Park it: Revenue is declining in 2022-23 as people put the brakes on driving amid high petrol prices
The Car Insurance industry has seen growth in the last five years despite challenges like as fluctuating investment returns, high costs of car repairs, escalating natural disaster damage and the impact of the COVID-19 pandemic. The rise in natural disasters, in particular, compounded the frequency of insurance claims. Yet, rising costs were passed on to policyholders, backing up an upswing in profitability. Industry revenue has been growing at an annualised 1.0% over the past five years and is expected to total $26.8 billion in 2023-24, when revenue will climb by 4.1%.
The industry underwrites car insurance policies. Car insurance provides financial cover for physical damage to automobiles and bodily injuries as a result of traffic collisions. Car insurance can also protect against liability as a result of accidents.
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's 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:
- Suncorp Group Limited
- Allianz Australia Limited
- Insurance Australia Group Limited
Methodology
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