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Life Insurance in Australia, Key Trends and Opportunities to 2020

Life Insurance in Australia, Key Trends and Opportunities to 2020

Synopsis

Timetric’s 'Life Insurance in Australia, Key Trends and Opportunities to 2020' report provides detailed analysis of the market trends, drivers and challenges in the Australian life insurance segment.

It provides key performance indicators such as written premium, incurred loss, loss ratio, commissions and expenses, total assets, total investment income and retentions during the review period (2011–2015) and over the forecast period (2015–2020).

The report also analyzes distribution channels operating in the segment, gives a comprehensive overview of the Australian economy and demographics, and provides detailed information on the competitive landscape in the country.

The report brings together Timetric’s research, modeling and analysis expertise, giving insurers access to information on segment dynamics and competitive advantages, and profiles of insurers operating in the country. The report also includes details of insurance regulations, and recent changes in the regulatory structure.

Summary

Timetric’s 'Life Insurance in Australia, Key Trends and Opportunities to 2020' report provides in-depth market analysis, information and insights into the Australian life insurance segment, including:

  • The Australian life insurance segment’s growth prospects by life insurance category
  • Key trends, drivers and challenges for the life insurance segment
  • A comprehensive overview of the Australian economy and demographics
  • The various distribution channels in the Australian life insurance segment
  • Details of the competitive landscape in the life insurance segment in Australia
  • Details of regulatory policy applicable to the Australian insurance industry
Scope

This report provides a comprehensive analysis of the life insurance segment in Australia:
  • It provides historical values for the Australian life insurance segment for the report’s 2011–2015 review period, and projected figures for the 2015–2020 forecast period.
  • It offers a detailed analysis of the key categories in the Australian life insurance segment, and market forecasts to 2020.
  • It analyzes the various distribution channels for life insurance products in Australia.
  • It profiles the top life insurance companies in Australia and outlines the key regulations affecting them.
Reasons To Buy
  • Make strategic business decisions using in-depth historic and forecast market data related to the Australian life insurance segment, and each category within it.
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Australian life insurance segment.
  • Assess the competitive dynamics in the life insurance segment.
  • Identify growth opportunities and market dynamics in key product categories.
  • Gain insights into key regulations governing the Australian insurance industry, and their impact on companies and the industry's future.
Key Highlights
  • Life insurance was the largest segment in the Australian insurance industry in 2015, accounting for 51.5% of the gross written premium.
  • Australia’s insurance industry needs more skilled workers, as a result of a lack of concentration on and investment in attracting graduates and entry-level staff.
  • The improved profitability in 2015 is a positive sign for Australian life insurers, who endured a challenging environment during the 2007–2008 financial crisis.
  • In the 2015–2016 Federal Budget, the government proposed changes to Australia’s Age Pension Reform Bill.
  • Australia’s life segment is concentrated, with the 10 leading insurers accounting for 91.9% of the net revenue in 2015.


  • Key Facts and Highlights
    • Table Australian Life Insurance - Key Facts, 2015
  • Executive Summary
  • Economy and Demographics
    • Table Australian Government Credit Ratings
  • Life Insurance Outlook
    • Key Drivers
    • Key Trends
    • Challenges
    • Life Insurance Growth Prospects by Category
      • Table Australian Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2015
      • Table Australian Life Insurance - Gross Written Premium by Category (US$ Billion), 2011-2015
      • Table Australian Life Insurance - Gross Written Premium by Category (AUD Billion), 2015-2020
      • Table Australian Life Insurance - Gross Written Premium by Category (US$ Billion), 2015-2020
      • Table Australian Life Insurance - New Business Direct Written Premium (AUD Billion), 2011-2015
      • Table Australian Life Insurance - New Business Direct Written Premium (AUD Billion), 2015-2020
      • Table Australian Life Insurance - Paid Claims (AUD Billion), 2011-2015
      • Table Australian Life Insurance - Paid Claims (AUD Billion), 2015-2020
      • Table Australian Life Insurance - Commissions and Expenses (AUD Billion), 2011-2015
      • Table Australian Life Insurance - Commissions and Expenses (AUD Billion), 2015-2020
      • Table Australian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2011-2015
      • Table Australian Life Insurance - Net Written Premium as a Percentage of Gross Written Premium (%), 2015-2020
      • Table Australian Life Insurance - Renewal Business Direct Written Premium (AUD Billion), 2011-2015
      • Table Australian Life Insurance - Renewal Business Direct Written Premium (AUD Billion), 2015-2020
      • Table Australian Life Insurance - Total Assets (AUD Billion), 2011-2015
      • Table Australian Life Insurance - Total Assets (AUD Billion), 2015-2020
      • Table Australian Life Insurance - Total Investment Income (AUD Billion), 2011-2015
      • Table Australian Life Insurance - Total Investment Income (AUD Billion), 2015-2020
      • Table Australian Life Insurance - Net Written Premium (AUD Billion), 2011-2015
      • Table Australian Life Insurance - Net Written Premium (AUD Billion), 2015-2020
    • Individual Life Insurance
      • Table Australian Individual Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2015
      • Table Australian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2011-2015
      • Table Australian Individual Life Insurance - Gross Written Premium by Category (AUD Billion), 2015-2020
      • Table Australian Individual Life Insurance - Gross Written Premium by Category (US$ Billion), 2015-2020
      • Table Australian Individual Life Insurance - Direct Written Premium by Category (AUD Billion), 2011-2015
      • Table Australian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2015
      • Table Australian Individual Life Insurance - Direct Written Premium by Category (AUD Billion), 2015-2020
      • Table Australian Individual Life Insurance - Direct Written Premium by Category (US$ Billion), 2015-2020
      • Individual whole life insurance
        • Table Australian Individual Whole Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual Whole Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Individual general annuity insurance
        • Table Australian Individual General Annuity Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual General Annuity Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Individual pension insurance
        • Table Australian Individual Pension Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual Pension Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Individual term life insurance
        • Table Australian Individual Term Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual Term Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Other individual life insurance
        • Table Australian Other Individual Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Other Individual Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
    • Group Life Insurance
      • Table Australian Group Life Insurance - Gross Written Premium by Category (AUD Billion), 2011-2015
      • Table Australian Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2011-2015
      • Table Australian Group Life Insurance - Gross Written Premium by Category (AUD Billion), 2015-2020
      • Table Australian Group Life Insurance - Gross Written Premium by Category (US$ Billion), 2015-2020
      • Table Australian Group Life Insurance - Direct Written Premium by Category (AUD Billion), 2011-2015
      • Table Australian Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2011-2015
      • Table Australian Group Life Insurance - Direct Written Premium by Category (AUD Billion), 2015-2020
      • Table Australian Group Life Insurance - Direct Written Premium by Category (US$ Billion), 2015-2020
      • Group whole life insurance
        • Table Australian Group Whole Life Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Group Whole Life Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Group superannuation insurance
        • Table Australian Group Superannuation Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Group Superannuation Insurance - Direct Written Premium (AUD Billion), 2015-2020
    • Life Insurance Growth Prospects by Product Type
      • Individual single-premium insurance
        • Table Australian Individual Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
        • Table Australian Individual Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Individual non-single-premium insurance
        • Table Australian Individual Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
        • Table Australian Individual Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Individual Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Group single-premium insurance
        • Table Australian Group Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
        • Table Australian Group Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
        • Table Australian Group Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Group Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Group non-single-premium insurance
        • Table Australian Group Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2011-2015
        • Table Australian Group Non-Single-Premium Insurance - Gross Written Premium (AUD Billion), 2015-2020
        • Table Australian Group Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Group Non-Single-Premium Insurance - Direct Written Premium (AUD Billion), 2015-2020
      • Total linked insurance business
        • Table Australian Linked Insurance Business - Gross Written Premium (AUD Billion), 2011-2015
        • Table Australian Linked Insurance Business - Gross Written Premium (AUD Billion), 2015-2020
        • Table Australian Linked Insurance Business - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Linked Insurance Business - Direct Written Premium (AUD Billion), 2015-2020
      • Total non-linked insurance business
        • Table Australian Non-Linked Insurance Business - Gross Written Premium (AUD Billion), 2011-2015
        • Table Australian Non-Linked Insurance Business - Gross Written Premium (AUD Billion), 2015-2020
        • Table Australian Non-Linked Insurance Business - Direct Written Premium (AUD Billion), 2011-2015
        • Table Australian Non-Linked Insurance Business - Direct Written Premium (AUD Billion), 2015-2020
  • Analysis by Distribution Channel
  • Competitive Landscape and Strategic Insights
    • Overview
    • Leading Companies in the Australian Life Insurance Segment
      • Table Australian Life Insurance - Segment Shares (%), 2015
      • MLC Ltd - company overview
        • Table MLC Ltd - Key Facts
      • The Colonial Mutual Life Assurance Society Ltd - company overview
        • Table The Colonial Mutual Life Assurance Society Ltd - Key Facts
      • TAL Life Ltd - company overview
        • Table TAL Life Ltd - Key Facts
      • AMP Life Ltd - company overview
        • Table AMP Life Ltd - Key Facts
      • OnePath Life Ltd - company overview
        • Table OnePath Life Ltd - Key Facts
      • AIA Australia Ltd - company overview
        • Table AIA Australia Ltd - Key Facts
      • National Mutual Life Association of Australasia Ltd - company overview
        • Table National Mutual Life Association of Australasia Ltd - Key Facts
      • Westpac Life Insurance Services Ltd - company overview
        • Table Westpac Life Insurance Services Ltd - Key Facts
      • MetLife Insurance Ltd - company overview
        • Table MetLife Insurance Ltd - Key Facts
      • Suncorp Life & Superannuation Ltd - company overview
        • Table Suncorp Life & Superannuation Ltd - Key Facts
  • Governance, Risk and Compliance
    • Table Australia - Insurance Regulatory Framework Key Features
    • Legislation Overview and Historical Evolution
    • Latest Changes in Regulations
    • Legislation and Market Practice by Type of Insurance
      • Life insurance
        • Table Australia - Life Insurance Regulatory Framework
      • Property insurance
        • Table Australia - Property Insurance Regulatory Framework
      • Motor insurance
        • Table Australia - Motor Insurance Regulatory Framework
      • Liability insurance
        • Table Australia - Liability Insurance Regulatory Framework
      • Marine, aviation and transit insurance
      • Personal accident and health insurance
    • Compulsory Insurance
      • Aircraft passenger liability insurance
      • Motor third-party liability (MTPL) insurance regulations
      • Workmen's compensation insurance
    • Supervision and Control
      • International Association of Insurance Supervisors (IAIS)
      • Australian Prudential Regulation Authority
      • Australian Securities and Investment Commission
      • Financial Services Council (FSC)
      • Insurance Council of Australia
    • Non-Admitted Insurance Regulations
      • Overview
      • Intermediaries
      • Market practices
      • Fines and penalties
    • Company Registration and Operations
      • Types of insurance organization
      • Establishing a local company
      • Foreign ownership
      • Types of license
      • Capital requirements
      • Solvency margins
      • Reserve requirements
      • Investment regulations
      • Statutory return requirements
      • Fee structure
    • Taxation
      • Insurance premium or policy taxation
      • Withholding taxes on premium paid overseas
      • Corporate tax
        • Table Australia - Corporate Tax Rates for the Financial Year 2016
      • VAT
      • Captives
    • Legal System
      • Introduction
      • Access to court
      • Alternative dispute resolution (ADR)
  • Definitions and Methodology
    • Definitions
      • Table Insurance Industry Definitions
    • Methodology
  • About Timetric
    • Contact Timetric
    • About Timetric
    • Timetric's Services
    • Disclaimer

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