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Australia Insurance Report 2014

  • November 2013
  • -
  • Business Monitor International
  • -
  • 73 pages

Includes 3 FREE quarterly updates

BMI View:

As was the case in our 2012 and 2013 Annual Reports, it is the strengths of Australia's
insurance sector that stand out. In most countries, wealth management is an ancilliary activity that is
undertaken by life insurers or commercial banks. In Australia, the development over nearly 30 years of the
superannuation (pension) fund industry means that wealth management is a core business. Moreover, the
superannuation funds, with their roughly AUD1,500bn in assets under management (AUM) continue to
grow. They are fed in part by contributions from employers on behalf of employees that are determined by
the Superannuation Guarantee (SG) Levy rate. Currently 9% of employees' income, this will rise to 12% by
mid-2019.
In the short-term, though, the insurers are responding to a number of changes that have been imposed by the
regulator and the Treasury. APRA's Life and General Insurance Capital framework became effective from
the beginning of 2013. Broadly analogous to Solvency II in Europe, it has required all insurers to implement
some operational changes. However, both the non-life and the life companies are well capitalised and will
be able to cope. For the life insurers, the Stronger Super and the Future of Financial Advice (FoFA) reforms
will intensify the downwards pressure on fees and prices. However, over the longer term, they will probably
improve the perceptions of the insurance/ wealth management industry in Australia of consumers/investors.

Table Of Contents

Australia Insurance Report 2014
BMI Industry View 7
Table: Australia's Total Premiums, 2010-2017 8
SWOT 9
Insurance 9
Political 12
Economic 13
Business Environment 14
Industry Forecast 16
Industry Forecast- Life 16
Table: Total Life Premiums, 2010-2017 16
Industry Forecast- Non-Life 17
Table: Total Non-Life Premiums, 2010-2017 17
Industry Risk Reward Ratings 19
Australia Risk Reward Ratings 19
Table: Australia Insurance Risk/Reward Ratings 19
Developed States Insurance Risk/Reward Ratings 20
Table: Developed States Insurance Risk/Reward Ratings 21
Market Overview 22
Life Sector Update 22
Non Life Sector Update 23
Industry Trends and Developments 25
Life Growth Drivers and Risk Management Projections 25
Table: Insurance Key Drivers, Demographics 2010-2017 25
Non Life Growth Drivers and Risk Management Projections 26
Macroeconomic Forecast 26
Table: Australia - Economic Activity 30
Political Outlook 30
Long-Term Political Outlook - Three Key Challenges: Population, Climate Change, China 30
Table: Asia Pacific Regional Security Ratings 33
Epidemiology 34
Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017 35
Autos 37
Table: Insurance Key Drivers, Autos 2010-2017 39
Competitive Landscape 40
Company Profile 44
Insurance Australia Group 44
QBE Insurance Group 48
AMP Limited 51
Suncorp Group Limited 54
Comminsure/ CFSGAM 57
Regional Overview 60
Developed States Life Sector Overview 60
Table: Developed States Life Premiums, 2010-2017 60
Developed States Non Life Sector Overview 62
Table: Developed States Non Life Premiums, 2010-2017 (US$mn) 62
Demographic Forecast 64
Demographic Outlook 64
Table: Australia's Population By Age Group, 1990-2020 ('000) 65
Table: Australia's Population By Age Group, 1990-2020 (% of total) 66
Table: Australia's Key Population Ratios, 1990-2020 67
Table: Australia's Rural And Urban Population, 1990-2020 67
Methodology 68
Industry Forecast Methodology 68
Risk/Reward Rating Methodology 71
Table: Insurance Risk/Reward Ratings Indicators 72
Table: Weighting Of Indicators 73

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