Market Size of Australia Life And Non-life Insurance Industry
| Study Period | 2020-2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 51.38 Billion |
| Market Size (2029) | USD 64.21 Billion |
| CAGR (2024 - 2029) | 4.56 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia Life and Non-Life Insurance Market Analysis
The Australia Life And Non-life Insurance Market size is estimated at USD 51.38 billion in 2024, and is expected to reach USD 64.21 billion by 2029, growing at a CAGR of 4.56% during the forecast period (2024-2029).
Australia's insurance market is divided into three segments and they are general insurance, health insurance, and life insurance. These markets are fairly distinct, and most larger insurers focus on only one particular segment. However, in recent times, many of the companies have broadened their services. The companies face competition from the banks and subsidiaries of foreign financial conglomerates. Australian general insurance companies have enjoyed attractive growth and profitability over time. This growth has been sustained by underlying macroeconomic tailwinds and growing risk awareness among Australian consumers and businesses. The general insurance industry in Australia has been the most profitable in the world for nearly 20 years.
The adverse results of the COVID-19 outbreak led to a surge in health, travel, and business interruption claims. It also caused pressure on sales due to reduced business activity and less use of face-to-face channels. The economic slowdown due to the pandemic caused interest rates to drop and increased credit risk exposure for businesses facing possible default. However, the Australian insurance industry has faced a slowdown in growth in the past five years. Annual market volume growth has been flat at 1.6%, and the premium growth was driven by price increases.
