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Australia Insurance Report Q2 2016

  • February 2016
  • -
  • Business Monitor International
  • -
  • 53 pages

Includes 3 FREE quarterly updates

BMI View:
As of early 2016, the general trends for Australia's insurance sector are positive. Thanks mainly to net immigration, the population is growing. This will contribute to continued growth in overall economic activity through the forecast period, even if the pace of expansion is slower than in recent years. The life segment should benefit from the further development of superannuation funds, from innovation by life insurers, and from increased demand for annuities and other retirement income solutions. The non-life segment should benefit from volume growth - although players in many sub-sectors will continue to face downwards pressure on prices. The main exception to this is the health insurance sub-sector, where insurers will benefit from rising volumes and, thanks to inflation in healthcare costs, rates.

Key Updates And Forecasts
- The growth of the non-life segment continues to be underpinned by the expansion of private health insurance. Demand for health insurance is being boosted by tax incentives, the growth of the population and the ageing of the population. We have broadly maintained our forecasts from last quarter.
- For now we are maintaining our view that life premiums will rise by around 2% annually through the forecast period. However, the latest data published (in relation to the year to September 2015) by regulator APRA indicate that the risks to our forecasts are to the upside. We believe that premiums have been boosted in the recent past because of the attractiveness of life insurers' offerings relative to other investment opportunities. The local stock market has been volatile. Cash rates are low. Investment real estate is, or is perceived to be, expensive by many yardsticks.

Table Of Contents

Australia Insurance Report Q2 2016
BMI Industry View ... 5
Table: Headline Insurance Forecasts (Australia 2012-2019) . 5
Insurance . 7
Industry Forecast 9
Life Premiums Forecast .. 9
Table: Life Premiums (Australia 2012-2019) . 12
Table: Life Insurance Claims (Australia 2009-2014) . . 13
Non-Life Premiums Forecast . 13
Table: Non-Life Premiums (Australia 2013-2020) . . 15
Table: Non-Life Insurance Claims (Australia 2009-2014) 17
Non-Life Sub-Sector Forecast 17
Table: Non-Life Insurance Premiums by Product Line (Australia 2013-2020) 25
Insurance Risk/Reward Index .. 27
Asia Pacific Industry Risk/Reward Index .. 27
Table: Asia Pacific Insurance Risk/Reward Index Q216 . . 28
Market Overview ... 29
Life Market Overview ... 29
The Product Offering .. 29
The Competitive Landscape . 29
Non-Life Market Overview 31
The Product Offering .. 31
The Competitive Landscape . 31
Company Profile 35
AMP Limited .. 35
Comminsure/CFSGAM . 38
Insurance Australia Group 40
QBE Insurance Group .. 42
Suncorp Group Limited . 45
Methodology .. 47
Industry Forecast Methodology 47
Risk/Reward Index Methodology ... 50
Table: Indicators . 52
Table: Weighting of Indicators . 53

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