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 Products Chapter
The Car Insurance industry can be broken down based on various parameters such as type of cover or ownership of vehicles. There are three main types of products offered by the industry based on vehicle ownership: domestic motor vehicle insurance, commercial vehicle insurance and compulsory third-party motor vehicle insurance. Segments have been split based on the gross earned premium generated by each product.
Compulsory third-party motor vehicle insurance
Compulsory third-party (CTP) insurance is a mandatory insurance policy that is required of every motor vehicle in Australia. Governments provide the insurance in most states except for New South Wales, Queensland and the Australian Capital Territory... purchase to read more