New Financial Services research report from Business Monitor International is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 11/13/2014 -- Recent reports confirm our view that premiums will rise at a measured pace through the forecast period. In USD terms, in fact, currency movements will likely cause premiums to contract. However, most of the insurers will continue to generate levels of profitability that are more than satisfactory. In the non-life segment, volumes should rise broadly in line with nominal GDP. In the life segment, the ongoing development of the superannuation system will underpin the rise in premiums over time.
As of late 2014, it remains to be seen what will be the final recommendations of the Financial System Inquiry, whose remit includes both life and non-life insurance. The Inquiry is also looking at Australia's massive superannuation funds, whose combined assets under management (AUM) exceeded AUD1.8tn at the end of June. In relation to life insurance, the focus of the Inquiry has included: reductions in fees and costs; underinsurance; and the need of Australians for sound financial planning advice in an environment of compulsory retirement savings. In relation to non-life insurance, the Inquiry has focused on: the role of price comparison/ aggregator websites; the opening of government statutory schemes to competition; and under-insurance.
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Both segments are dominated by organisations that have the advantages of well-established brand names, ability to develop innovative products, proven ability to execute acquisitions, broad product portfolios, multi-channel distribution, financial strength, scale, access to capital and - in many cases - the advantage of being part of a broader financial services business with banking (and other) facets.
In part because of government policy decisions in the past, both segments are highly competitive. Aside from annuities in the life segment, volumes are growing at a measured pace in most lines and sub-sectors. However, prices are not rising much (if at all) either. Most companies are successfully taking steps to boost...
The Australia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.
BMI's Australia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Australian insurance industry.
- Benchmark BMI's independent insurance industry forecasts for Australia to test other views - a key input for successful budgeting and strategic business planning in Australia's insurance market.
- Target business opportunities and risks in Australia through our reviews of latest industry trends, regulatory changes and major deals, investments and macroeconomic developments.
- Exploit latest competitive intelligence on your competitors, partners and clients via our Company Profiles (inc. SWOTs, KPIs and latest activity).
BMI Industry View
Summary of BMI's key industry forecasts and views, covering the Life and Non-Life segments, the evolving competitive landscape and business operational risks.
Industry SWOT Analysis
Analysis of the major Strengths, Weaknesses, Opportunities and Threats within the insurance sector and within the broader political, economic and business environment.
Individual analysis of both Life and Non-Life insurance sector developments and prospects across developed states and emerging markets - supported by BMI's global industry growth forecasts. This is followed by an in-depth evaluation of region- and country-specific trends, focusing on BMI's country-by-country market growth data.
Business Environment Rankings
BMI's Insurance Business Environment Rankings provide a country-comparative Risk-Reward Rankings index aimed at investors (Life and Non-Life) in the insurance market.
The rankings methodology makes sophisticated use of over 40 industry, economic and demographic data points and is part of BMI's integrated Country Risk-Industry Rankings products.
BMI Industry Forecasts
Historic data series (2008-2012) and forecasts to end-2018 for key industry and economic indicators (see list below) supported by explicit assumptions, plus analysis of key risks to the main forecasts. Indicators include:
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