Key Market Indicators
The Australian life insurance market is projected to see a decline in gross written premiums over the next five years. According to recent forecasts, the total premiums are expected to decrease from approximately $39.5 billion in 2023 to around $38.6 billion by 2028. This represents an average annual decline of 0.3%. This downward trend is not entirely new. Since 2015, the Australian life insurance supply has been experiencing a steady decrease, averaging a 0.4% drop each year. The continued decline highlights ongoing challenges within the industry.
