$26.4bn
$XXX.Xm
17,090
27
$X.Xbn
Investment revenue volatility has battered the Life Insurance industry. The COVID-19 pandemic weakened investments, which insurers rely on, causing revenue to plunge. All insurers try to exploit global equity and debt markets to maximise returns but have struggled in recent years. Market downturns have depressed profit margins and caused some life insurers to exit.
Industry revenue has declined at a CAGR of 15.4 % over the past five years, to reach an estimated $26.4bn in 2023.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2023 | Revenue ($m)
2023 |
---|---|---|
TAL Dai-ichi Life Australia | 3,508.5 | |
AIA Australia | 1,842.0 | |
Zurich Financial Services | 1,439.7 |
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 Individual lump sum risk, Group lump sum risk and Individual disability income insurance. Individual lump sum risk is the largest segment of the Life Insurance in Australia.
Group lump sum insurance remains the most popular life insurance product
Insurers provide life insurance cover and investment-linked life insurance products. Life insurance is a contract obligating the insurer to pay designated beneficiaries a sum of money in the event of the insured individual’s death, disablement, serious illness or injury. As with all insurance contracts, exclusions exist that may limit the insurer’s liability.
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ANZSIC 6310 - Life 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.
Investment revenue fluctuations dictate the performance of life insurers. Life insurers rely heavily on investment returns to remain viable.
Learn about an industry's products and services, markets and trends in international trade.
Group lump sum risk policies continue to represent the largest product segment. Companies and superannuation funds heavily rely on the organisers of this product to cover emp...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Life insurance offices are located in major cities. Being close to financial centres allows efficient work processes between related upstream and downstream operators.
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.
Life insurance is an intensely price-competitive area. Comparison sites and algorithmic pricing models underline the importance on efficient policy pricing.
Learn about the performance of the top companies in the industry.
TAL has broadened its scope, acquiring the life insurance divisions of Suncorp and Westpac. The company's growth has set it up as the most dominant life insurer.
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
APRA regulates the industry through the Life Insurance Act and other standard settings. Life insurers must accurately report policy liabilities and premiums, among other aspe...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Rising claim expenses have eaten away at profit margins. The ageing population is skewing the policyholder age higher, intensifying expenses.
Including values and annual change:
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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:
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The market size of the Life Insurance industry in Australia is $26.4bn in 2024.
There are 27 businesses in the Life Insurance industry in Australia, which has declined at a CAGR of 1.4 % between 2018 and 2023.
The market size of the Life Insurance industry in Australia has been declining at a CAGR of 15.4 % between 2018 and 2023.
Over the next five years, the Life Insurance industry in Australia is expected to grow.
The biggest companies operating in the Life Insurance market in Australia are TAL Dai-ichi Life Australia, AIA Australia and Zurich Financial Services
Individual lump sum risk and Group lump sum risk are part of the Life Insurance industry.
The company holding the most market share in Australia is TAL Dai-ichi Life Australia.
The level of competition is high and increasing in the Life Insurance industry in Australia.