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Category: Business and Industry
Date Submitted: 11/14/2014 01:25 AM
Non-Life Insurance in Australia, Key Trends and Opportunities to 2018 Synopsis The report provides in-depth market analysis, information and insights into the Australian non-life insurance segment, including: The Australian non-life insurance segment’s growth prospects by category Key trends and drivers for the non-life insurance segment The various distribution channels in the Australian non-life insurance segment The detailed competitive landscape of the non-life insurance segment in Australia Detailed regulatory policies applicable to the Australian insurance industry Executive summary The Australian non-life insurance segment’s gross written premium grew at a compound annual growth rate (CAGR) of 5.2% during the review period (2009−2013). 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 APRA’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. Scope This report provides a comprehensive analysis of the non-life insurance segment in Australia: It provides historical values for Australia’s non-life insurance segment for the report’s 2009–2013 review period and projected figures for the 2013–2018 forecast period. It offers a detailed analysis of the key categories in Australia’s non-life insurance segment,...