Research and Markets: Life Insurance in Australia, Key Trends and Opportunities to 2018

DUBLIN--()--Research and Markets (http://www.researchandmarkets.com/research/rldff8/life_insurance_in) has announced the addition of the "Life Insurance in Australia, Key Trends and Opportunities to 2018" report to their offering.

Life insurance is the largest segment of the Australian insurance industry, and accounted for 45.5% of the industry's gross written premium in 2013. The life segment's gross written premium decreased at a compound annual growth rate (CAGR) of -0.4% during the review period (2009-2013), due to an increase in claims following a rise in death rates and rising rates of policy lapses as consumers reduced insurance cover. Life insurance claims increased at a CAGR of 2.1%. The life segment is expected to grow over the forecast period due to factors such as an aging population, low penetration compared to other developed countries and underinsurance. The gross written premium is expected to post a CAGR of 3.0% over the forecast period (2013-2018).

Key Highlights

  • In terms of gross written premium, the Australian insurance industry was the 11th-largest in the world in 2012.
  • Life insurance was the largest segment in the Australian insurance industry in 2013, accounting for 45.5% of its gross written premium.
  • The distribution of life insurance in Australia was led by bancassurance, and followed by brokers and direct marketing.
  • Increased premium rates, an aging population, new product innovation, increasing awareness of insurance, and rising penetration will contribute to the growth of life insurance over the forecast period.
  • Low insurance penetration gives an opportunity to life insurers operating in Australia to grow by offering new products to meet consumer requirements.

Key Topics Covered:

1 Executive Summary

2 Introduction

3 Australian Insurance Industry Attractiveness

4 Life Insurance Outlook

5 Analysis by Distribution Channel

6 Porter's Five Forces Analysis - Australian Life Insurance

7 Reinsurance Growth Dynamics and Challenges

8 Governance, Risk and Compliance

9 Competitive Landscape and Strategic Insights

10 Business Environment and Country Risk

11 Appendix

Companies Mentioned

  • MLC Ltd.
  • The Colonial Mutual Life Assurance Society Ltd.
  • AMP Life Ltd.
  • OnePath Life Ltd.
  • TAL Life Ltd.
  • The National Mutual Life Association of Australasia Ltd.
  • AIA Australia Ltd.
  • Westpac Life Insurance Services Ltd.
  • Suncorp Life & Superannuation Ltd.
  • MetLife Insurance Ltd.

For more information visit http://www.researchandmarkets.com/research/rldff8/life_insurance_in.

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For EST Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Insurance

Contacts

Research and Markets
Laura Wood, Senior Manager
press@researchandmarkets.com
For EST Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Sector: Insurance