Base Year
Historical Year
Forecast Year
Value in AUD Billion
2024-2032
Australia Motor Insurance Market Outlook
*this image is indicative*
Based on vehicle type, the Australia motor insurance market share is driven by new vehicles.
Motor insurance protects against financial risks and helps to cover the cost of repairs or replacement. New vehicle insurance provides additional benefits or coverage options such as coverage for personal belongings, and rental car and provides roadside assistance which provides broader protection for your vehicle.
According to the Australian Bureau of Statistics (ABS), New South Wales and Victoria recorded the highest number of motor vehicles registered estimated at 6,047,028 and 5,272,958 in 2022, thus boosting the Australia motor insurance market growth.
The increasing interest in comprehensive motor insurance since it provides broad protection against various financial risks such as accidents, thefts, fire damage and many more to ensure financial protection is boosting its adoption. It also offers competitive premiums, and discounts to attract customers.
As per the Australian Prudential Regulation Authority (APRA), the gross earned premium for motor vehicle increased to AUD 3,354 million in 2022 from AUD 2,931 million in 2012.
Australia Motor Insurance Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Policy Type
Market Breakup by Vehicle Type
Market Breakup by User
Market Breakup by Distribution Channel
Market Breakup by Region
Insurance agents and brokers play a crucial role in the motor insurance market by offering personalised advice, facilitating the comparison of different insurance products, and assisting customers in navigating the complexities of insurance coverage options. Their expertise helps consumers choose the most suitable policies based on individual needs and preferences, making them a preferred choice for many seeking motor insurance solutions.
The growth of the motor insurance market is fuelled by increasing registration of new vehicles, new insurance product launches, and increasing demand for comprehensive motor insurance.
*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 Australia motor insurance market was valued at AUD 21.27 Billion in 2023.
The market is projected to grow at a CAGR of 6.34% between 2024 and 2032.
The revenue generated from the market is expected to reach AUD 36.99 Billion in 2032.
Based on the policy type, the motor insurance market is bifurcated into third-party motor insurance, third-party, fire and theft motor insurance and comprehensive motor insurance.
Key players in the industry are Auto & General Services Pty Ltd., Youi Pty Ltd., BJS Insurance Brokers Pty Ltd., Allianz Australia Insurance Limited, and Insurance Australia Limited among others.
Based on user, the motor insurance market is divided into personal vehicles and commercial vehicles.
The different distribution channels in the motor insurance market include direct response, insurance agents/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 Policy Type |
|
| Breakup by Vehicle Type |
|
| Breakup by User |
|
| Breakup by Distribution Channel |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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