Australia Life Insurance Market Summary, Competitive Analysis and Forecast to 2027
Australia Life Insurance Market @Summary, Competitive Analysis and Forecast to 2027
SUMMARY
Life Insurance in Australia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
KEY HIGHLIGHTS
SUMMARY
Life Insurance in Australia industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value 2017-22, and forecast to 2027). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
KEY HIGHLIGHTS
- The value of the life insurance market is shown in terms of gross premium incomes from mortality protection and retirement savings plans.
- The Australian life insurance market had total gross written premiums of $15.3 billion in 2022, representing a compound annual growth rate (CAGR) of -16.6% between 2017 and 2022.
- The Life Insurance segment accounted for market's the largest proportion in 2022, with total gross written premiums of $8.5 billion, equivalent to 55.2% of the market's overall value.
- As per the Australian Prudential Regulation Authority’s (APRA), statistics report published in September 2022, APRA found that for September 2022, the Australian life insurance industry had total revenue of $8.3 3.9 billion, a slight increase drop from $3.7 20.9 billion in the year end September June 20212.The performance of the market is forecast to decline further but at a slower pace, with an anticipated CAGR of -0.9% for the five-year period 2022 - 2027, which is expected to drive the market to a value of $14.6billion by the end of 2027.
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the life insurance market in Australia
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the life insurance market in Australia
- Leading company profiles reveal details of key life insurance market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the Australia life insurance market with five year forecasts
- What was the size of the Australia life insurance market by value in 2022?
- What will be the size of the Australia life insurance market in 2027?
- What factors are affecting the strength of competition in the Australia life insurance market?
- How has the market performed over the last five years?
- Who are the top competitors in Australia's life insurance market?
1 EXECUTIVE SUMMARY
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 MARKET OVERVIEW
2.1. Market definition
2.2. Market analysis
3 MARKET DATA
3.1. Market value
4 MARKET SEGMENTATION
4.1. Category segmentation
4.2. Geography segmentation
5 MARKET OUTLOOK
5.1. Market value forecast
6 FIVE FORCES ANALYSIS
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 COMPETITIVE LANDSCAPE
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?
8 COMPANY PROFILES
8.1. AIA Group Ltd
8.2. Challenger Ltd
8.3. TAL Dai-ichi Life Australia Pty Ltd
8.4. Nippon Life Insurance Company
9 MACROECONOMIC INDICATORS
9.1. Country data
10 APPENDIX
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
1.1. Market value
1.2. Market value forecast
1.3. Category segmentation
1.4. Geography segmentation
1.5. Market share
1.6. Market rivalry
1.7. Competitive landscape
2 MARKET OVERVIEW
2.1. Market definition
2.2. Market analysis
3 MARKET DATA
3.1. Market value
4 MARKET SEGMENTATION
4.1. Category segmentation
4.2. Geography segmentation
5 MARKET OUTLOOK
5.1. Market value forecast
6 FIVE FORCES ANALYSIS
6.1. Summary
6.2. Buyer power
6.3. Supplier power
6.4. New entrants
6.5. Threat of substitutes
6.6. Degree of rivalry
7 COMPETITIVE LANDSCAPE
7.1. Market share
7.2. Who are the leading players?
7.3. What strategies do leading players follow?
7.4. What has been the rationale behind recent M&A activity?
7.5. How has the COVID-19 outbreak impacted the market?
8 COMPANY PROFILES
8.1. AIA Group Ltd
8.2. Challenger Ltd
8.3. TAL Dai-ichi Life Australia Pty Ltd
8.4. Nippon Life Insurance Company
9 MACROECONOMIC INDICATORS
9.1. Country data
10 APPENDIX
10.1. Methodology
10.2. Industry associations
10.3. Related MarketLine research
10.4. About MarketLine
LIST OF TABLES
Table 1: Australia life insurance market value: $ billion, 2017-22(e)
Table 2: Australia life insurance market category segmentation: % share, by value, 2017–2022(e)
Table 3: Australia life insurance market category segmentation: $ billion, 2017-2022
Table 4: Australia life insurance market geography segmentation: $ billion, 2022(e)
Table 5: Australia life insurance market value forecast: $ billion, 2022-27
Table 6: Australia life insurance market share: % share, by value, 2022(e)
Table 7: AIA Group Ltd: key facts
Table 8: AIA Group Ltd: Annual Financial Ratios
Table 9: AIA Group Ltd: Key Employees
Table 10: AIA Group Ltd: Key Employees Continued
Table 11: Challenger Ltd: key facts
Table 12: Challenger Ltd: Annual Financial Ratios
Table 13: Challenger Ltd: Key Employees
Table 14: TAL Dai-ichi Life Australia Pty Ltd: key facts
Table 15: TAL Dai-ichi Life Australia Pty Ltd: Key Employees
Table 16: Nippon Life Insurance Company: key facts
Table 17: Nippon Life Insurance Company: Key Employees
Table 18: Nippon Life Insurance Company: Key Employees Continued
Table 19: Australia size of population (million), 2018–22
Table 20: Australia gdp (constant 2005 prices, $ billion), 2018–22
Table 21: Australia gdp (current prices, $ billion), 2018–22
Table 22: Australia inflation, 2018–22
Table 23: Australia consumer price index (absolute), 2018–22
Table 24: Australia exchange rate, 2016–20
Table 1: Australia life insurance market value: $ billion, 2017-22(e)
Table 2: Australia life insurance market category segmentation: % share, by value, 2017–2022(e)
Table 3: Australia life insurance market category segmentation: $ billion, 2017-2022
Table 4: Australia life insurance market geography segmentation: $ billion, 2022(e)
Table 5: Australia life insurance market value forecast: $ billion, 2022-27
Table 6: Australia life insurance market share: % share, by value, 2022(e)
Table 7: AIA Group Ltd: key facts
Table 8: AIA Group Ltd: Annual Financial Ratios
Table 9: AIA Group Ltd: Key Employees
Table 10: AIA Group Ltd: Key Employees Continued
Table 11: Challenger Ltd: key facts
Table 12: Challenger Ltd: Annual Financial Ratios
Table 13: Challenger Ltd: Key Employees
Table 14: TAL Dai-ichi Life Australia Pty Ltd: key facts
Table 15: TAL Dai-ichi Life Australia Pty Ltd: Key Employees
Table 16: Nippon Life Insurance Company: key facts
Table 17: Nippon Life Insurance Company: Key Employees
Table 18: Nippon Life Insurance Company: Key Employees Continued
Table 19: Australia size of population (million), 2018–22
Table 20: Australia gdp (constant 2005 prices, $ billion), 2018–22
Table 21: Australia gdp (current prices, $ billion), 2018–22
Table 22: Australia inflation, 2018–22
Table 23: Australia consumer price index (absolute), 2018–22
Table 24: Australia exchange rate, 2016–20
LIST OF FIGURES
Figure 1: Australia life insurance market value: $ billion, 2017-22(e)
Figure 2: Australia life insurance market category segmentation: $ billion, 2017-2022
Figure 3: Australia life insurance market geography segmentation: % share, by value, 2022(e)
Figure 4: Australia life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the life insurance market in Australia, 2022
Figure 6: Drivers of buyer power in the life insurance market in Australia, 2022
Figure 7: Drivers of supplier power in the life insurance market in Australia, 2022
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Australia, 2022
Figure 9: Factors influencing the threat of substitutes in the life insurance market in Australia, 2022
Figure 10: Drivers of degree of rivalry in the life insurance market in Australia, 2022
Figure 11: Australia life insurance market share: % share, by value, 2022(e)
Figure 1: Australia life insurance market value: $ billion, 2017-22(e)
Figure 2: Australia life insurance market category segmentation: $ billion, 2017-2022
Figure 3: Australia life insurance market geography segmentation: % share, by value, 2022(e)
Figure 4: Australia life insurance market value forecast: $ billion, 2022-27
Figure 5: Forces driving competition in the life insurance market in Australia, 2022
Figure 6: Drivers of buyer power in the life insurance market in Australia, 2022
Figure 7: Drivers of supplier power in the life insurance market in Australia, 2022
Figure 8: Factors influencing the likelihood of new entrants in the life insurance market in Australia, 2022
Figure 9: Factors influencing the threat of substitutes in the life insurance market in Australia, 2022
Figure 10: Drivers of degree of rivalry in the life insurance market in Australia, 2022
Figure 11: Australia life insurance market share: % share, by value, 2022(e)
