General Insurance in Australia - Market Research Report

General Insurance industry trends (2014-2019)

poll Average industry growth 2014–2019: 0.5%

The General Insurance industry provides protection for individuals, households and businesses from financial loss associated with events such as car accidents, floods, break-ins and malpractice. General insurers provide this coverage at a fraction of the potential loss by spreading risk over many policies. Operators generate revenue from insurance policy sales and investing premium reserves in bonds, stocks and other assets. Premiums tend to fluctuate between soft and hard market conditions, which typically change following certain events, such as severe underwriting losses or changes in the competitive landscape. Hard market conditions will generally drive revenue growth without a change in coverage levels. Industry revenue is expected to rise at a...
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General Insurance industry outlook (2019-2024)

poll Average industry growth 2019-2024: x.xlockPurchase this report or a membership to unlock the average company profit margin for this industry.

The General Insurance industry's revenue is projected to rise over the next five years. Economic growth is likely to yield steady demand for general insurance, providing healthy premium revenue increases for industry operators. Projected growth in the cash rate and bond yields will enable operators to generate higher investment returns. However, strong industry competition is forecast to place downward pressure on profit margins and contribute to further mergers and acquisitions over the period. Industry revenue is forecast to grow at an annualised X.X% over the five years through XXX-XX, to $XX.X billion. Industry profitability Improving economic conditions are likely to boost revenue over the next five years. However, price rises are likely to co...
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General Insurance industry statistics

  • attach_money Market Size: $64bn
  • business Number of Businesses: 1,028
  • poll Average Industry Profit Margin: x.x%
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  • supervisor_account Industry Employment: 21,589

Biggest companies in the General Insurance industry

The companies holding the largest market share in the General Insurance in Australia industry include Insurance Australia Group Limited, Suncorp Group Limited, Allianz Australia Limited and QBE Insurance Group Limited.

  • pie_chart Insurance Australia Group Limited Market Share: x.x%
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  • pie_chart Suncorp Group Limited Market Share: x.x%
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  • pie_chart Allianz Australia Limited Market Share: x.x%
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  • pie_chart QBE Insurance Group Limited Market Share: x.x%
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What is General Insurance industry?

Industry Definition

The industry includes general insurers and reinsurers. General insurers underwrite insurance policies to cover individuals and businesses’ 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 underwritten by other insurers.

Industry Products and Services

  • Motor vehicle insurance
  • Home insurance
  • Reinsurance
  • Fire and ISR insurance
  • Public and product liability insurance
  • Professional indemnity insurance
  • Employers' liability insurance
  • Other insurance

Industry Activities

  • Motor vehicle insurance provision
  • Household insurance provision
  • Fire and industrial special risks (ISR) insurance provision
  • Public and product liability insurance provision
  • Professional indemnity insurance provision
  • Employers' liability insurance provision
  • Mortgage and consumer credit insurance provision
  • Travel insurance provision

Market research report - table of contents

Industry Definition

The industry includes general insurers and reinsurers. General insurers underwrite insurance policies to cover individuals and businesses’ 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 underwritten by other insurers.

Main Activities

  • Motor vehicle insurance provision
  • Household insurance provision
  • Fire and industrial special risks (ISR) insurance provision
  • Public and product liability insurance provision
  • Professional indemnity insurance provision
  • Employers' liability insurance provision
  • Mortgage and consumer credit insurance provision
  • Travel insurance provision

Similar Industries

Additional Resources

Industry Statistics Snapshot

Industry Structure

Executive Summary

Key External Drivers

Operators provide coverage against natural disasters for businesses and households. Climate change is increasing the frequency and severity of natural cat...
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Cost of natural disasters
10-year bond rate
Number of households
Number of motor vehicles

Current Performance

Financial Services Royal Commission
Natural disasters
Investment returns
Online aggregators
 Chart: Revenue Growth

Industry Outlook

Financial Services Royal Commission
Natural disasters
New competition
Technology
 Table: General Insurance in Australia - Market Research Report Industry Revenue Outlook

Industry Life Cycle

Life Cycle Reasons
 Chart: Benchmarking - General Insurance in Australia - Market Research Report Industry Lifecycle vs The Economy

Supply Chain

Key Buying Industries

Mining
Health Services in Australia
Agribusiness in Australia
Integrated Logistics in Australia
Consumers in Australia


Key Selling Industries

Insurance Brokerage in Australia






Products & Services

The General Insurance industry's products are largely segmented on gross earned premiums that insurers receive. Insurers in the private sector account for...
Commercial clients
Insurers




Demand Determinants

Demand for products from the General Insurance industry is affected by many factors. The variance of influential factors is due to the range of risks insu...
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Major Markets

Commercial clients
Insurers





 Chart: Major Market Segmentation for the General Insurance in Australia - Market Research Report Industry

International Trade

Business Locations

Chart: Business Locations by State Chart: Business Locations by State

Market Share Concentration

The General Insurance industry displays a moderate level of market share concentration. The top four general insurers in Australia are estimated to accoun...
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Key Success Factors

Cost Structure Benchmarks

Profit, Purchases, Wages, Other Costs
 Chart: Cost Structure Benchmarking – Sector vs General Insurance in Australia - Market Research Report

Basis of Competition

Internal competition
External competition

Barriers to Entry

 Table: Barriers to Entry Checklist for the General Insurance in Australia - Market Research Report Industry

Industry Globalization

Insurance Australia Group Limited (IAG), formerly known as NRMA Insurance Group Limited, is a publicly listed company on the ASX. IAG is the holding compa...
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IAG

 Table: IAG - financial performance

Suncorp Group

 Table: Suncorp Group - financial performance

Allianz Australia

 Table: Allianz Australia - financial performance

QBE Insurance Group

 Table: QBE Insurance Group - financial performance

Capital Intensity

The industry has low capital intensity. In 2019-20, for every dollar paid as wages, an estimated $0.10 is spent on capital investment. Providing general i...
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 Chart: Level of Capital Intensity for the General Insurance in Australia - Market Research Report Industry
 Chart: Tools of the Trade: Growth Strategies for Success

Technology & Systems

Revenue Volatility

Chart: Volatility vs Industry Growth Chart: Volatility vs Industry Growth

Regulation & Policy

Industry Assistance

Table: Industry data Table: Industry Data for the General Insurance in Australia Industry

Industry Revenue (2008-2026)
Industry Gross Product (2008-2026)
Establishments (2008-2026)
Businesses (2008-2026)
Employment (2008-2026)
Exports (2008-2026)
Imports (2008-2026)
Wages (2008-2026)
Domestic Demand (2008-2026)

Table: Annual Percentage Change for Key Industry Data Table: Annual Percentage Change for Key Industry Data

Table: Key Ratios for Industry Key Dat Table: Key Ratios for Industry Key Data

Table: Industry Financial Ratios Table: Industry Financial Ratios

Liquidity Ratios
Coverage Ratios
Leverage Ratios
Operating Ratios
Cash Flow & Debt Service Ratios (% of Sales)
Assets, %
Liabilities, %

ALIEN INSURERS

CESSATION RATIO

COMBINED RATIO

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Included in Report

  • Industry Financial Ratios
    Industry Financial Ratios
  • Revenue Forecasts
    Revenue Forecasts
  • Historical and Forecast Growth
    Historical and Forecast Growth
  • Industry Market Size
    Industry Market Size
  • Industry Major Players
    Industry Major Players
  • Profitability Analysis
    Profitability Analysis
  • SWOT Analysis
    SWOT Analysis
  • Industry Trends
    Industry Trends
  • Industry Operating Conditions
    Industry Operating Conditions
  • Porter's 5 Forces Analysis
    Porter's 5 Forces Analysis

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This report on General Insurance in Australia:

  • Provides Market Size information to assist with planning and strategic decisions.
  • Includes the necessary information to perform SWOT, PEST and STEER analysis.
  • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
  • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.

The General Insurance in Australia market research report includes:

  • Historical data and analysis for the key drivers of this industry
  • A five-year forecast of the market and noted trends
  • Detailed research and segmentation for the main products and markets
  • An assessment of the competitive landscape and market shares for major companies
  • And of course, much more

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