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Australian Insurance Industry: An Analysis
RocSearch Ltd, June 2006, Pages: 36
1. Introduction
1.1 Industry Definition
1.2 Industry Segments
The Australian Insurance Industry has been divided into the following three groups:
1. Introduction
1.1 Industry Definition
1.2 Industry Segments
The Australian Insurance Industry has been divided into the following three groups:
Life Insurance
Health Insurance
General Insurance
2. Market Dynamics
2.1 Market Overview
Australia has a mature, diversified, sophisticated, highly competitive, and rapidly growing insurance industry. Insurers are the second-largest employer group in Australia.
2.2 Trend
Increased Consolidation
Improved Underwriting Performance
Declining Expense Ratio
Fluctuating Claims
2.3 Growth Drivers
2.3.1 Market Drivers
Asian Expansion Mode
Aging Population
Innovative Risk Management Technology
Retail Insurance
2.3.1 Other Economic Drivers
High Investment Returns
High per Capita Income
Stable Business Environment
2.4 Major Issues and Implications
Excessive Taxation
Falling Premium rates
Increased Cost for Insurers
High Underinsurance
3. PEST Analysis
3.1. Political Factors
Reforms to improve industry practices
Reform compliance likely to affect smaller companies
3.2. Economic Factors
Changing regulations increase consumer spending
3.3. Social Factors
Young Australians review financial situation
Young generation reluctant to spend on health insurance
Increased Life Expectancy Affect Pension Plans
3.4. Technological Factors
Industry exposed to technological defects
Robust technology employed to predict premiums
4. Michael Porters Five Forces Analysis
4.1 Buyers’/Customers’ Power
Intense Competition Resulting in Low Premiums
Companies in the Expansion Mode
4.2 Suppliers Power
Concentration of Reinsurance Players
Increasing Role of Actuaries
4.3 Rivalry among Competitors
Fragmented General Insurance Market
Highly Concentrated Life Insurance Market
4.4 Threat of New Entrants
Rising Entry Barriers
Unregulated Offshore Insurers
4.5 Threat of Substitutes
Superannuation (Pension) Funds Industry
5. Competitive Landscape
The section profiles AMP, AXA Asia Pacific Holdings, Insurance Australia Group (IAG), and QBE Insurance Group
5.1 Competitive Positioning
Competing firms are compared on the parameters of product range, geographic scope, market shares of Australian Net Earned Premium and agents & advisers
5.2 Competition Strategies
It talks about strategies adopted by AMP, AXA Asia Pacific Holdings, Insurance Australia Group and QBE
5.3 Financial Analysis
5.3.1 Income Statement Analysis
An income statement analysis is based on revenues, operating margins, net premiums earned and net income
5.3.2 Balance sheet Analysis
Comparative analysis of liquidity ratios, long term debt to equity and performance ratios
5.4Stock Performance
Stock market comparison of AMP, AXA Asia Pacific Holdings, Insurance Australia Group, QBE and Ss&P/ASX 300 Index has been done in this section
6. Industry Outlook
The general insurance sector is expected to witness falling premiums and flat earnings’ growth as a result of high competition.
Tables
Tab 2.1 Overall UK Construction & Industry Related Activity
Tab 5.1 Competitive Positioning
Tab 5.2 AMP
Tab 5.3 AXA’s Six Objectives
Tab 5.4 IAG’s Strategy
Tab 5.5 QBE Objectives
Figures
Fig 2.1 Quarterly Insurance Premium Revenues (Sep2004-Sep2005)
Fig 2.2 Quarterly Net Premium Revenues (Dec2004-Dec2005)
Fig 2.3 Percentage of Australians with Private Health Insurance by States (2005)
Fig 2.4 Market Share of Top % General Insurers (2000-2005)
Fig 2.5 Number of General Insurers (1995-2005)
Fig 2.6 Underwriting Results for the Year ended June 30 (1999-2005)
Fig 2.7 Insurance Industry Expenses for the Year ended June 30 (1999-2005)
Fig 2.8 Claims Incurred (Dec2004-Dec2005)
Fig 2.9 Population and Hospital Cost Projection (2004-2024)
Fig 3.1 Persons Covered by Age Category (2002-2005)
Fig 5.1 Revenue (2003-2005)
Fig 5.2 Operating Margin (2003-2005)
Fig 5.3 Cost to Income (2004-2005)
Fig 5.4 Net Premiums Earned – IAG & QBE (2004-2005)
Fig 5.5 Net income – IAG & QBE (2004-2005)
Fig 5.6 Loss Ratio – IAG & QBE (2004-2005)
Fig 5.7 Return on Assets – AMP & AXA (2004-2005)
Fig 5.8 Return on Capital – AMP & AXA (2004-2005)
Fig 5.9 Return on Common Equity – AMP & AXA (2004-2005)
Fig 5.10 Total Assets – IAG & QBE (2004-2005)
Fig 5.11 Return on Assets – IAG & QBE (2004-2005)
Fig 5.12 Return on Equity – IAG & QBE (2004-2005)
Fig 5.13 Stock Performance – AMP & AXA (May2005-Apr2006)
Fig 5.13 Stock Performance – IAG & QBE (May2005-Apr2006) Life Insurance
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