Overview

Peak hour: Ongoing growth in the number of motor vehicles drives premium growth

IBISWorld’s Car Insurance market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Some online-only car insurers have achieved very strong growth
  • Insurers are concerned by the uncertainty of further regulatory changes

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    Industry Analysis & Industry Trends

    The Car Insurance industry has grown steadily over the past five years, but has been characterised by falling investment returns and a rising number of natural disasters. As the frequency of natural disasters has risen, so has the frequency of insurance claims. Although insurers have been able to pass on the rising costs to policy holders, the time lag between the new premium prices and payouts has weighed on profit margins and driven industry profitability down over the period. Industry revenue is expected to grow at an annualised 2.5% over the five years through 2016-17...

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    What is the Car Insurance industry?

    The geographic spread of businesses in the industry generally follows that of the population spread and distribution of vehicles in Australia. New South Wales is estimated to account for 39.7% industry enterprises while generating 40.2% of industry revenue. Revenue in New South Wales is proportionately higher than the percentage of enterprises, as the average premium paid by NSW drivers is higher compared with other states. This can partly be attributed to a higher proportion of claims made in the state. Victoria is the second largest state in terms of revenue and enterprises, closely followed by Queensland and then Western Australia. The remaining states account for approximately 10.0% of industry revenue and enterprises combined...

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    Additional Insights for the Car Insurance Industry

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

  • Ability to effectively manage risk
  • Maintenance of excellent customer relations
  • Management of quality investment portfolio
  • IBISWorld analysts also discuss how external factors such as year bond rate and Number of motor vehicles in the Car Insurance industry impact industry performance..

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    Products & Brands

    Major products in this industry
    Commercial motor vehicle insurance
    Private motor vehicle insurance
    Compulsory third-party motor vehicle insurance
    Examples of brands in this Industry
    NRMA Insurance
    RACV
    SGIC
    SGIO
    Shannons
    Suncorp Metway
    Vero Insurance
    AAMI
    Bingle
    Just Car Insurance

    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
  • year bond rate
  • Number of motor vehicles
  • All Ordinaries index
  • Natural disasters

  • Current Performance
  • Chart: Revenue Growth

  • Industry Outlook
  • Table: Car Insurance Industry Revenue Outlook

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

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Road Freight Transport
  • Taxi and Limousine Transport
  • Passenger Car Rental and Hiring
  • Consumers

  • Key Selling Industries
  • Financial Asset Investing
  • Insurance Brokerage

  • Products & Services
  • Private motor vehicle insurance
  • Compulsory third-party motor vehicle insurance
  • Commercial motor vehicle insurance
  • Chart: Car Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Passenger vehicle owners
  • Freight and manufacturing industries
  • Other markets
  • Car hire and rental firms
  • Passenger transportation companies
  • Chart: Major Market Segmentation for the Car Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Car Insurance

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Car Insurance Industry

  • Industry Globalization
    Major Companies
    Insurance Australia Group LimitedSuncorp Group LimitedAllianz Australia LimitedQBE Insurance Group Limited
  • Table: Insurance Australia Group Limited - financial performance
  • Table: Suncorp Group Limited - financial performance
  • Table: Allianz Australia Limited - financial performance
  • Table: QBE Insurance Group Limited - financial performance

  • Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Car 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 Car Insurance Industry
    Includes:
  • 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
    Ctp Insurance
  • Short for compulsory third-party insurance, which is an obligatory insurance that covers personal injuries inflicted to people (other than the drivers) that are involved in an accident.
  • Fleet Insurance
  • A specialised type of motor vehicle insurance that is usually purchased by business operators that own more than 15 vehicles.
  • Reinsurance
  • A type of insurance that is usually purchased by an insurance company as a risk management tool.
  • 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 Car 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 Car 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 Car Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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