The Australian Insurance, Reinsurance, and Pension Funding sector saw a marked growth from 2013 to 2023, culminating at AUD 62.79 billion in 2023. The output grew unevenly, with substantial growth between 2013 and 2017, fluctuating in subsequent years. The year-on-year variation for 2023 was 1.93%, indicative of steady albeit modest growth. The Compound Annual Growth Rate (CAGR) over the last five years was 2.1%.
Future trends suggest a continued upward trajectory with forecasted output hitting AUD 68.55 billion by 2028. The sector's CAGR over the next five years is projected at 1.4%, indicating consistent yet moderate expansion.
Future trends to watch:
- Increasing regulatory scrutiny and compliance costs.
- Technological advancements impacting operational efficiency and customer engagement.
- Economic conditions influencing consumer spending on insurance and pension products.
- Climate change and natural disasters driving demand for reinsurance.
