Australia Insurance Market Intelligence: 2011 Edition

  • ID: 1531578
  • January 2011
  • Region: Australia
  • 21 pages
  • Koncept Analytics
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The Australian insurance industry has grown at a slower pace in the period 2004-2010 on account of severe weather events; a downturn in investment markets following the sub-prime crisis; continued premium rate pressure, particularly in commercial lines; and volatile investment markets and widening credit spreads. The global financial crisis had an appreciable impact on the life insurance industry (including friendly societies) in Australia, mainly because of the sharp deterioration in domestic and global equity markets.

However, with the growing GDP, rising population, increased level of household expenditures on insurance and financial product, the Australian insurance industry is expected to maintain its slow growth pace in the near future. Also the growing opportunities from the Takaful insurance are going to benefit the insurance industry in Australia in the coming years.

The Australian Insurance industry has been highly competitive. The top five players holds a major share of the market. The industry has a mixture of domestic and foreign players, with all direct players being fully licensed. In general insurance, except the top three players, most of the companies are foreign owned. On the other hand, the market for personal lines is primarily dominated by the large Australian owned companies.

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1. Industry Snapshot

1.1 Industry Structure
1.1.1 Mature market with a strong mix of domestic and foreign competitors
1.1.2 Introduction of different distribution channels and insurance products
1.1.3 Supervised by the Australian Prudential Regulation Authority (APRA)

1.2 Market Overview

1.2.1 Market Size & Growth Small Growth in premiums in 2010 compared to 2009 Insurance premiums growth affected by downturn in investment markets Weather related catastrophes resulted in high claims Changes in taxes on insurance premiums affected uptake of policies

1.2.2 Market Segments Life Businesses Dominate the Insurance Market Domestic Motor vehicle Insurance Accounts for Largest Market of Non-Life Products Decline in net loss ratio of non-life industry in 2010 Growth in private health insurance; superannuation funds

1.2.3 Market Density & Penetration Deterioration of insurance density in 2009 Relatively mature market with high levels of insurance penetration

1.2.4 Market Share Concentrated and highly competitive nature of insurance industry Life Insurance Market Dominated by AMP Allianz- as most successful foreign insurer

2. Industry Analysis

2.1 Industry Developments
Major Strategic Alliances
Impact of New Capital regime on Insurers
Improvement in Jobs Market

2.2 Market Drivers
Opportunities for Takaful Insurance
Growing Household Expenditure

3. Country Analysis: Risk Assessment

3.1 Political Environment
3.2 Macro-economic Indicators: Current and Projections

4. Industry Outlook: Forecast and Projections
4.1 Slower growth in premiums due to global financial crisis and rising natural disasters
4.2 Uncertainty of investment markets and fluctuating credit spreads

List of Charts:

Annual Premium – Australia Insurance Industry: 2004-2010
Insurance Premium Share (%) by Segment – 2010
Insurance premium by Segment – 2004-2010
Non-Life Insurance Premium Share (%) by Segment – 2010
Life Insurance Premium Share (%) by Segment – 2010
Life Insurance Premium Share (%) by risk market
Australian Insurance Density (US$): 2002 – 2009
Australian Insurance Penetration (% of GDP): 2002 – 2009
Australia: Major commercial Insurer’s Market Share: 2009
Australia: Major Life Insurer’s Market Share: 2009
Australia: Household Expenditure on Insurance and Financial Services (2002 – 2009)
Forecast: Australia Insurance Industry: 2010A - 2014F
Forecast: Australia Life & Non-Life Insurance Industry: 2010A - 2014F

List of Tables:

Key Macroeconomic Indicators: (2009A – 2014F)

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Note: Product cover images may vary from those shown


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  • Transatlantic Holdings, Inc.
  • Aon Plc.
  • Swiss Reinsurance Company Ltd.
  • Prudential Financial, Inc.
  • General Reinsurance Corporation
  • ING Group