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Australia health insurance market: A highly concentrated industry

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Personal Accident and Health Insurance in Australia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-23 16:23:02
The Australian personal accident and health insurance segment recorded the fastest growth at a CAGR of 7.5% in the overall insurance industry during the review period. The growth was partly due to increased medical expenditure, which fuelled the health insurance category, and the strong performance of the travel insurance category, which grew at a CAGR of 9.6% during the review period.

This was further supported by the country´s improved macro- and microeconomic fundamentals. These indicators are likely to remain buoyant and drive the overall segment growth over the forecast period. As such, the personal accident and health segment is expected to increase at a CAGR of 6.5% over the forecast period.

In terms of gross written premiums, the Australian insurance industry is considered one of the fifteen leading insurance industries in the world and one of the ten leading insurance industries in the Asia-Pacific region. A large proportion of Australians do not have access to private health insurance. The personal accident and health insurance segment in Australia is highly concentrated.

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