Australia Insurance Market Intelligence -- New Report by Koncept Analytics

April 29, 2010 - PRLog -- Australia is the 12th largest country across the world on the basis of direct insurance premiums and the 4th largest in Asia Pacific. The Australian insurance industry has witnessed a continuous growth in premiums over the past years, mainly because of product innovations which include bundling of policies, improved distribution and servicing strategies through call centers, the Internet, agencies and brokers. The Australian insurance industry is divided into life, general (non-life) and health insurance segments. Growth of the life insurance sector is primarily driven by superannuation funds. General insurers have been reporting severe losses due to an increase in catastrophe claims, which led to a minor increase in premiums in the non-life insurance segment in 2008.

In the life insurance segment, market consolidation through mergers has given it an extremely concentrated structure, which is dominated by just four players: AMP, National Australian Bank, ING and Westpac. There were a total of 130 general insurance companies as of June 30, 2008 in Australia, with QBE as the largest general insurer. The Australian Government has come up with new laws governing foreign operators in the Australian general insurance market, which will give added protection to consumers, while serving the needs of large businesses. Insurance penetration is relatively low in Australia as compared to other developed countries, thus, the country offers tremendous growth opportunities to new entrants. Strong regulatory system, reduction of tariffs and the establishment of new insurance sales channel have further added to the awareness level of new types of insurance products, eventually supporting the overall sector growth. Factors like expanding economy, growing household disposable income, rising motor market and private health insurance market are projected to be the main drivers of the insurance sector growth in future.

The report broadly includes

1. Industry Snapshot

1.1 Industry Structure
1.2 Market Overview

1.2.1 Market Size & Growth
1.2.2 Market Segments
1.2.3 Market Density & Penetration
1.2.4 Market Share

2. Industry Analysis

2.1 Industry Developments
2.2 Market Drivers

3. Country Analysis: Risk Assessment

4. Industry Outlook: Forecast and Projections

List of Table

Key Macroeconomic Indicators: (2008 – 2013F)

List of Charts

Annual Premium – Australia Insurance Industry: (2001-2008)
Insurance Premium Share (%) by Segment (2008)
Insurance Premium by Segment (2001-2008)
Life Insurance Premium Share (%) by Segment (2008)
Non-Life Insurance Premium Share (%) by Segment (2008)
Australia Insurance Density (US$) (2001 – 2008)
Australia Insurance Penetration (2001 – 2008)
Australia: Major General Insurer’s Market Share (2008)
Australia: Major Life Insurer’s Market Share (2008)
Australia: Major Private Health Insurer’s Market Share (2008)
GDP Growth of Australia (2001 – 2008)
Australia: Household Disposable Income (2001 - 2008)
Australia: Household Expenditure on Insurance and Financial Services (2001 – 2008)
Australia: Motor Sales ('000 Units) (2001 – 2008)
Australia: Household Expenditure on Health (2001 – 2008)
Forecast: Australia Insurance Industry (2008A – 2012F)
Forecast: Australia Life & Non-Life Insurance Industry (2008A – 2012F)

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Koncept Analytics, founded in 2005, works with the clients in developing an understanding of the various industries – segments and sub-segments, companies, competitors and suppliers.