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General Insurance in Australia: Market Research Report

Market Research • Market Size • Industry Statistics • Industry Analysis • Industry Trends

General Insurance Market Research Report | ANZSIC K6322 | Mar 2013

Insuring the future: The industry is growing despite rising reinsurance costs

The General Insurance market research report provides key industry analysis and industry statistics, measures market size, analyzes current and future industry trends and shows market share for the industry’s largest companies. IBISWorld publishes the largest collection of industry reports so you can see an industry’s supply chain, economic drivers and key buyers and markets.

Report Snapshot
Industry Statistics & Market Size
Revenue
$64bn
Annual Growth 08-13
5.6%
Annual Growth 13-18
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Profit
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Employment
21,690
Businesses
134
Industry Analysis & Industry Trends

The General Insurance industry provides protection to individuals, households and businesses from the financial loss associated with events such as car accidents, floods, break-ins and medical malpractice. General insurers provide this coverage at a fraction of the potential loss by spreading risk. The industry earns revenue from the sale of insurance policies (premium income) and the investment of premium reserves in bonds, stocks and other assets (investment income).

Over 95% of the industry's premium income is derived from the renewal of policies that relate to existing risk, with the rest reflecting a change in risk exposure or pricing conditions. Policy pricing alternates between softening (price declines) and hardening (price increases). A... purchase to read more

Industry Report - Starting a New Business Chapter

The moderate level of barriers has enabled non-traditional competitors who cross-sell financial services to customers to enter the market.

The General Insurance industry has a high level of regulatory requirements, most of which pertain to maintaining adequate capital and remaining solvent. Insurers must also be licensed and are required to regularly report to APRA.

Capital requirements

Maintaining adequate capital is a significant barrier to growth, because to underwrite a large book of business, an insurer will need more capital. However, insurers do have the ability to cede some risk to reinsurers, which can increase their capacity to grow... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the General Insurance Industry?

This industry covers general insurers and reinsurers. General insurers underwrite insurance policies to protect individuals and businesses from the financial loss associated with property, casualty, liability and other risks. Underwriting involves assuming risks and assigning premiums. Reinsurers assume all or part of the risk associated with existing insurance policies originally underwritten by other insurers.

Industry Products
Motor vehicle insurance Householders insuranceReinsuranceFire and ISR insurancePublic and product liabilityProfessional indemnityEmployers liabilityOther direct insurance
 
Industry Activities
Motor vehicle insurance provisionHousehold insurance provisionFire and industrial special risk (ISR) insurance provisionPublic and product liability insurance provisionProfessional indemnity insurance provisionEmployers' liability insurance provisionMortgage and consumer credit insurance provisionTravel insurance provision


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