Taking cover: The work accident rate has fallen, contributing to lower average premium rates

The Employers' Liability Insurance industry's main role is to assist employees recovering from workplace incidents by organising medical benefits and workers' compensation schemes. The largest employers' liability insurers are the statutory authorities of the state governments. As employers' liability insurance is mandatory for many businesses, premium revenue is influenced by the number of employees in the labour force and is linked to employees' remuneration. While this is a stable and comparatively predictable driver for industry revenue, investment income is a less certain component. In normal trading conditions, investment income can contribute up to 20% of industry revenue and in some instances, up to 40% for certain entities...read more.

Industry Statistics & Market Size
Annual Growth 13-18
Forecast Growth 18-23

Industry Threats & Opportunities

  • Stringent work safety practices and lower work safety risks have seen the work accident rate fall
  • The number of industry enterprises has remained stable over the past five years
  • Industry growth will be fuelled by stronger investment returns and a rise in premium revenue
  • Industry Report - Industry Key Buyers Chapter

    The Employers' Liability Insurance industry is characterised by a high level of market share concentration, with the top four industry operators accounting for over 70% of the market. The industry is traditionally characterised by heavy involvement of the public sector, with the top four major players all being state-owned corporations. This trend is expected to persist over the long term as the scope and coverage of the state insurers remain high, considering the statewide dominance of workers' compensation underwriting by entities such as icare. As a result, market share concentration has remained stable over the past five years...purchase to read more.

    Additional Insights for the Employers' Liability Insurance Industry

    IBISWorld has determined the most important Key Success Factors for the Employers' Liability Insurance are:

  • Ability to effectively manage risk
  • Management of a high quality assets portfolio
  • Well developed internal processes
  • IBISWorld analysts also discuss how external factors such as year bond rate and All Ordinaries index in the Employers' Liability Insurance industry impact industry performance..

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    What's in this report

    What is the Employers' Liability Insurance Industry?

    Industry operators underwrite (i.e. assuming the risk and assigning premiums) workers’ compensation insurance, which protects businesses from liabilities relating to injuries at the workplace. The industry excludes self-insurers.

    Industry Products
  • Insurance for physical workplace injury
  • Insurance for psychological workplace injury
  • Insurance for long-term effects
  • Industry Activities
  • Underwriting workers' compensation insurance
  • Enforcing occupational health and safety policies
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • year bond rate
  • All Ordinaries index
  • Average weekly earnings
  • Work accident rate per 1,000 employees
  • Total number of non-manual employees in the workforce

  • Current Performance
  • Investment volatility
  • Low interest rates
  • Employment and safety
  • Self-insurance
  • Chart: Revenue Growth

  • Industry Outlook
  • Investment returns
  • Legislation changes
  • Table: Employers' Liability Insurance Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Agriculture, Forestry and Fishing
  • Mining
  • Construction
  • Professional, Scientific and Technical Services

  • Key Selling Industries
  • Funds Management Services
  • Insurance Brokerage
  • Office Property Operators

  • Products & Services
  • Insurance for physical workplace injury
  • Insurance for long-term effects
  • Insurance for psychological workplace injury
  • Other
  • Chart: Employers' Liability Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Other
  • Agriculture, mining, manufacturing and construction companies
  • Commercial trade
  • Services firms
  • Chart: Major Market Segmentation for the Employers' Liability Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Employers' Liability Insurance

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the Employers' Liability Insurance Industry

  • Industry Globalization
    Victorian WorkCover Authority, Insurance and Care NSW, WorkCover Queensland, Return To Work Corporation of South Australia,
  • Table: Victorian WorkCover Authority - financial performance
  • Table: Insurance and Care NSW - financial performance
  • Table: WorkCover Queensland - financial performance
  • Table: Return To Work Corporation of South Australia - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Employers' Liability Insurance Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

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

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Employers' Liability Insurance Industry
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Employers' Liability
  • The liability that employers have towards their employees during the time employed. Refers to workers' compensation.
  • Self-Insurers
  • Typically large companies registered with APRA and approved by their respective state regulatory bodies to issue their own workers' compensation insurance.
  • Workcover Authority
  • The state-owned regulator and often the underwriter of workers' compensation insurance in many states. Sets levels of premium and grants approval for third party underwriters.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Employers' Liability Insurance market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

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    This report on Employers' Liability 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 Employers' Liability 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 Employers' Liability Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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