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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 | Jan 2013

Premium growth: Increasing demand and investment income will benefit insurers

IBISWorld’s Car Insurance market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

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
$17bn
Annual Growth 08-13
2.8%
Annual Growth 13-18
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Profit
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Employment
6,316
Businesses
48
Industry Analysis & Industry Trends

The past five years have been characterised by a run of poor investment performance and consecutive seasons of destruction. As the frequency of natural disasters has risen, so has the frequency of claims. As mother nature has caused damage across Australia, the value of payouts has risen quickly, putting pressure on insurers' profit margins. 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... 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 motor vehicle insurance.

Compulsory third party motor vehicle insurance

Compulsory third party (CTP) insurance is an obligatory insurance that is required of every motor vehicle in Australia. Government provides the insurance in most states except for New South Wales, Queensland and the Australian Capital Territory. CTP insurance in these states is provided by private insurance operators and is regulated based on local legislation and requirements... 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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