$99.8bn
$X.Xbn
46,041
86
$X.Xbn
Insurance coverage risk exposure has ramped up, as underlying home and motor asset valuations have risen. As a result, claims have not only become more frequent, but costlier too. Natural disasters have been prevalent in recent years, heightening the number of claims insurers incur and forcing them to raise premiums. With premium income higher and a resurgence in investment, returns have accelerated industry revenue generation. Industry profitability has quickly rebounded as insurers passed on their claim and reinsurance expenses in the form of rapid premium price rises for policyholders. Industry revenue is expected to climb at an annualised 4.8% over the five years through 2023-24 to $99.8 billion. A spiking cash rate has propelled revenue, with a 5.0% jump reflected in revenue this year.
Industry revenue has grown at a CAGR of 4.8 % over the past five years, to reach an estimated $99.8bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
IAG | 18,259.2 | |
Suncorp | 13,738.6 | |
QBE Insurance | 10,136.3 |
To view the market share and analysis for all 6 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Motor vehicle insurance , Home insurance and Reinsurance. Motor vehicle insurance is the largest segment of the General Insurance in Australia.
Motor vehicle insurance policyholders continue to be lucrative for insurers
The industry includes general insurers and reinsurers. General insurers underwrite insurance policies to cover individuals' and businesses’ financial losses associated with property, casualty, liability and other risks. Underwriting involves assuming risks and assigning premiums. Reinsurers assume all or part of the risk associated with existing insurance policies that other insurers have underwritten.
Purchase this report to view all 6 major companies in this industry.
ANZSIC 6322 - General Insurance in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Premium price hikes have provided major windfalls for insurers. Floods, cyclones and bushfires have incentivised rapid premium increases. Insurers have generated strong profi...
Learn about an industry's products and services, markets and trends in international trade.
Private insurers underwrite the larger segments of reinsurance, motor vehicle insurance, home insurance, public and product liability insurance and fire and industrial special...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
The geographic distribution of insurers shows a strong concentration in New South Wales and Victoria. This distribution highlights how important Sydney and Melbourne are as f...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
There's a lack of differentiation among industry policies. Providers compete through offering better coverage and greater customisation. Customisable policies ensure policyho...
Learn about the performance of the top companies in the industry.
Prevailing La Nina-related weather events forced the major companies to exceed their natural hazard allowances. Insurers have combated frequent policy claims by improving exp...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
An ever-rising number of households continues to propel demand for general insurance. Home and contents insurance represents a hefty segment of the industry, with housing exp...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Motor vehicle policy costs have been passed on as record premium growth. This trend has contributed to profit margins soaring in 2023-24.
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the General Insurance industry in Australia is $99.8bn in 2024.
There are 86 businesses in the General Insurance industry in Australia, which has declined at a CAGR of 2.2 % between 2019 and 2024.
The market size of the General Insurance industry in Australia has been growing at a CAGR of 4.8 % between 2019 and 2024.
Over the next five years, the General Insurance industry in Australia is expected to grow.
The biggest companies operating in the General Insurance market in Australia are IAG, Suncorp and QBE Insurance
Motor vehicle insurance and Home insurance are part of the General Insurance industry.
The company holding the most market share in Australia is IAG.
The level of competition is high and steady in the General Insurance industry in Australia.