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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 | Nov 2015

Peak hour: Ongoing growth in the number of motor vehicles supports premium growth

IBISWorld’s Car Insurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.

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 11-16
2.5%
Annual Growth 16-21
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Profit
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Employment
7,010
Businesses
47
Industry Analysis & Industry Trends

The past five years have been characterised by declining investment returns and the rising number of natural disasters. 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 put pressure on profit margins. Despite these trends, industry profitability has risen, largely due to the low profit base following the Queensland floods in 2010-2011. Over the five years through 2015-16, industry revenue is forecast to grow at an annualised 2.5%... purchase to read more

Industry Report - Industry Analysis Chapter

The Car Insurance industry is supported by Australia's increasingly crowded roads, which indicate the rising number of cars and the ensuing demand for car insurance. The combination of steady rises in the number of car insurance policies and prices has led to stable revenue growth for the industry from premium income. However, the same cannot be said for the industry's investments. Investment returns, although they are currently stabilising, have declined and limited revenue growth over the past five years. The industry generates revenue from policy premiums and investment of premium reserves. Overall, steady growth in premiums is expected to more than offset declining investment income... 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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