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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

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 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 Locations Chapter

The geographic spread of businesses in the industry generally follows that of the population spread and vehicle occurrences in Australia. New South Wales is estimated to house 40.6% of industry establishments, generating 42.2% of industry revenue. Revenue in New South Wales is proportionately more than the percentage of establishments as the average premium paid by NSW drivers is higher than in other states. This can partly be attributed to a higher proportion of claims made in the state. Queensland is the second largest state in terms of revenue, closely followed by Victoria and then Western Australia. The remaining states generate less than 10.0% of industry revenue combined... 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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