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Australian Insurance Industry: An Analysis
RocSearch Ltd, June 2006, Pages: 36
Australia has a diversified, highly competitive and rapidly growing insurance industry. As of June 30, 2005, there were 37 life insurance companies and 105 general insurers. The industry has been subject to significant changes in the recent years with clear trends of consolidation and demutualization. The leading three life insurance groups constitute 60% of the total industry assets backing Australian policy holder liabilities, while the top five general insurers account for 78% of the market.
Though the 2005 expenses of the Australian general insurance industry showed an increase of 4.5% in 2005, this has been offset by the increase in premiums, leading to a decline in expense ratio. The underwriting industry reported a surplus of US$3.0 billion in 2005, which is attributable to improved underwriting standards, stronger premium rating disciplines and lower claims frequency.
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