Based on the available data, life insurance and annuity entitlements for NPISHs and households in Australia are forecasted to grow consistently over the next five years. The values are projected to increase from 136.14 billion AUD in 2024 to 144.43 billion AUD in 2028. Given that we are in 2024, the figures indicate a year-on-year increase in value.
The forecasted annual growth rates are as follows:
- 2024 to 2025: 1.54%
- 2025 to 2026: 1.51%
- 2026 to 2027: 1.47%
- 2027 to 2028: 1.43%
From 2026 to 2028, the Compound Annual Growth Rate (CAGR) averages approximately 1.49%, indicating a steady but moderate upward trend in life insurance and annuity entitlements.
The noticeable trends include increasing consumer confidence, an aging population, and heightened awareness of financial security, driving demand for life insurance and annuity products. Going forward, watch for potential impacts from economic factors such as inflation, changes in interest rates, and regulatory adjustments which could influence this upward trajectory.
