Overview

Smooth ride: Rising motorcycle numbers and the uptake in online platforms drive growth

IBISWorld’s Motorcycle 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.

REPORT SNAPSHOT

Industry Threats & Opportunities

  • Growing motorcycle numbers and online access for younger markets drive industry demand
  • New riders typically purchase third-party insurance not comprehensive, curbing revenue growth
  • Investment returns for industry operators are projected to rise over the next five years

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    Industry Analysis & Industry Trends

    The Motorcycle Insurance industry has been growing at a solid pace over the past five years. Consumers have taken up motorcycles as high petrol prices over the three years through 2013-14 made the upkeep of cars more expensive. More people have been adopting motorcycles as their main form of transport, which has contributed to the industry's growth over the past five years. 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...

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    What is the Motorcycle Insurance industry?

    The Motorcycle Insurance industry is currently in the mature stage of its life cycle. Industry value added, which measures the industry's contribution to the economy, is forecast to decline at an annualised 2.5% over the 10 years through 2022-23. This represents an underperformance of overall GDP, which is projected to rise at an annualised 2.5% over the same period. However, this has fallen from a high base in 2012-2013, in a year of strong investment income.

    Despite the number of motorcyclists increasing and demand for insurance growing, competition is also rising, driving the industry into a mature phase. How...

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    Additional Insights for the Motorcycle Insurance Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Motorcycle Insurance Industry 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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    Products & Brands

    Major products in this industry
    Comprehensive insurance
    Third-party insurance
    Compulsory third-party insurance
    Examples of brands in this Industry
    NRMA Insurance
    RACV
    SGIC
    SGIO
    Swann Insurance
    Shannons
    AAMI
    APIA
    GIO
    InsureMyRide

    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
  • 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

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

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    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
    Major Companies
    Suncorp Group LimitedInsurance Australia Group LimitedQBE Insurance Group Limited
  • Table: Suncorp Group Limited - financial performance
  • Table: Insurance Australia Group Limited - financial performance
  • Table: QBE Insurance Group Limited - financial performance

  • Operating Conditions
    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
    Key Statistics
    Table: Industry Data for the Motorcycle Insurance Industry
    Includes:
  • 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
    Jargon & Glossary
    Apra
  • 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.
  • 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 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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