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Motorcycle Insurance in Australia: Market Research Report

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

Motorcycle Insurance Market Research Report | Advisory & Financial Services | Specialist Insurance Lines | Sep 2015

Riding high: The industry benefits from an increase in motorcycle numbers

The Motorcycle 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
Market Share of Companies
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
$430m
Annual Growth 11-16
5.8%
Annual Growth 16-21
Purchase to read more
Profit
Purchase to read more
Employment
254
Businesses
43
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 - Starting a New Business Chapter

The Motorcycle Insurance industry has high barriers to entry largely due to the oligopolistic nature of the market and the level of government regulation. The major players have become highly entrenched and established throughout their many years of operation and their network of intermediaries. The top two players, Suncorp and IAG, hold an overwhelming majority of the market. The reputation, brand name, scope of products and distribution network of these major players make it difficult for new entrants with no prior track record to secure new business, especially from existing policyholders and more experienced motorists.

The level of regulation and extent of compliance poses another significant barrier to entry for new entrants... purchase to read more

 


Industry ProductsRelated ReportsTable of Contents

What is the Motorcycle Insurance Industry?

This industry underwrites (i.e. assuming the risk and assigning premiums) motorcycle insurance policies. Motorcycle insurance provides financial protection against physical damage to the vehicle and bodily injury resulting from traffic collisions. It can also protect against resulting liability.

Industry Products
Comprehensive insuranceThird-party insuranceCompulsory third-party insurance
 
Industry Activities
Underwriting comprehensive motorcycle insuranceUnderwriting compulsory third-party motorcycle insuranceUnderwriting third-party motorcycle insuranceUnderwriting comprehensive motorcycle insuranceUnderwriting compulsory third-party motorcycle insuranceUnderwriting third-party motorcycle insurance


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