New Insurance research report from Timetric is now available from Fast Market Research
Boston, MA -- (SBWIRE) -- 12/02/2014 -- Life insurance is the largest segment of the Australian insurance industry, and accounted for 45.5% of the industry's gross written premium in 2013. The life segment's gross written premium decreased at a compound annual growth rate (CAGR) of -0.4% during the review period (2009-2013), due to an increase in claims following a rise in death rates and rising rates of policy lapses as consumers reduced insurance cover. Life insurance claims increased at a CAGR of 2.1%. The life segment is expected to grow over the forecast period due to factors such as an ageing population, low penetration compared to other developed countries and underinsurance. The gross written premium is expected to post a CAGR of 3.0% over the forecast period (2013-2018).
- In terms of gross written premium, the Australian insurance industry was the 11th-largest in the world in 2012.
- Life insurance was the largest segment in the Australian insurance industry in 2013, accounting for 45.5% of its gross written premium.
- The distribution of life insurance in Australia was led by bancassurance, and followed by brokers and direct marketing.
- Increased premium rates, an aging population, new product innovation, increasing awareness of insurance, and rising penetration will contribute to the growth of life insurance over the forecast period.
- Low insurance penetration gives an opportunity to life insurers operating in Australia to grow by offering new products to meet consumer requirements.
View Full Report Details and Table of Contents
This report provides a comprehensive analysis of the life insurance segment in Australia:
- It provides historical values for the Australian life insurance segment for the report's 2009-2013 review period and projected figures for the 2013-2018 forecast period.
- It offers a detailed analysis of the key categories in the Australian life insurance segment, along with forecasts until 2018.
- 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 life insurance products in Australia.
- It profiles the top life insurance companies in Australia and outlines the key regulations affecting them.
Reasons to Get this Report
- Make strategic business decisions using in-depth historic and forecast market data related to the Australian life insurance segment and each category within it
- Understand the demand-side dynamics, key market trends and growth opportunities in the Australian life insurance segment
- Assess the competitive dynamics in the life insurance segment
- Identify the growth opportunities and market dynamics in key product categories
- Gain insights into key regulations governing the Australian insurance industry, and their impact on companies and the market's future
Companies Mentioned in this Report: MLC Ltd, The Colonial Mutual Life Assurance Society Ltd, AMP Life Ltd, OnePath Life Ltd, TAL Life Ltd, The National Mutual Life Association of Australasia Ltd, AIA Australia Ltd, Westpac Life Insurance Services Ltd, Suncorp Life & Superannuation Ltd, MetLife Insurance Ltd
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