Boston, MA -- (SBWire) -- 09/13/2013 --The written premium of the non-life segment increased at a CAGR of 5.3% during the review period. The rise was partly due to an increase in GDP at the end of review period, growing demand for property insurance, and the occurrence of natural disasters during 2010-2012 that increased premium costs. The occurrence of natural disasters has increased the level of risk and driven consumer preparation for risk avoidance. These factors, along with growth in the property and automobile categories, are expected to drive the growth of the non-life insurance segment over the forecast period. As such, the segment's written premium is expected to increase at a projected CAGR of 4.8% over the forecast period.
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Key Highlights
- The Australian non-life insurance segment grew at a CAGR of 5.3% during the review period
- The written premium of the non-life segment is expected to increase at a projected CAGR of 4.8% over the forecast period
- The network of brokers is the leading distribution channel in the non-life insurance segment
- The Australian Prudential Regulation Authority (APRA) is the insurance regulatory body and is authorized to issue and retract the licenses of insurers, agents, brokers and related stakeholders
- The non-life segment is fragmented and relatively mature in terms of product development, risk assessment and management
Scope
This report provides a comprehensive analysis of the non-life insurance market in Australia:
- It provides historical values for Australia's non-life insurance market for the report's 2008-2012 review period and forecast figures for the 2012-2017 forecast period
- It offers a detailed analysis of the key sub-segments in Australia's non-life insurance market, along with market forecasts until 2017
- It covers an exhaustive list of parameters, including written premium, incurred loss, loss ratio, commissions and expenses, combined ratio, frauds and crimes, total assets, total investment income and retentions
- It analyses the various distribution channels for non-life insurance products in Australia
- Using Porter's industry-standard "Five Forces" analysis, it details the competitive landscape in Australia for the non-life insurance business
- It provides a detailed analysis of the reinsurance market in Australia and its growth prospects
- It profiles the top non-life insurance companies in Australia and outlines the key regulations affecting them
Reasons to Get This Report
- Make strategic business decisions using historic and forecast market data related to the Australian non-life insurance market and each sector within it
- Understand the demand-side dynamics, key market trends and growth opportunities within the Australian non-life insurance market
- Assess the competitive dynamics in the non-life insurance market, along with the reinsurance segment
Companies Mentioned in this Report: QBE Insurance (Australia) Ltd, Insurance Australia Group Ltd, Allianz Australia Insurance Ltd, Insurance Manufacturers of Australia Pty Ltd, Australian Associated Motor Insurers Ltd, CGU Insurance Ltd, GIO General Ltd, Vero Insurance Ltd, Wesfarmers General Insurance Ltd, Zurich Australian Insurance Ltd
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