Ride on: The increasing number of motorcycles on the road has increased industry demand

The Motorcycle Insurance industry has grown solidly over the past five years. Consumers have increasingly taken up motorcycles as their main form of transport to limit the effect of high petrol prices. This trend has been most significant on the east coast of Australia, where there is a larger population and greater 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. The rise of online businesses has changed the industry by appealing to young riders looking for insurance. Many operators have partnered with authorised insurance retailers to increase their reach in younger markets...read more.

Industry Statistics & Market Size
Annual Growth 14-19
Forecast Growth 19-24

Industry Threats & Opportunities

  • Growing motorcycle numbers and online access for younger markets have driven industry demand
  • New riders typically purchase CTP not private insurance, curbing revenue growth
  • Investment returns for industry operators are projected to rise over the next five years
  • Industry Report - Industry Key Buyers Chapter

    The Motorcycle Insurance industry is characterised by a medium level of market share concentration, with the three largest operators accounting for an estimated 52.2% of industry revenue. A large portion of this is attributable to the industry's two largest players, Suncorp and IAG, which are estimated to account for over 40% percent of the market, given their significant portfolio of brands. Market share concentration has been increasing due to the amount of consolidation occurring as a result of mergers and acquisitions within the insurance sector.The technological advances and the trend towards online business operations are expected to provide opportunities for potential new entrants into niche segments of the industry. How...purchase to read more.

    Additional Insights for the Motorcycle Insurance Industry

    IBISWorld has determined the most important Key Success Factors for the Motorcycle Insurance are:

  • Ability to effectively manage risk
  • Maintenance of excellent customer relations
  • Management of a high-quality assets portfolio
  • IBISWorld analysts also discuss how external factors such as Number of motor vehicles and World price of crude oil in the Motorcycle Insurance industry impact industry performance..

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    What's in this report

    What is the Motorcycle Insurance Industry?

    Industry operators underwrite (i.e. assume the risk and assign premiums for) motorcycle insurance policies. Motorcycle insurance provides financial protection against physical damage to the vehicle and bodily injury resulting from traffic collisions, as well as any resulting liability.

    Industry Products
  • Comprehensive insurance
  • Third-party insurance
  • Compulsory third-party insurance
  • Industry Activities
  • Underwriting comprehensive motorcycle insurance
  • Underwriting compulsory third-party motorcycle insurance
  • Underwriting third-party motorcycle insurance
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of motor vehicles
  • World price of crude oil
  • year bond rate
  • Number of vehicle accident deaths

  • Current Performance
  • Consumer preferences
  • Growth trends
  • Trading landscape
  • Chart: Revenue Growth

  • Industry Outlook
  • Competition accelerates
  • Changing trends
  • Table: Motorcycle Insurance Industry Revenue Outlook

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

  • Supply Chains
    Key Buying Industries
  • Motorcycle Dealers
  • Agribusiness
  • Consumers

  • Key Selling Industries
  • Computer System Design Services
  • Insurance Brokerage

  • Products & Services
  • Third-party insurance
  • Comprehensive insurance
  • Compulsory third-party insurance
  • Chart: Motorcycle Insurance Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Motorists aged 25 and under
  • Motorists aged 26 to 39
  • Motorists aged 40 and over
  • Chart: Major Market Segmentation for the Motorcycle Insurance Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Net incurred claims expenses
  • Reinsurance expenses
  • Underwriting expenses
  • Wages and depreciation
  • Chart: Cost Structure Benchmarking – Sector vs Motorcycle Insurance

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

  • Industry Globalization
    Suncorp Group Limited, Insurance Australia Group Limited, QBE Insurance Group Limited,
  • Table: Suncorp Group Limited - financial performance
  • Table: Insurance Australia Group Limited - financial performance
  • Table: QBE Insurance Group Limited - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the Motorcycle 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 Motorcycle Insurance Industry
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
  • The Australian Prudential Regulation Authority
  • Ctp
  • Compulsory third party insurance provides compensation to crash victims. Each state in Australia has their own regulatory requirement for CTP.
  • Reinsurance
  • An insurance policy that is usually purchased by an insurance company as a risk mitigation tool
  • Underwriting
  • The process used by licensed insurance companies to evaluate the eligibility of a consumer for coverage.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Motorcycle Insurance market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    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 Motorcycle 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 Motorcycle 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 Motorcycle Insurance, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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