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Insurance and Pension Funding in Australia: ISIC 66

Australia insurance and pension funding market exceeded A$36Bn in 2010


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2014-04-02 06:01:03 - Insurance and Pension Funding in Australia: ISIC 66 - a new market research report on companiesandmarkets.com

Throughout the last decade, Australian insurance and pension funding market grew by over 152%, exceeding A$36 billion in 2010. The industry experienced rapid growth of nearly 10% per annum throughout the period. In 2008, the growth rate peaked at the rate of 16%, followed by a slight decrease in sales by 2009.

This development was associated with the strong performance of Australia´s overall economy with a decreasing unemployment rate, relatively stable inflation rate, strong currency, and stable returns on investments. Throughout the period, household purchases grew by almost 9% on average per annum, whereas B2B purchases increased by an average of nearly 14% per annum. B2B purchases thus grew faster than those of households.

Nevertheless, households remained the most important customers for

 

 

the industry, accounting for nearly 70% of total size (A$25 billion) in 2010.

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