The primary insurance penetration in Australia was at 6.6 units in 2023. The historical data shows a stable increase since 2013, when it stood at 5.2 units. From 2022 to 2023, there was a 1.54% year-on-year increase. The average year-on-year increase from 2022 to 2024 stands at 1.54%. The 5-year CAGR indicates an annual growth rate of 0.6%, with a total growth rate of 3.03% forecasted for the next five years, reaching 6.8 units by 2028.
Future trends to watch for include:
- Increasing adoption of digital insurance technologies
- Growth in personalized insurance products
- Potential regulatory changes impacting the insurance market
- Increased consumer awareness and demand for insurance coverage
