“• In terms of gross written premium, the Australian insurance industry was the 11th-largest in the world in 2012.
• Life insurance was the largest segment in the Australian insurance industry in 2013, accounting for 45.5% of its gross written premium.
• The distribution of life insurance in Australia was led by bancassurance, and followed by brokers and direct marketing.
• Increased premium rates, an aging population, new product innovation, increasing awareness of insurance, and rising penetration will contribute to the growth of life insurance over the forecast period.
• Low insurance penetration gives an opportunity to life insurers operating in Australia to grow by offering new products to meet consumer requirements.
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