Hip-pocket drive: Brand loyalty will decline as price competition powers up, limiting revenue growth
Solid revenue growth from premiums and rebounding investment returns have supported the Commercial Motor Vehicle Insurance industry's growth. The COVID-19 pandemic stifled investment returns in 2019-20. Returns have since rallied thanks to equities recovering. While the industry derives most of its revenue from insurance premiums, many insurers generate investment income to bolster their profit margins. As a result, revenue fluctuates more than the underlying demand for commercial motor vehicle insurance. Overall, industry revenue is expected to grow at an annualised 4.9% over the five years through 2022-23, including a 4.0% jump in the current year to $3.7 billion.
Industry firms provide insurance for vehicles used for business purposes. These include vehicles like trucks, vans, trailers, ambulances and buses. The industry also provides coverage for motor fleets.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Insurance Australia Group Limited
- Suncorp Group Limited
- Allianz Australia Limited
- QBE Insurance Group Limited
Methodology
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