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Car Insurance in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

Car Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Mar 2015

Premium growth: Increasing demand and investment income will benefit insurers

The Car Insurance market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Market Share of Companies
Allianz Australia Allianz Australia market share
Insurance Australia Group Insurance Australia Group market share
QBE Insurance Group QBE Insurance Group market share
Suncorp Group Suncorp Group market share
Industry Statistics & Market Size
Revenue
$19bn
Annual Growth 10-15
1.3%
Annual Growth 15-20
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Profit
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Employment
6,939
Businesses
47
Industry Analysis & Industry Trends

The past five years have been characterised by declining investment returns and consecutive seasons of destruction. As the frequency of natural disasters has risen, so has the frequency of insurance claims. Although insurers have been able to pass on the rising costs to policy holders, the time lag between the new premium prices and payouts has caused profit margins to decline substantially. The rise in claimants has been compounded by poor investment income because of the low-yield environment. Weak economic conditions have driven up demand for bonds and other high-quality fixed-income assets that insurers are heavily invested in. Together, these circumstances have resulted in weak revenue growth... purchase to read more

Industry Report - Industry Key Buyers Chapter

Market share concentration in the industry is high. The four largest players account for 69.4% of revenue, with IAG and Suncorp dominating the industry with a combined market share of 57.4%. IAG and Suncorp operate more than 12 brands of car insurance in Australia.

Industry concentration is expected to increase due to the pervasiveness of consolidation activity. Industry players have historically displayed a strong appetite for growth through mergers and acquisitions. For example, IAG received a takeover bid from QBE in 2008... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Car Insurance Industry?

This industry underwrites (i.e. assuming the risk and assigning premiums) car insurance policies. Car insurance provides financial protection against physical damage to automobiles and bodily injuries resulting from traffic collisions. Car insurance can also protect against resulting liability.

Industry Products
Commercial motor vehicle insurancePrivate motor vehicle insuranceCompulsory third party motor vehicle insurance
 
Industry Activities
Underwriting compulsory third party motor vehicle insuranceUnderwriting private motor vehicle insuranceUnderwriting commercial motor vehicle insuranceUnderwriting compulsory third party motor vehicle insuranceUnderwriting private motor vehicle insuranceUnderwriting commercial motor vehicle insurance


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