2014-04-23 16:19:02 - Life Insurance in Australia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
During the review period (2008â2012), the Australian life insurance segment accounted for 48.1% of the industry´s total written premium value in 2012. The segment is also considered to be one of the most competitive of its kind in the Asia-Pacific region due to its stringent regulatory environment. The segment registered a positive annual growth rate during the financial crisis of 2008â2009.
Over the forecast period (2012â2017), Australia´s life insurance growth will be driven by a number of factors, including government initiatives to promote life insurance, an aging population and the relatively low penetration of life insurance products in relation to other developed nations. As such, the segment´s written premium value is projected to increase at a forecast-period CAGR of 1.5%.
life insurance segment declined at a review-period CAGR of -0.6%. Bancassurance is considered as the most popular and trusted life insurance distribution channel in Australia. APRA is the regulatory body for insurance and is authorized to issue and retract the licenses of stakeholders such as insurance companies, agents and brokers. The Australian life insurance segment is highly competitive and contains both domestic and foreign insurers
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