1. Market Research
  2. > Financial Services
  3. > Insurance Market Trends

Australia Insurance Market Outlook to 2016 - Rising Importance of Household Insurance

  • April 2013
  • 83 pages
  • Ken Research Private Limited
Report ID: 1171811

Summary

Table of Contents

EXECUTIVE SUMMARY

The report titled “Australia Insurance Market Outlook to 2016 - Rising Importance of Household Insurance” provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of Australia insurance industry, market segmentation of non-life Australia insurance market and market size and segmentation of various non life segments. The report also provides value chain of Australia insurance market, competitive landscape and profile of major players operating in the Australian insurance industry.

The insurance market of Australia has experienced decline in the growth rate from ~% in FY’2011 to ~% in FY’2012 on account of the decrease in the direct written premium of the life insurance industry on account of reduction in the sales of investment linked products. The industry has also experienced the decline in the solvency margin ratio from ~% in 2009 to ~% in 2012 primarily due to an increased frequency of natural catastrophe. The solvency margin ratio is an important indicator which is used to judge whether an insurance company has enough cash surplus in order to pay claims to policyholders as scheduled.

In FY’2012, there are ~ life insurance companies are operating in the country in which ~ are direct insurers and ~ are reinsurers. There are also ~ friendly societies most of them having a small asset base. The friendly society is a mutual association for the purpose of providing pension, saving, insurance or cooperative banking services to the individual. In aggregate, friendly society represents only a small share of the whole life insurance industry. In FY’2012, the life insurers and reinsurers excluding friendly societies has approximately USD ~ billion of total statutory fund assets. The statuary fund is being collected by a life insurance company in order to remain solvent and attain partial protection against a substantial losses.

The general insurance industry in Australia has experienced a growth of ~% with the direct written premium of USD ~ million in FY’2012 compared to USD ~ million in FY’2011. The growth in the market is primarily driven by an increase in the household and in the fire and industrial special risk class by ~% and ~% respectively in FY’2012. The growth in the class was largely attributed by the rise in the premium rate by the insurers on account of the surge in the cost of property reinsurance due to the occurrence of natural catastrophe events in FY’2011.

The private health insurance industry in Australia is registered under the Private Health Insurance Act 2007 and it is monitored by the Private Health Insurance Administration Council, a statutory authority. The private health insurance is an important element of the Australian health system providing both services and funding to the customers. The market contributed ~% i.e. AUD ~ billion of the country’s total health expenditure in FY’2011. In FY’2012, approximately ~% of the total Australian population was covered under private health insurance schemes.

The automobile insurance industry has experienced a growth in the direct written premium from USD ~ million in FY’2008 to USD ~ million in FY’2012 on account of the rising number of vehicles in the country. The number of vehicles in the country has witnessed a growth from ~ million in 2008 to ~ million in 2012 due to the surging personal disposable income. In FY’2012, the automobile has paid a claim around AUD ~ million in which domestic motor insurance industry has paid a majority of claim AUD ~ million.

The household insurance industry in Australia has experienced a growth of ~% with the direct written premium of USD ~ million in FY’2012 compared to USD ~ million in FY’2011 on account of rising awareness among the people after the occurrence of successive natural disaster in the country. In 2011, the occurrence of Tropical Cyclone Yasi in the multiple locations of Queensland has resulted into loss of AUD ~ million.

KEY TOPICS COVERED IN THE REPORT

- The market size of Asia-Pacific insurance industry and the contribution of countries.
- The market size of Australia insurance industry.
- The market size of Australia life and non-life insurance industry.
- Market segmentation of non-life insurance markets in Australia
- The market size and segmentation of various non-life insurance market
- Trends and Development of Australia insurance market.
- Competitive Landscape of the major players in non-life insurance market.
- Competitive Landscape of the major player in health, motor and household insurance market
- Future outlook and projections for Asia-Pacific and Australia insurance market
- Future outlook and projections for life and non-life Australia insurance market
- Microeconomics and industry factors including Australia population, GDP, health expenditure and number of vehicle, 2005-2016

Get Industry Insights. Simply.

  • Latest reports & slideshows with insights from top research analysts
  • 60 Million searchable statistics with tables, figures & datasets
  • More than 25,000 trusted sources
  • Single User License — provides access to the report by one individual.
  • Department License — allows you to share the report with up to 5 users
  • Site License — allows the report to be shared amongst all employees in a defined country
  • Corporate License — allows for complete access, globally.

Ahmad helps you find the right report:

Testimonials

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

We were impressed with the support that ReportLinker’s research specialists’ team provided. The report we purchased was useful and provided exactly what we want.

Category Manager at
Ikea

ReportLinker gave access to reliable and useful data while avoiding dispersing resources and spending too much time on unnecessary research.

Executive Director at
PwC Advisory

The customer service was fast, responsive, and 100% professional in all my dealings (...) If we have more research needs, I'll certainly prioritize working with ReportLinker!

Scott Griffith

Vice President Marketing at
Maurice Sporting Goods

The research specialist provided prompt, helpful instructions for accessing ReportLinker's product. He also followed up to make sure everything went smoothly and to ensure an easy transition to the next stage of my research

Jessica P Huffman

Research Associate at
American Transportation Research Institute

Excellent customer service. Very responsive and fast.

Director, Corporate Strategy at
Ingredion

I reached out to ReportLinker for a detailed market study on the Air Treatment industry. The quality of the report, the research specialist’s willingness to solve my queries exceeded my expectations. I would definitely recommend ReportLinker for in-depth industry information.

Mariana Mendoza

Global Platform Senior Manager at
Whirlpool Corporation

Thanks! I like what you've provided and will certainly come back if I need to do further research works.

Bee Hin Png

CEO at
LDR Pte Ltd

The research specialist advised us on the best content for our needs and provided a great report and follow-up, thanks very much we shall look at ReportLinker in the future.

Kate Merrick

Global Marketing Manager at
Eurotherm by Schneider Electric

Purchase Reports From Reputable Market Research Publishers

UK Commercial Insurance Distribution 2017

  • $ 5250
  • Industry report
  • May 2017
  • by GlobalData

UK Commercial Insurance Distribution 2017 Summary "UK Commercial Insurance Distribution 2017", report provides an in-depth study into the trends of commercial insurance distribution. The report discusses ...

US Employer-Sponsored Private Health Insurance Exchange, Forecast to 2020

  • $ 4950
  • Industry report
  • February 2017
  • by Frost & Sullivan

US Employer-Sponsored Private Health Insurance Exchange, Forecast to 2020 Private health insurance exchanges can be broadly defined as online gateways to health insurance, designed to provide single o ...

Property Insurance in Emerging Asia

  • $ 3800
  • Industry report
  • May 2017
  • by Timetric

Synopsis Timetric’s 'Insight Report: Property Insurance in Emerging Asia' analyzes the rapidly growing economies in Emerging Asia, and identifies opportunities in the midst of economic growth and low ...

Uk Insurance Aggregators 2017

April 2017 $ 3450

Uk Cyber Insurance 2017

March 2017 $ 3450

ref:plp2013

Reportlinker.com © Copyright 2017. All rights reserved.

ReportLinker simplifies how Analysts and Decision Makers get industry data for their business.