Report Published: "Australia Insurance Report Q2 2015"

From: Fast Market Research, Inc.
Published: Mon Feb 02 2015

By many metrics, Australia's insurance sector is hardly growing at all. In US dollar terms, premiums are likely to shrink over the next year or so ; n evertheless, the strengths are formidable. The non-life insurers are successfully developing new products and services, and cutting costs, in order to boost profitability. The life insurers, which are also innovative, are working to ensure that the relentless growth of Australia's colossal superannuation system is an opportunity, rather than a threat. All clearly have access to the capital that they need.

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In Australia, both the non-life and the life segments are dominated by organisations that have the advantages of well-established brand names, ability to develop innovative products, proven ability to execute acquisitions, broad product portfolios, multi-channel distribution, financial strength, scale, access to capital and - in many cases - the advantage of being part of a broader financial services business with banking (and other) facets.

In part because of government policy decisions in the past, both segments are highly competitive. Aside from annuities in the life segment, volumes are growing at a measured pace in most lines and sub-sectors. However, prices are not rising much (if at all) either; most companies are successfully taking steps to boost profitability, nevertheless, which is already at high levels. Underwriting is particularly disciplined in the non-life segment. Some are expanding by reorientation of their portfolios of business.

What really sets Australia's insurance sector apart from others is the presence of the superannuation (organised retirement savings) system, which has total assets under management of around USD1.6bn. Mainly because of the (rising) superannuation guarantee (SG) levy - the compulsory contribution by employers to employees' retirement savings - this massive pool of funds continues to grow steadily. From the point of view of the life insurers (especially),...

The Australia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Australia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Australian insurance industry.

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