Key Highlights
- The market is segmented into Life Insurance and Pension/Annuity.
- The Australian life insurance market had total gross written premiums of $15.9 billion in 2022, representing a negative compound annual growth rate (CAGR) of 11.5% between 2017 and 2022.
- The life insurance segment accounted for the market's largest proportion in 2022, with total gross written premiums of $10.3 billion, equivalent to 65.2% of the market's overall value.
- Life insurance coverage in Australia is low and the country’s population is underinsured as compared to other developed nations. According to in-house research, in 2022, life insurance penetration (ratio of premiums to GDP) in Australia was 1.2%.
Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in Australia
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Australia
- Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Australia life insurance market with five year forecasts
Reasons to Buy
- What was the size of the Australia life insurance market by value in 2022?
- What will be the size of the Australia life insurance market in 2027?
- What factors are affecting the strength of competition in the Australia life insurance market?
- How has the market performed over the last five years?
- What are the main segments that make up Australia's life insurance market?
Table of Contents
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- TAL Dai-ichi Life Australia Pty Ltd
- Challenger Ltd
- MLC Ltd Private Clients
- AIA Australia Ltd