2014-04-23 16:21:01 - Non-Life Insurance in Australia, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com
The written premium of the non-life segment increased at a CAGR of 5.3% during the review period. The rise was partly due to an increase in GDP at the end of review period, growing demand for property insurance, and the occurrence of natural disasters during 2010â2012 that increased premium costs.
The occurrence of natural disasters has increased the level of risk and driven consumer preparation for risk avoidance. These factors, along with growth in the property and automobile categories, are expected to drive the growth of the non-life insurance segment over the forecast period. As such, the segment´s written premium is expected to increase at a projected CAGR of 4.8% over the forecast period.
The network of brokers is the leading distribution
channel in the non-life insurance segment. The Australian Prudential Regulation Authority (APRA) is the insurance regulatory body and is authorized to issue and retract the licenses of insurers, agents, brokers and related stakeholders. The non-life segment is fragmented and relatively mature in terms of product development, risk assessment and management
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