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Australia Insurance Market Intelligence
Koncept Analytics, Jan 2010, Pages: 22
Australia is the 12th largest country across the world on the basis of direct insurance premiums and the 4th largest in Asia Pacific. The Australian insurance industry has witnessed a continuous growth in premiums over the past years, mainly because of product innovations which include bundling of policies, improved distribution and servicing strategies through call centers, the Internet, agencies and brokers. The Australian insurance industry is divided into life, general (non-life) and health insurance segments. Growth of the life insurance sector is primarily driven by superannuation funds. General insurers have been reporting severe losses due to an increase in catastrophe claims, which led to a minor increase in premiums in the non-life insurance segment in 2008.
In the life insurance segment, market consolidation through mergers has given it an extremely concentrated structure, which is dominated by just four players: AMP, National Australian Bank, ING and Westpac. There were a total of 130 general insurance companies as of June 30, 2008 in Australia, with QBE as the largest general insurer. The Australian Government has come up with new laws governing foreign operators in the Australian general insurance market, which will give added protection to consumers, while serving the needs of large businesses. Insurance penetration is relatively low in Australia as compared to other developed countries, thus, the country offers tremendous growth opportunities to new entrants. Strong regulatory system, reduction of tariffs and the establishment of new insurance sales channel have further added to the awareness level of new types of insurance products, eventually supporting the overall sector growth. Factors like expanding economy, growing household disposable income, rising motor market and private health insurance market are projected to be the main drivers of the insurance sector growth in future.
The present report gives an overview of the insurance market of Australia along with an analysis of the country’s political structure and economic growth. The report offers an insight into the market size and trends in insurance premiums of the life and non-life insurance segments. Insurance premiums are discussed in terms of life and non-life segments and the density and penetration levels. The various developments and drivers are also discussed and finally the projections regarding premium growth are given.
By combining SPSS Inc.’s data integration and analysis capabilities with our relevant findings, we have predicted the future growth of the industry. We employed various significant variables that have an impact on this industry and created regression models with SPSS Base to determine the future direction of the industry. Before deploying the regression model, the relationship between several independent or predictor variables and the dependent variable was analyzed using standard SPSS output, including charts, tables and tests.
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