Industry Analysis & Industry Trends
Despite the uncertain economic climate, the Motorcycle Insurance industry has been growing at a strong pace over the past five years. Consumers have taken up motorcycles as the rising world price of crude oil has made the upkeep of cars more expensive. More people have been adopting motorcycles as their main form of transport, which has contributed to the strong growth of the industry over the past five years. This trend has been most significant in the eastern seaboard capital cities, which have larger populations and more traffic congestion. These conditions have prompted consumers to purchase motorcycles for increased manoeuvrability and ease of parking.
Large insurance companies have capitalised on the growing number of motorcycles... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The Motorcycle Insurance industry is currently in the mature stage of its life cycle. Industry value added, which measures the industry’s contribution to the economy, is forecast to grow at an annualised 0.5% over the 10 years through 2020-21. This represents an underperformance of overall GDP, which is projected to rise at an annualised 2.8% over the same period. This indicates the industry’s contribution to the economy is declining. Despite the number of motorcyclists increasing and demand for insurance products growing, competition is also rising, pushing the industry into a mature phase. However, developments in online and mobile platforms are generating growth as many large insurers partner with websites to issue insurance... purchase to read more