Life Insurance in Australia, Key Trends and Opportunities to 2018

Date: 2015-09

Life insurance is the largest segment of the Australian insurance industry, and accounted for 45.5% of the industryโ€™s gross written premium in 2013. The life segmentโ€™s gross written premium decreased at a compound annual growth rate (CAGR) of -0.4% during the review period (2009โ€“2013), due to an increase in claims following a rise in death rates and rising rates of policy lapses as consumers reduced insurance cover. Life insurance claims increased at a CAGR of 2.1%. The life segment is expected to grow over the forecast period due to factors such as an ageing population, low penetration compared to other developed countries and underinsurance. The gross written premium is expected to post a CAGR of 3.0% over the forecast period (2013โ€“2018).


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