Market Research Logo

Life Insurance in Australia

Life Insurance in Australia

Summary

Life Insurance in Australia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2013-17, and forecast to 2022). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.

Essential resource for top-line data and analysis covering the Australia life insurance market. Includes market size and segmentation data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.

Key Highlights

The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans. All currency conversions have been calculated using constant 2017 annual average exchange rates. The insurance market depends on a variety of economic and non-economic factors and future performance is difficult to predict. The forecast given in this report is not based on a complex economic model, but is intended as a rough guide to the direction in which the market is likely to move.
The Australian life insurance market had total gross written premiums of $32.2bn in 2017, representing a compound annual rate of change (CARC) of -3% between 2013 and 2017.
The life insurance segment was the market's most lucrative in 2017, with total gross written premiums of $17.8bn, equivalent to 55.3% of the market's overall value.
The reasons for this recent decline range from a drop in average wages to reduced savings, meaning fewer customers have the financial capability of acquiring life insurance. For example as per the OECD the average wage in Australia declined by 1.3% between 2014 and 2015. Between 2016 and 2017, there was marginal growth in this category, but adjusted for inflation saw Australian wages decline even further.

Scope

  • Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in Australia
  • Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Australia
  • Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
  • Add weight to presentations and pitches by understanding the future growth prospects of the Australia life insurance market with five year forecasts
Reasons to buy
  • What was the size of the Australia life insurance market by value in 2017?
  • What will be the size of the Australia life insurance market in 2022?
  • What factors are affecting the strength of competition in the Australia life insurance market?
  • How has the market performed over the last five years?
  • Who are the top competitiors in Australia's life insurance market?


Executive Summary
Market value
Market value forecast
Category segmentation
Geography segmentation
Market share
Market rivalry
Market Overview
Market definition
Market analysis
Market Data
Market value
Market Segmentation
Category segmentation
Geography segmentation
Market share
Market Outlook
Market value forecast
Five Forces Analysis
Summary
Buyer power
Supplier power
New entrants
Threat of substitutes
Degree of rivalry
Leading Companies
AMP Limited
Challenger Ltd.
MetLife, Inc.
TAL Dai-ichi Life Australia Pty Ltd
Macroeconomic Indicators
Country data
Methodology
Industry associations
Related MarketLine research
Appendix
About MarketLine
List of Tables
Table 1: Australia life insurance market value: $ billion, 2013-
Table 2: Australia life insurance market category segmentation: $ billion,
Table 3: Australia life insurance market geography segmentation: $ billion,
Table 4: Australia life insurance market share: % share, by value,
Table 5: Australia life insurance market value forecast: $ billion, 2017-
Table 6: AMP Limited: key facts
Table 7: AMP Limited: key financials ($)
Table 8: AMP Limited: key financials (A$)
Table 9: AMP Limited: key financial ratios
Table 10: Challenger Ltd.: key facts
Table 11: Challenger Ltd.: key financials ($)
Table 12: Challenger Ltd.: key financials (A$)
Table 13: Challenger Ltd.: key financial ratios
Table 14: MetLife, Inc.: key facts
Table 15: MetLife, Inc.: key financials ($)
Table 16: MetLife, Inc.: key financial ratios
Table 17: TAL Dai-ichi Life Australia Pty Ltd: key facts
Table 18: Australia size of population (million), 2013-
Table 19: Australia gdp (constant 2005 prices, $ billion), 2013-
Table 20: Australia gdp (current prices, $ billion), 2013-
Table 21: Australia inflation, 2013-
Table 22: Australia consumer price index (absolute), 2013-
Table 23: Australia exchange rate, 2013-
List of Figures
Figure 1: Australia life insurance market value: $ billion, 2013-
Figure 2: Australia life insurance market category segmentation: % share, by value,
Figure 3: Australia life insurance market geography segmentation: % share, by value,
Figure 4: Australia life insurance market share: % share, by value,
Figure 5: Australia life insurance market value forecast: $ billion, 2017-
Figure 6: Forces driving competition in the life insurance market in Australia,
Figure 7: Drivers of buyer power in the life insurance market in Australia,
Figure 8: Drivers of supplier power in the life insurance market in Australia,
Figure 9: Factors influencing the likelihood of new entrants in the life insurance market in Australia,
Figure 10: Factors influencing the threat of substitutes in the life insurance market in Australia,
Figure 11: Drivers of degree of rivalry in the life insurance market in Australia,
Figure 12: AMP Limited: revenues & profitability
Figure 13: AMP Limited: assets & liabilities
Figure 14: Challenger Ltd.: revenues & profitability
Figure 15: Challenger Ltd.: assets & liabilities
Figure 16: MetLife, Inc.: revenues & profitability
Figure 17: MetLife, Inc.: assets & liabilities

Download our eBook: How to Succeed Using Market Research

Learn how to effectively navigate the market research process to help guide your organization on the journey to success.

Download eBook

Share this report