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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 can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

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 Analysis Chapter

Our increasingly crowded roads are a sure sign of an increasing number of cars and thus healthy demand for car insurance. Although the number of car insurance policies written has grown over the past five years, the same cannot be said for the industry's investments. The financial crisis that gripped the world resulted in heavy losses that caused industry revenue to decline in two of the past five years. Consequently, over the five years through 2012-13, the industry - which earns revenue from premium policies written and investment of premium reserves - is expected to grow at a compound annual rate of 2.8%. Industry revenue is forecast to grow by a dismal 1.8% to $16.9 billion in 2012-13 due to a lethargic financial market and a low interest rate environment... 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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