group Limited, Suncorp Group, AIA Group Limited, Zurich and Medibank Private Limited are the major companies operating in the Australia Life And Non-life Insurance Market.
What years does this Australia Life And Non-life Insurance Market cover, and what was the market size in 2023?
In 2023, the Australia Life And Non-life Insurance Market size was estimated at USD 49.04 billion. The report covers the Australia Life And Non-life Insurance Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Australia Life And Non-life Insurance Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia Life and Non-Life Insurance Industry Report
Statistics for the 2024 Australia Life and Non-Life Insurance market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia Life and Non-Life Insurance analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
