Base Year
Historical Year
Forecast Year
Value in AUD billion
2024-2032
Australia Life and Non-Life Insurance Market Outlook
*this image is indicative*
Non-life insurance is driving the Australia life and non-life insurance market growth as it protects against specific risks and losses that are provided compared to other insurance.
The Australian life and non-life insurance market is thriving, as non-life insurance addresses specific risks and losses through various products such as motor, health, travel, and home insurance, catering to the diverse needs and preferences of consumers. It protects from unforeseen events or risks provides financial assistance and helps individuals and businesses to manage and mitigate risks.
The approvals of private-sector dwellings have risen by 19.5% which will lead to increasing purchases of home insurance products. Therefore, according to the Australian Prudential Regulation Authority, homeowners and householders’ insurance product performance has increased to $13,674 in 2022 which indicates the substantial Australia life and non-life insurance market growth.
According to the Australian Prudential Regulation Authority, the gross incurred claims in New South Wales and Queensland are reflected higher with the value of $4,532M and $3,544M respectively.
Australia Life and Non-Life Insurance Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Insurance Type
Market Breakup by Distribution Channel
Market Breakup by Region
Insurance brokers act as intermediaries between insurance companies and customers, offering personalised advice, comparing policies from multiple insurers, and assisting with claims. They play a crucial role in simplifying the insurance process for individuals and businesses, providing expertise and access to a wide range of insurance products tailored to specific needs.
The growth of the life and non-life insurance market is fuelled by increasing individuals' focus towards insurance products to safeguard their items from uncertainty and risks.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
Get in touch with us today for customized, data-driven solutions tailored to your unique requirements!
The market is projected to grow at a CAGR of 6.03% between 2024 and 2032.
Based on the insurance type, the life and non-life insurance market is bifurcated into life insurance and non-life insurance.
Key players in the industry are Insurance Australia Limited, AIA Australia Group, Zurich Financial Services Australia Ltd, Medibank Private Limited, ClearView Life Assurance Limited, Cover-More Insurance Services Pty Limited, AMP Limited, and Nib Travel Insurance Distribution Pty Limited among others.
The different distribution channels in the life and non-life insurance market include direct, brokers, banks, and others.
The market is broken down into New South Wales, Victoria, Queensland, Australian Capital Territory, Western Australia, and others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| Report Features | Details |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Insurance Type |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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