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 Key Buyers Chapter
The Motorcycle Insurance industry is characterised by a medium level of market share concentration, with the four largest operators accounting for an estimated 64.7% of industry revenue in 2015-16. A large portion of this is attributable to the industry's two largest players, Suncorp and IAG, which account for an estimated 51.1% industry revenue in 2015-16.
Market share concentration has been increasing due to the amount of consolidation occurring as a result of mergers and acquisitions within general insurance. In addition, establishment numbers are expected to remain largely unchanged over the next five years as companies focus on their online business operations... purchase to read more