New Delhi: 17/04/2013- The insurance industry in Australia has undergone a paradigm shift in regulations and operating environment over the past few years. The growth in the insurance market has been aided by both an expanding economy and population level that have grown from 15.6 million in 1985 to 22.6 million in 2012.
The life insurance industry in Australia has evolved in the past few years with the improvement in the financial regulation of the country. The Australian Prudential Regulation Authority (APRA) will continue to regulate and supervise life industry participants in order to ensure that under all reasonable circumstances, the life insurance companies must meet their financial obligations to policyholders.
The insurance market in Australia can be classified on the basis of life and non-life insurance. The life insurance is a contract between life insurer and the policyholder in which an insurer is bound to pay a defined sum of money upon the death of the insured person within a certain specified time period or on the maturity of life insurance policy. The non life insurance is also known as general insurance is used to provide coverage to business and individual from the financial loss resulting from certain events such as natural disaster, accident, fire, burglary, diseases and others.
According to the research report Australia insurance market future outlook to 2016 by Ken Research, analysis the market is expected to grow at a CAGR of 9.1% from FY2013-FY2016. The growth in the market will be promoted by the improving economic growth, rising population, surging automobile sales and increasing trend of online selling.
Rising online selling with the increasing internet users and surging sales of Superannuation Guarantee insurance are expected to drive Australia insurance market positively in the next four years. According to the Research Analyst, Ken Research
The report provides a comprehensive analysis of market size of the Asia-Pacific insurance industry, market segmentation of Asia-Pacific insurance industry by geography. The report includes market size of Australia insurance industry, market segmentation of non-life Australia insurance market and market size and segmentation of various non life segments. The report also provides value chain of Australia insurance market, competitive landscape and profile of major players operating in the Australian insurance industry.