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  4. > Australia Insurance Report Q3 2016

Australia Insurance Report Q3 2016

  • April 2016
  • -
  • Business Monitor International
  • -
  • 58 pages

Includes 3 FREE quarterly updates

BMI View: We continue to hold a broadly positive outlook for Australia's large and mature insurancemarket Demographic trends, including an ageing and expanding population, will continue to drive growthin demand for various life insurance products, including traditional life cover and later-in-life savingsproducts, particularly through the development of superannuation funds In the non-life sector, increases inhousehold income levels will stimulate growth, despite fierce competition amongst the many non-lifeproviders Health, motor and property will remain the key non-life sub-sectors, though we also expect to seegrowth in smaller lines, such as credit and financial guarantee insurance, reflecting the diversity of thiswell established market

Key Updates And Forecasts

- Premiums in the private health insurance segment are expected to rise by an average of 559% from 1April 2016 following intervention from the Ministry of Health requiring insurers to lower rates increasesor justify the rise The health insurance sector is under scrutiny as the government attempts to overhaulthe sector, with consumer advocacy group Choice recently criticising a number of health insurers forproviding 'junk' products

- Demonstrating Australia's vulnerability to the costs of natural disasters, the Insurance Council ofAustralia recently reported that the cost of damage from three bushfires and a tornado over the summerwill together cost insurance agencies over AUD550mn which will likely translate to premium increasesover the next year

- At present we are broadly maintaining our current forecasts for annual average growth in premiums in thenon-life sector of 45% between 2016 and 2020 (in local currency terms) with premiums increasing fromAUD677bn to AUD805bn

Table Of Contents

Australia Insurance Report Q3 2016
BMI Industry View 5
Table: Headline Insurance Forecasts (Australia 2013-2020) 5
Insurance 7
Industry Forecast 9
Life Premiums Forecast 9
Table: Life Premiums (Australia 2013-2020) 12
Table: Life Insurance Claims, Australia 12
Non-Life Premiums Forecast 13
Table: Non-Life Premiums (Australia 2013-2020) 16
Table: Non-Life Insurance Claims, Australia 18
Non-Life Sub-Sector Forecast 19
Table: Non-Life Insurance Premiums by Product Line (Australia 2013-2020) 27
Insurance Risk/Reward Index 29
Asia Pacific Industry Risk/Reward Index 29
Table: Asia Pacific Insurance Risk/Reward Index Q316 30
Market Overview 31
Life Market Overview 31
The Product Offering 31
The Competitive Landscape 31
Non-Life Market Overview 33
The Product Offering 33
The Competitive Landscape 33
Table: Non-Life Insurance Market (USDmn) 2008-2014 36
Company Profile 38
AMP Limited 38
Comminsure/CFSGAM 42
Insurance Australia Group 44
QBE Insurance Group 47
Suncorp Group Limited 49
Methodology 52
Industry Forecast Methodology 52
Risk/Reward Index Methodology 55
Table: Indicators 57
Table: Weighting of Indicators 58

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