Surely insured: Industry revenue has grown over the past five years

IBISWorld’s Life Insurance market research report provides the latest industry statistics and industry trends, allowing you to identify the products and customers driving revenue growth and profitability. The industry report identifies the leading companies and offers strategic industry analysis of the key factors influencing the market.


Industry Threats & Opportunities

  • Fluctuations in investment returns have led to significant industry revenue volatility
  • A recovering sharemarket has kept investment revenue high for most of the past five years
  • Rising house prices and mortgage debt levels are likely to support increased insurance coverage

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    Industry Analysis & Industry Trends

    Operators in the Life Insurance industry provide protection against the financial hardships that arise from death, disability, major illness or injury. Loss of income is a common effect of such life events and can be a significant cause of financial problems. Despite the benefits of life insurance, Australia remains underinsured according to actuarial firm Rice Warner, with the complexity of products causing many consumers to avoid insurance. However, supply and demand factors have driven increases in insurance coverage over the past five years. These factors include higher default super fund cover, simpler direct distribution channels, and improved financial awareness...

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    Industry Report - Industry Locations Chapter

    The head offices of the major life insurers are typically located in Sydney and Melbourne. This reflects the distribution of the general population and life insurance customers across Australia. Life offices also tend to be located in cities regarded as financial centres. New South Wales accounts for the largest share of industry enterprises, with this portion outweighing the state's share of the population. The disparity can be attributed to the head offices of many life insurance firms being located in the financial hub of Sydney. Many administrative duties are performed in centralised locations, further contributing to the concentration of enterprises in New South Wales.

    Victoria and Queensland account for an equal second-largest share of industry enterprises. Vic..

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    Additional Insights for the Life Insurance Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Life Insurance Industry are

  • Effective cost controls
  • Having an extensive distribution and collection network
  • Ability to effectively manage risk
  • IBISWorld analysts also discuss how external factors such as All Ordinaries index and Real household discretionary income in the Life Insurance industry impact industry performance..

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    Industry Products

    What is the Life Insurance Industry?

    Industry companies provide life insurance cover and investment-linked life insurance products. Life insurance is a contract obligating the insurer to pay designated beneficiaries a sum of money in the event of the insured individual’s death, disablement, serious illness or injury. As with all insurance contracts, there may be exclusions that limit the insurer’s liability.

    Industry Products
    Individual lump sum risk
    Group lump sum risk
    Individual disability income insurance
    Group disability income insurance
    Industry Activities
    Providing term life insurance
    Providing permanent life insurance
    Providing annuities
    Providing other life-based savings and investment schemes

    Table of Contents

    About this Industry
    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry at a Glance
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • All Ordinaries index
  • Real household discretionary income
  • year bond rate
  • Residential property yields
  • Median age of the population

  • Current Performance
  • Trading landscape and profitability
  • Investment returns
  • Growth factors
  • Chart: Revenue Growth

  • Industry Outlook
  • Rising awareness
  • Distribution channels
  • Growth opportunities
  • Industry reviews and regulation
  • Table: Life Insurance Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Life Insurance Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Superannuation Funds
  • Consumers

  • Key Selling Industries
  • Funds Management Services
  • Insurance Brokerage
  • Superannuation Funds Management Services

  • Products & Services
  • Individual lump sum risk
  • Group lump sum risk
  • Individual disability income insurance
  • Group disability income insurance
  • Other
  • Chart: Life Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Commercial clients
  • Retail clients
  • Chart: Major Market Segmentation for the Life Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Net policy payments
  • Acquisition costs
  • Wages
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Life Insurance

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Life Insurance Industry

  • Industry Globalization
    Major Companies
    AMP LimitedTAL Dai-ichi Life Australia Pty LimitedNational Australia Bank LimitedCommonwealth Bank of AustraliaAustralia and New Zealand Banking Group Limited
  • Table: AMP Limited - financial performance
  • Table: TAL Dai-ichi Life Australia Pty Limited - financial performance
  • Table: National Australia Bank Limited - financial performance
  • Table: Commonwealth Bank of Australia - financial performance
  • Table: Australia and New Zealand Banking Group Limited - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Life Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Life Insurance Industry
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
  • When financial advisers recommend that clients change their insurance policy for the primary purpose of triggering new upfront commissions.
  • Investment Linked Policies
  • An insurance policy with an investment component. The performance of the investment component in linked to investment markets.
  • Term Insurance
  • Policies that provide a predetermined lump sum payment upon the occurrence of the insured event during a specified period of time.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Life Insurance:
    • 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 Life Insurance 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

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Life Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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