Life Insurance in Australia - Market Summary, Competitive Analysis and Forecast to 2025

Life Insurance in Australia industry profile provides top-line qualitative and quantitative summary information including: market size (value 2016-20, and forecast to 2025). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Key Highlights

The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans.
The Australian life insurance market had total gross written premiums of $14.6bn in 2020, representing a compound annual rate of change (CARC) of -19.6% between 2016 and 2020.
The Life Insurance segment was the market's most lucrative in 2020, with total gross written premiums of $8.1bn, equivalent to 55.3% of the market's overall value.
Structural reforms concerning superannuation funds, coupled with the impact of the COVID-19 pandemic, have kept the Australian market in a steep decline in 2020.

Scope

Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in Australia
Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Australia
Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
Add weight to presentations and pitches by understanding the future growth prospects of the Australia life insurance market with five year forecasts

Reasons to Buy

What was the size of the Australia life insurance market by value in 2020?
What will be the size of the Australia life insurance market in 2025?
What factors are affecting the strength of competition in the Australia life insurance market?
How has the market performed over the last five years?
What are the main segments that make up Australia's life insurance market?

Frequently Asked Questions about the Australian Life Insurance Market

What is the estimated value of the Australian Life Insurance Market?

The Australian Life Insurance Market was estimated to be valued at $14.59 Billion in 2020.

What is the growth rate of the Australian Life Insurance Market?

The growth rate of the Australian Life Insurance Market is 1.5%, with an estimated value of $15.75 Billion by 2025.

What is the forecasted size of the Australian Life Insurance Market?

The Australian Life Insurance Market is estimated to be worth $15.75 Billion by 2025.

Who are the key companies in the Australian Life Insurance Market?

Key companies in the Australian Life Insurance Market include TAL Dai, ichi Life Australia Pty Ltd, Nippon Life Insurance Company, Challenger Ltd and AIA Group Ltd.

Report Attribute	Details
No. of Pages	46
Published	October 2021
Forecast Period	2020 - 2025
Estimated Market Value ( USD ) in 2020	$ 14.59 Billion
Forecasted Market Value ( USD ) by 2025	$ 15.75 Billion
Compound Annual Growth Rate	1.5%
Regions Covered	Australia

1 Executive Summary

1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive Landscape

2 Market Overview

2.1. Market definition
2.2. Market analysis

3 Market Data

3.1. Market value

4 Market Segmentation

4.1. Category segmentation
4.2. Geography segmentation

5 Market Outlook

5.1. Market value forecast

6 Five Forces Analysis

6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry

7 Competitive Landscape

7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?

8 Company Profiles

8.1. TAL Dai-ichi Life Australia Pty Ltd
8.2. Nippon Life Insurance Company
8.3. Challenger Ltd
8.4. AIA Group Ltd

9 Macroeconomic Indicators

9.1. Country data

10 Appendix

10.1. Methodology
10.2. Industry associations
10.3. Related Research
10.4. About the Author

List of Tables

Table 1: Australia life insurance market value: $ billion, 2016-20
Table 2: Australia life insurance market category segmentation: $ billion, 2020
Table 3: Australia life insurance market geography segmentation: $ billion, 2020
Table 4: Australia life insurance market value forecast: $ billion, 2020-25
Table 5: Australia life insurance market share: % share, by value, 2020
Table 6: TAL Dai-ichi Life Australia Pty Ltd: key facts
Table 7: TAL Dai-ichi Life Australia Pty Ltd: Key Employees
Table 8: Nippon Life Insurance Company: key facts
Table 9: Nippon Life Insurance Company: Key Employees
Table 10: Nippon Life Insurance Company: Key Employees Continued
Table 11: Nippon Life Insurance Company: Key Employees Continued
Table 12: Challenger Ltd: key facts
Table 13: Challenger Ltd: Annual Financial Ratios
Table 14: Challenger Ltd: Key Employees
Table 15: AIA Group Ltd: key facts
Table 16: AIA Group Ltd: Annual Financial Ratios
Table 17: AIA Group Ltd: Key Employees
Table 18: AIA Group Ltd: Key Employees Continued
Table 19: Australia size of population (million), 2016-20
Table 20: Australia gdp (constant 2005 prices, $ billion), 2016-20
Table 21: Australia gdp (current prices, $ billion), 2016-20
Table 22: Australia inflation, 2016-20
Table 23: Australia consumer price index (absolute), 2016-20
Table 24: Australia exchange rate, 2016-20

List of Figures

Figure 1: Australia life insurance market value: $ billion, 2016-20
Figure 2: Australia life insurance market category segmentation: % share, by value, 2020
Figure 3: Australia life insurance market geography segmentation: % share, by value, 2020
Figure 4: Australia life insurance market value forecast: $ billion, 2020-25
Figure 5: Forces driving competition in the life insurance market in Australia, 2020
Figure 6: Drivers of buyer power in the life insurance market in Australia, 2020
Figure 7: Drivers of supplier power in the life insurance market in Australia, 2020
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Australia, 2020
Figure 9: Factors influencing the threat of substitutes in the life insurance market in Australia, 2020
Figure 10: Drivers of degree of rivalry in the life insurance market in Australia, 2020
Figure 11: Australia life insurance market share: % share, by value, 2020