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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 | May 2014

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
$17bn
Annual Growth 09-14
2.8%
Annual Growth 14-19
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Profit
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Employment
6,279
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 insurance claims. As natural disasters have 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 Investment Chapter

The industry's capital intensity is medium as for every dollar of capital investment made, an estimated $8.00 is spent on labour. Although technological change is low, the technological requirements of insurers are relatively high. The computing power necessary to support the business from the brokers to the actuaries is comparatively high due to the complex transactions that occur on a daily basis. Further, having timely access to information is crucial in helping the business assess its investment positions daily. Consequently, the investment in various software and programs is relatively high compared with human capital expenditure... 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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