Reinsurance in Australia, Key Trends and Opportunities to 2018

Date: November 17, 2014
Pages: 74
Price:
US$ 1,950.00
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Publisher: Timetric
Report type: Strategic Report
Delivery: E-mail Delivery (PDF)
ID: R91B577FFFFEN
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Reinsurance in Australia, Key Trends and Opportunities to 2018
SYNOPSIS

The report provides in-depth market analysis, information and insights into the Australian reinsurance segment, including:
  • The Australian reinsurance segment's growth prospects by category
  • Key trends and drivers for the reinsurance segment
  • The Australian reinsurance segment’s growth prospects by reinsurance ceded from direct insurance
  • The competitive landscape of the Australian reinsurance segment
SUMMARY

Australia is prone to natural disasters such as floods, cyclones, earthquakes, bushfires and storms. With such an increase in catastrophic events, Australia recorded an increased reinsurance rates ranging from 50–75% during 2011 and 2012. There were eight natural disasters in 2010, of which five were floods, a tropical cyclone and two major storms. The Queensland flood was the worst of these, which occurred in December 2010. The total reinsurance accepted recorded a review-period compound annual growth rate (CAGR) of 3.7%. The reinsurance ceded by the insurers grew at a review-period CAGR of 2.4%. Non-life insurance is the largest category, ceding 30.5% in 2013, followed by life insurance with 8.1% and personal accident and healthcare insurance with the remaining 4.0%.

The Terrorism Insurance (TI) Act 2003 is enacted by the Australian government after the insurers withdrew coverage for damages caused by terrorism, following the September 11, 2001 attacks on the US. The Australian Reinsurance Pool Corporation (ARPC), a statutory authority, was established under this act. Its role is to establish and provide reinsurance for insurers who claim risk of terrorism losses.

SCOPE

This report provides a comprehensive analysis of the reinsurance segment in Australia:
  • It provides historical values for Australia’s reinsurance 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 reinsurance segment, along with market forecasts until 2018.
  • It provides a detailed analysis of the reinsurance ceded from various direct insurance segments in Australia, and its growth prospects.
REASONS TO BUY
  • Make strategic business decisions using in-depth historic and forecast market data related to the Australian reinsurance segment and each sector within it
  • Understand the demand-side dynamics, key market trends and growth opportunities in the Australian reinsurance segment
  • Identify the growth opportunities and market dynamics in key product categories
  • Gain insights into key regulations governing the Australian insurance industry and their impact on companies and the market's future
KEY HIGHLIGHTS
  • The premium accepted in the reinsurance segment increased at a compound annual growth rate (CAGR) of 3.7%.
  • The treaty reinsurance category accounted for 26.5% of the reinsurance premium in 2013, while the facultative reinsurance category accounted for the remaining 74.5%.
  • Non-life insurance ceded the highest percentage, with 30.5% in 2013.
  • The total premium ceded is expected to grow at a CAGR of 4.2% over the forecast period.
  • Munich Re is the leading reinsurer, which posted a share of 17.8% in 2013, in terms of reinsurance written premium.
1 EXECUTIVE SUMMARY

2 INTRODUCTION

2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 AUSTRALIAN INSURANCE INDUSTRY ATTRACTIVENESS

3.1 Insurance Industry Size, 2009–2018

4 REINSURANCE GROWTH DYNAMICS AND CHALLENGES

4.1 Reinsurance Segment Size, 2009–2018
4.2 Reinsurance Segment Size by Premium Ceded, 2009–2018

5 KEY INDUSTRY TRENDS AND DRIVERS

5.1 Fundamental Business Drivers
5.2 Life Insurance Drivers
5.3 Non-Life Insurance Drivers
5.4 Personal Accident and Health Insurance Drivers

6 COMPETITIVE LANDSCAPE AND STRATEGIC INSIGHTS

6.1 Overview
6.2 Leading Companies in the Australian Reinsurance Segment
6.3 Comparison of the Five Leading Insurers
  6.3.1 Retentions
  6.3.2 Total assets
  6.3.3 Total investment incomes
6.4 Munchener Ruckversicherungs-Gesellschaft (Munich Re) – Company Overview
  6.4.1 Munchener Ruckversicherungs-Gesellschaft (Munich Re) – key facts
  6.4.2 Munchener Ruckversicherungs-Gesellschaft (Munich Re) – key financials
6.5 Swiss Re Life & Health Australia Ltd – Company Overview
  6.5.1 Swiss Re Life & Health Australia Ltd – key facts
  6.5.2 Swiss Re Life & Health Australia Ltd – key financials
6.6 Swiss Reinsurance Company Ltd – Company Overview
  6.6.1 Swiss Reinsurance Company Ltd – key facts
  6.6.2 Swiss Reinsurance Company Ltd – key financials
6.7 RGA Reinsurance Company of Australia Ltd – Company Overview
  6.7.1 RGA Reinsurance Company of Australia Ltd – key facts
  6.7.2 RGA Reinsurance Company of Australia Ltd – key financials
6.8 Munich Reinsurance Company of Australasia Ltd – Company Overview
  6.8.1 Munich Reinsurance Company of Australasia Ltd – key facts
  6.8.2 Munich Reinsurance Company of Australasia Ltd – key financials
6.9 Lloyd's Australia Ltd – Company Overview
  6.9.1 Lloyd's Australia Ltd – key facts
  6.9.2 Lloyd's Australia Ltd – key financials
6.1 Hannover Life Re of Australasia Ltd – Company Overview
  6.10.1 Hannover Life Re of Australasia Ltd – key facts
  6.10.2 Hannover Life Re of Australasia Ltd – key financials
6.11 General Reinsurance Life Australia Ltd – Company Overview
  6.11.1 General Reinsurance Life Australia Ltd – key facts
  6.11.2 General Reinsurance Life Australia Ltd – key financials
6.12 Hannover Ruck SE – Company Overview
  6.12.1 Hannover Ruck SE – key facts
  6.12.2 Hannover Ruck SE – key financials
6.13 General Reinsurance Australia Ltd – Company Overview
  6.13.1 General Reinsurance Australia Ltd – key facts
  6.13.2 General Reinsurance Australia Ltd – key financials

7 BUSINESS ENVIRONMENT AND COUNTRY RISK

7.1 Business Confidence
  7.1.1 Market capitalization trend – Australian Securities Exchange, Australia
7.2 Economic Performance
  7.2.1 GDP at constant prices (US$)
  7.2.2 GDP per capita at constant prices (US$)
  7.2.3 GDP at current prices (US$)
  7.2.4 GDP per capita at current prices (US$)
  7.2.5 Inflation rate
  7.2.6 Exports as a percentage of GDP
  7.2.7 Imports as a percentage of GDP
  7.2.8 Merchandise exports growth
  7.2.9 Merchandise imports growth
  7.2.10 Annual average exchange rate AUD–US$
7.3 Infrastructure
  7.3.1 Total internet subscribers
7.4 Labor Force
  7.4.1 Labor force
  7.4.2 Unemployment rate
7.5 Demographics
  7.5.1 Household consumption expenditure (US$)
  7.5.2 Total population
  7.5.3 Urban and rural populations
  7.5.4 Age distribution of the total population

8 APPENDIX

8.1 Methodology
8.2 Contact Timetric
8.3 About Timetric
8.4 Timetric’s Services
8.5 Disclaimer

LIST OF TABLES

Table 1: Insurance Industry Definitions
Table 2: Australian Insurance – Gross Written Premium by Segment (AUD Billion), 2009–2013
Table 3: Australian Insurance – Gross Written Premium by Segment (US$ Billion), 2009–2013
Table 4: Australian Insurance – Gross Written Premium by Segment (AUD Billion), 2013–2018
Table 5: Australian Insurance – Gross Written Premium by Segment (US$ Billion), 2013–2018
Table 6: Australian Insurance – Segmentation, Gross Written Premium (Percentage Share), 2009–2018
Table 7: Australian Insurance – Direct Written Premium by Segment (AUD Billion), 2009–2013
Table 8: Australian Insurance – Direct Written Premium by Segment (US$ Billion), 2009–2013
Table 9: Australian Insurance – Direct Written Premium by Segment (AUD Billion), 2013–2018
Table 10: Australian Insurance – Direct Written Premium by Segment (US$ Billion), 2013–2018
Table 11: Australian Insurance – Segmentation, Direct Written Premium (Percentage Share), 2009–2018
Table 12: Australian Reinsurance Segment – Premium Accepted by Category (AUD Billion), 2009–2013
Table 13: Australian Reinsurance Segment – Premium Accepted by Category (US$ Billion), 2009–2013
Table 14: Australian Reinsurance Segment – Premium Accepted by Category (AUD Billion), 2013–2018
Table 15: Australian Reinsurance Segment – Premium Accepted by Category (US$ Billion), 2013–2018
Table 16: Australian Reinsurance – Premium Ceded by Type of Insurance (AUD Billion), 2009–2013
Table 17: Australian Reinsurance – Premium Ceded by Type of Insurance (US$ Billion), 2009–2013
Table 18: Australian Reinsurance – Premium Ceded by Type of Insurance (AUD Billion), 2013–2018
Table 19: Australian Reinsurance – Premium Ceded by Type of Insurance (US$ Billion), 2013–2018
Table 20: Australian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 21: Australian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 22: Australian Non-Life Insurance – Percentage of Reinsurance Ceded, 2009–2013
Table 23: Australian Non-Life Insurance – Percentage of Reinsurance Ceded, 2013–2018
Table 24: Australian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Table 25: Australian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Table 26: Australian Reinsurance – Segment Shares (%), 2013
Table 27: Munchener Ruckversicherungs-Gesellschaft (Munich Re), Key Facts
Table 28: Munchener Ruckversicherungs-Gesellschaft (Munich Re), Key Financials (AUD Million), 2009–2013
Table 29: Swiss Re Life & Health Australia Ltd, Key Facts
Table 30: Swiss Re Life & Health Australia Ltd, Key Financials (AUD Million), 2009–2013
Table 31: Swiss Reinsurance Company Ltd, Key Facts
Table 32: Swiss Reinsurance Company Ltd, Key Financials (AUD Million), 2009–2013
Table 33: RGA Reinsurance Company of Australia Ltd, Key Facts
Table 34: RGA Reinsurance Company of Australia Ltd, Key Financials (AUD Million), 2009–2013
Table 35: Munich Reinsurance Company of Australasia Ltd, Key Facts
Table 36: Munich Reinsurance Company of Australasia Ltd, Key Financials (AUD Million), 2009–2013
Table 37: Lloyd's Australia Ltd, Key Facts
Table 38: Lloyd's Australia Ltd, Key Financials (AUD Million), 2009–2013
Table 39: Hannover Life Re of Australasia Ltd, Key Facts
Table 40: Hannover Life Re of Australasia Ltd, Key Financials (AUD Million), 2009–2013
Table 41: General Reinsurance Life Australia Ltd, Key Facts
Table 42: General Reinsurance Life Australia Ltd, Key Financials (AUD Million), 2009–2013
Table 43: Hannover Ruck SE, Key Facts
Table 44: Hannover Ruck SE, Key Financials (AUD Million), 2009–2013
Table 45: General Reinsurance Australia Ltd, Key Facts
Table 46: General Reinsurance Australia Ltd, Key Financials (AUD Million), 2009–2013

LIST OF FIGURES

Figure 1: Australian Insurance – Gross Written Premium by Segment (AUD Billion), 2009–2018
Figure 2: Australian Insurance – Dynamics by Segment, Gross Written Premium (2009–2018)
Figure 3: Australian Insurance – Direct Written Premium by Segment (AUD Billion), 2009–2018
Figure 4: Australian Insurance – Dynamics by Segment, Direct Written Premium (2009–2018)
Figure 5: Australian Reinsurance – Premium Accepted by Category (AUD Billion), 2009–2018
Figure 6: Australian Reinsurance – Premium Accepted by Category (Percentage Share), 2013 and 2018
Figure 7: Australian Reinsurance – Premium Accepted Dynamics by Category, 2009–2018
Figure 8: Australian Reinsurance – Premium Ceded by Type of Insurance (AUD Billion), 2009–2018
Figure 9: Australian Reinsurance – Premium Ceded Dynamics by Type of Insurance, 2009–2018
Figure 10: Australian Life Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 11: Australian Life Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 12: Australian Non-Life Insurance – Percentage of Reinsurance Ceded, 2009–2013
Figure 13: Australian Non-Life Insurance – Percentage of Reinsurance Ceded, 2013–2018
Figure 14: Australian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2009–2013
Figure 15: Australian Personal Accident and Health Insurance – Percentage of Reinsurance Ceded (%), 2013–2018
Figure 16: Australian Reinsurance – Segment Shares (%), 2013
Figure 17: Retentions – Top Five Australian Reinsurers (AUD Million), 2013
Figure 18: Total Assets – Top Five Australian Reinsurers (AUD Billion), 2013
Figure 19: Total Investment Incomes – Top Five Australian Reinsurers (AUD Million), 2013
Figure 20: Australia, Australian Securities Exchange Market Capitalization (US$ Billion), 2008–2012
Figure 21: Australian GDP at Constant Prices (US$ Billion), 2008–2012
Figure 22: Australian GDP Per Capita at Constant Prices (US$), 2008–2012
Figure 23: Australian GDP at Current Prices (US$ Billion), 2008–2012
Figure 24: Australian GDP Per Capita at Current Prices (US$), 2008–2012
Figure 25: Australian Inflation Rate (%), 2008–2012
Figure 26: Australian Exports as a Percentage of GDP (%), 2008–2012
Figure 27: Australian Imports as a Percentage of GDP (%), 2008–2012
Figure 28: Australian Merchandise Exports Growth (%), 2008–2012
Figure 29: Australian Merchandise Imports Growth (%), 2008–2012
Figure 30: Australian Annual Average Exchange Rate US$–AUD 2008–2012
Figure 31: Australian Internet Subscriptions (Millions), 2008–2012
Figure 32: Australian Size of Labor Force (Million), 2008–2012
Figure 33: Australian Unemployment Rate (%), 2008–2012
Figure 34: Australian Household Consumption Expenditure (US$ Billion), 2008–2012
Figure 35: Australian Total Population (Million), 2008–2012
Figure 36: Australian Urban and Rural Populations (%), 2008–2012
Figure 37: Australian Population Distribution by Age (%), 2008–2012

COMPANIES MENTIONED

Munchener Ruckversicherungs-Gesellschaft (Munich Reinsurance Company)
Swiss Re Life & Health Australia Ltd
Swiss Reinsurance Company Ltd
RGA Reinsurance Company of Australia Ltd
Munich Reinsurance Company of Australasia Ltd
Lloyd's Australia Ltd
Hannover Life Re of Australasia Ltd
General Reinsurance Life Australia Ltd
Hannover Ruck SE
General Reinsurance Australia Ltd

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