Non-Life Insurance in Australia, Key Trends and Opportunities to 2018

Date: 2015-09

“The Australian non-life insurance segmentโ€™s gross written premium grew at a compound annual growth rate (CAGR) of 5.2% during the review period (2009โˆ’2013). The growth is attributed to the growth of property, motor insurance and the occurrence of natural disasters such as the Queensland flood and Yasi cyclone during 2010 and 2011, which led to an increase in paid claims. The number of policies also increased at a CAGR of 4.4% during the review period. Such an increase in the number of policies was due to the consumer awareness towards the need and benefits of non-life insurance.
The Australian Prudential Regulation Authority (APRA) is responsible for licensing and prudential regulation of the insurance industry. The APRAโ€™s Life and General Insurance Capital (LAGIC) came into effect from January 1, 2013 and is responsible for supervisory adjustment, internal capital adequacy assessment process (ICAAP), quality and composition of capital and governance and ownership.”

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