The Australia Life and Non-Life Insurance Market was valued at AUD 113.29 Billion in 2025, and is projected to reach AUD 150.78 Billion by 2034, rising at a CAGR of 2.90%.
Non-life insurance is driving the Australia life and non-life insurance market growth as it protects against specific risks and losses that are provided compared to other insurance.
The Australian life and non-life insurance market is thriving, as non-life insurance addresses specific risks and losses through various products such as motor, health, travel, and home insurance, catering to the diverse needs and preferences of consumers. It protects from unforeseen events or risks provides financial assistance and helps individuals and businesses to manage and mitigate risks.
The approvals of private-sector dwellings have risen by 19.5% which will lead to increasing purchases of home insurance products. Therefore, according to the Australian Prudential Regulation Authority, homeowners and householders’ insurance product performance has increased to $13,674 in 2022 which indicates the substantial Australia life and non-life insurance market growth.
According to the Australian Prudential Regulation Authority, the gross incurred claims in New South Wales and Queensland are reflected higher with the value of $4,532M and $3,544M respectively.
Non-life insurance is driving the Australia life and non-life insurance market growth as it protects against specific risks and losses that are provided compared to other insurance.
The Australian life and non-life insurance market is thriving, as non-life insurance addresses specific risks and losses through various products such as motor, health, travel, and home insurance, catering to the diverse needs and preferences of consumers. It protects from unforeseen events or risks provides financial assistance and helps individuals and businesses to manage and mitigate risks.
The approvals of private-sector dwellings have risen by 19.5% which will lead to increasing purchases of home insurance products. Therefore, according to the Australian Prudential Regulation Authority, homeowners and householders’ insurance product performance has increased to $13,674 in 2022 which indicates the substantial Australia life and non-life insurance market growth.
According to the Australian Prudential Regulation Authority, the gross incurred claims in New South Wales and Queensland are reflected higher with the value of $4,532M and $3,544M respectively.
This report offers a detailed analysis of the market based on the following segments:
Market Breakup by Insurance Type
- Life Insurance
- Non-Life Insurance
Market Breakup by Distribution Channel
- Direct
- Brokers
- Banks
- Others
Market Breakup by Region
- New South Wales
- Victoria
- Queensland
- Australian Capital Territory
- Western Australia
- Others
Australia Life and Non-life Insurance Market Share
Insurance brokers act as intermediaries between insurance companies and customers, offering personalised advice, comparing policies from multiple insurers, and assisting with claims. They play a crucial role in simplifying the insurance process for individuals and businesses, providing expertise and access to a wide range of insurance products tailored to specific needs.Leading Companies in the Australia Life and Non-life Insurance Market
The growth of the life and non-life insurance market is fuelled by increasing individuals' focus towards insurance products to safeguard their items from uncertainty and risks.- Insurance Australia Limited
- AIA Australia Group
- Zurich Financial Services Australia Ltd
- Medibank Private Limited
- ClearView Life Assurance Limited
- Cover-More Insurance Services Pty Limited
- AMP Limited
- Nib Travel Insurance Distribution Pty Limited
- Others
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions6 Market Snapshot7 Opportunities and Challenges in the Market14 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
8 Australia Life and Non-Life Insurance Market Overview
9 Australia Life and Non-Life Insurance Market by Insurance Type
10 Australia Life and Non-Life Insurance Market by Distribution Channel
11 Australia Life and Non-Life Insurance Market by Region
12 Market Dynamics
13 Competitive Landscape
Companies Mentioned
- Insurance Australia Limited
- AIA Australia Group
- Zurich Financial Services Australia Ltd.
- Medibank Private Limited
- ClearView Life Assurance Limited
- Cover-More Insurance Services Pty Limited
- AMP Limited
- Nib Travel Insurance Distribution Pty Limited
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 112 |
| Published | October 2025 |
| Forecast Period | 2025 - 2034 |
| Estimated Market Value ( AUD | $ 113.29 Billion |
| Forecasted Market Value ( AUD | $ 150.78 Billion |
| Compound Annual Growth Rate | 2.9% |
| Regions Covered | Australia |
| No. of Companies Mentioned | 8 |
