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Australia Insurance Market Intelligence: 2011 Edition
Koncept Analytics, Jan 2011, Pages: 21
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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