Market Size statistics on the Life Insurance industry in Australia

Across Australia, the car insurance landscape is entering a new era of digital competition and data-driven risk management. Recent results show premium growth under pressure from higher claims costs, even as demand holds steady, with online platforms pulling consumer attention towards faster, more transparent service. Telematics-based pricing and app-driven claims are becoming the norm, reshaping the customer experience and forcing traditional players to lift their tech game. The car insurance market has also faced more frequent natural disasters and tighter regulatory scrutiny, pushing insurers to bolster capital resilience and risk analytics. A clear signal of the shift came in late 2024, when Suncorp announced a $560.0 million digital upgrade to embed AI and power its next chapter of expansion. Rising costs and expanding exposure have defined the market’s performance. Comprehensive premiums rose about 42% since 2019, to an average of roughly $1,052 in 2024, while claims costs climbed about 42% from mid-2019 to mid-2024. Higher repair prices, more expensive parts and labour and surging vehicle values fed a tighter premium cycle and a growing number of registered vehicles widened the insured base. The rise of online aggregators and digital competitors intensified price pressure, squeezing margins and pushing firms to differentiate with tailored coverage and quicker, more transparent claims handling. Nonetheless, the industry benefited from a larger pool of customers and the accelerating use of data to price risk more accurately. Overall, industry revenue is expected to climb at an annualised 2.7% over the five years through 2025-26 to reach $32.7 billion, including an upswing of 0.8% in the current year. Looking ahead, digital disruptions and climate risks are set to shape the industry’s trajectory. Telematics, AI underwriting and insurtech entrants will keep driving efficiency and personalised pricing, while regulators push for stronger climate risk disclosures and resilience planning. Product innovation – usage-based plans, EV-focused coverage and tailored bundles – will help insurers attract and retain customers in a crowded market. Premiums may stabilise as inflation eases, but claims costs tied to extreme weather will keep pressure on pricing. With competition unlikely to abate, firms will pursue scale, partnerships and data-driven cross-selling to defend market share and some consolidation is likely as players invest in digital capabilities to stay competitive. Overall, industry revenue is forecast to expand at an annualised 1.6% through the end of 2030-31 to total $35.3 billion.

The statistic presents the value of gross premiums earned by the non-life insurance companies in Australia from 2009 to 2014 and a forecast thereof until 2025, by type. The value of gross premiums earned by the accident and health insurance companies in Australia amounted to approximately **** billion U.S. dollars in 2014 and it was projected to grow to approximately **** billion U.S. dollars in 2025.

The statistic presents the value of gross premiums earned by accident and health insurance companies in Australia from 2009 to 2014 and a forecast thereof until 2025. The value of accident and health insurance sector in Australia amounted to approximately **** billion U.S. dollars in 2014 and it was projected to grow to approximately **** billion U.S. dollars in 2025.

Number of Businesses statistics on the Life Insurance industry in Australia

The Australian life and non-life insurance market, valued at $51.38 billion in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) of 4.56% from 2025 to 2033. This expansion is driven by several key factors. A rising elderly population necessitates increased demand for life insurance and health coverage. Furthermore, growing awareness of financial protection needs, coupled with rising disposable incomes, fuels insurance uptake. Stringent government regulations promoting financial literacy and consumer protection also contribute to market growth. The market is segmented by insurance type (life insurance – individual and group; non-life insurance – fire, motor, marine, health, and other) and distribution channels (direct, brokers, banks, and others). Life insurance, particularly individual policies, is expected to remain a significant segment, driven by individual financial planning and legacy considerations. The non-life segment, particularly health and motor insurance, is expected to see strong growth due to increasing health consciousness and vehicle ownership. Competition is intense, with established players like Insurance Australia Group Limited and Suncorp Group competing with international insurers like Zurich and AIA Group Limited, as well as smaller niche providers. Challenges include maintaining profitability in a competitive landscape, adapting to evolving customer preferences, and managing the risks associated with climate change and increasingly frequent extreme weather events. The forecast period (2025-2033) anticipates continued market expansion, influenced by technological advancements in insurance technology (Insurtech) and the increasing adoption of digital distribution channels. These advancements offer opportunities for enhanced customer experience, streamlined processes, and more personalized products. The continued penetration of insurance products in underinsured segments will further drive market growth. However, factors such as economic downturns, fluctuating interest rates, and increasing regulatory scrutiny could pose challenges to sustained growth. The market will likely witness strategic mergers and acquisitions as companies seek consolidation and expansion. The successful players will be those who adapt effectively to the changing dynamics and invest strategically in innovation and customer centricity. Recent developments include: February 2023: Insurance Australia Group Limited (IAG), Australia's largest general insurer, invested in Myriota, a global pioneer in low-cost and low-power satellite connectivity for the Internet of Things (IoT). This aim was to explore how IoT devices can help insurance customers manage risk and safeguard their assets., September 2022: The world's first online marketplace for mergers and acquisitions (M&A) insurance for small and mid-sized businesses (SMEs) transactions was opened for business in Australia. Named io. Insure insurance industry veterans created this online M&A insurance marketplace as a part of POP Holdings group, a conglomerate for specialist, data, and technology-enabled insurance solutions that work with major insurers like Allianz and Zurich.. Key drivers for this market are: Guaranteed Protection Drives The Market. Potential restraints include: Guaranteed Protection Drives The Market. Notable trends are: Motor Vehicle and Household Insurance has the Largest Shares.

Australia Number of Entities: Life Insurance: Non Investment Linked data was reported at 24.000 Unit in Jun 2023. This stayed constant from the previous number of 24.000 Unit for Mar 2023. Australia Number of Entities: Life Insurance: Non Investment Linked data is updated quarterly, averaging 28.000 Unit from Jun 2008 (Median) to Jun 2023, with 61 observations. The data reached an all-time high of 31.000 Unit in Sep 2010 and a record low of 24.000 Unit in Jun 2023. Australia Number of Entities: Life Insurance: Non Investment Linked data remains active status in CEIC and is reported by Australian Prudential Regulation Authority. The data is categorized under Global Database’s Australia – Table AU.RG013: Insurance: Operational Statistics (Discontinued).

United States Supplemental Insurance: Australia: Premiums Paid data was reported at 94.000 USD mn in 2016. This records an increase from the previous number of 68.000 USD mn for 2015. United States Supplemental Insurance: Australia: Premiums Paid data is updated yearly, averaging 68.000 USD mn from Dec 1999 (Median) to 2016, with 17 observations. The data reached an all-time high of 152.000 USD mn in 1999 and a record low of 20.000 USD mn in 2002. United States Supplemental Insurance: Australia: Premiums Paid data remains active status in CEIC and is reported by Bureau of Economic Analysis. The data is categorized under Global Database’s USA – Table US.JA034: Trade Statistics: Services: Australia.

In the financial year 2023, the value of direct premiums of the general insurance industry in Australia was the highest at over ** billion Australian dollars. The health insurance industry had the second-highest direct premium value in the same fiscal year, with a value of around ** billion Australian dollars.

Employment statistics on the General Insurance industry in Australia

Comprehensive dataset containing 388 verified Auto insurance agency businesses in Australia with complete contact information, ratings, reviews, and location data.

Comprehensive dataset containing 587 verified Life insurance agency businesses in Australia with complete contact information, ratings, reviews, and location data.

In 2023, Australia Travel Insurance Market reached a value of USD 154.7 million, and it is projected to surge to USD 622.7 million by 2030

As of June 2023, the gross loss ratio of domestic motor vehicle insurance in Australia reached ***** percent, marking an increase in loss ration from the previous year, which saw a loss ration of ***** percent.

This dataset provides values for LIFE INSURANCE PREMIUM VOLUME TO GDP WB DATA.HTML reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Australia Consumer Price Index (CPI): Weights: Financial & Insurance Services data was reported at 5.583 % in Sep 2025. This stayed constant from the previous number of 5.583 % for Jun 2025. Australia Consumer Price Index (CPI): Weights: Financial & Insurance Services data is updated quarterly, averaging 5.130 % from Sep 2017 (Median) to Sep 2025, with 33 observations. The data reached an all-time high of 5.800 % in Sep 2022 and a record low of 5.130 % in Sep 2021. Australia Consumer Price Index (CPI): Weights: Financial & Insurance Services data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.I: Consumer Price Index: Weights: 17th Series.

Australia Non Life Insurance: Direct: Gross Written Premium: Commercial Motor Vehicle data was reported at 1,234.000 AUD mn in Jun 2023. This records an increase from the previous number of 869.000 AUD mn for Mar 2023. Australia Non Life Insurance: Direct: Gross Written Premium: Commercial Motor Vehicle data is updated quarterly, averaging 610.500 AUD mn from Sep 2010 (Median) to Jun 2023, with 52 observations. The data reached an all-time high of 1,234.000 AUD mn in Jun 2023 and a record low of 392.000 AUD mn in Mar 2011. Australia Non Life Insurance: Direct: Gross Written Premium: Commercial Motor Vehicle data remains active status in CEIC and is reported by Australian Prudential Regulation Authority. The data is categorized under Global Database’s Australia – Table AU.RG023: Non Life Insurance: Premium: Direct Business (DIscontinued).

Employment statistics on the Life Insurance industry in Australia

Insurance Australia reported AUD8.01B in Sales Revenues for its fiscal semester ending in June of 2025. Data for Insurance Australia | IAG - Sales Revenues including historical, tables and charts were last updated by Trading Economics this last December in 2025.

Insurance Australia reported 13.65K in Employees for its fiscal year ending in June of 2012. Data for Insurance Australia | IAG - Employees Total Number including historical, tables and charts were last updated by Trading Economics this last December in 2025.