Life insurance industry trends in Australia.   Back

Here are some trends in the Australian life insurance industry based on the search results: -

  • The Australian life insurance sector has experienced steady premium growth of 12% over the last four years, but has seen margins decline from around 15% in 2010 to approximately 9% in 2015.
  • The customer base for the Australian life insurance industry is heavily influenced by two distinct trends – an increase in the number of older customers as well as tech-savvy customers, particularly millennials.
  • Industry revenue has grown at a CAGR of 15.4% over the past five years, to reach an estimated $26.4bn in 2023-2028.
  • The Australian life insurance market is evolving rapidly, with new trends and developments emerging all the time.
  • The Australian insurance industry has faced a slowdown in growth in the past five years. Annual market volume growth has been flat at 1.6%, and the 75% premium growth was driven by price increases. Competition has intensified, and the major player has experienced a loss of 6% market share. They are experiencing a more than 50% decline in profitability.
  • The market size of the Life Insurance industry in Australia has declined 16.7% per year on average between 2017 and 2022.
  • The Australia life insurance market size was valued at $22.8 billion in 2021. The market is expected to decline at a CAGR of more than (1) %.

    Overall, the Australian life insurance industry has seen steady premium growth, but margins have declined. The customer base is changing, with an increase in older and tech-savvy customers. The industry is evolving rapidly, but has faced a slowdown in growth in recent years.