Australia Insurance Report 2014

Date: November 27, 2013
Pages: 73
US$ 1,295.00
Report type: Strategic Report
Delivery: E-mail Delivery (PDF), Download

Download PDF Leaflet

BMI View: As was the case in our 2012 and 2013 Annual Reports, it is the strengths of Australia's insurance sector that stand out. In most countries, wealth management is an ancilliary activity that is undertaken by life insurers or commercial banks. In Australia, the development over nearly 30 years of the superannuation (pension) fund industry means that wealth management is a core business. Moreover, the superannuation funds, with their roughly AUD1,500bn in assets under management (AUM) continue to grow. They are fed in part by contributions from employers on behalf of employees that are determined by the Superannuation Guarantee (SG) Levy rate. Currently 9% of employees' income, this will rise to 12% by mid-2019.

In the short-term, though, the insurers are responding to a number of changes that have been imposed by the regulator and the Treasury. APRA's Life and General Insurance Capital framework became effective from the beginning of 2013. Broadly analogous to Solvency II in Europe, it has required all insurers to implement some operational changes. However, both the non-life and the life companies are well capitalised and will be able to cope. For the life insurers, the Stronger Super and the Future of Financial Advice (FoFA) reforms will intensify the downwards pressure on fees and prices. However, over the longer term, they will probably improve the perceptions of the insurance/ wealth management industry in Australia of consumers/investors.
BMI Industry View
  Table: Australia's Total Premiums, 2010-2017
Business Environment
Industry Forecast
Industry Forecast- Life
  Table: Total Life Premiums, 2010-2017
Industry Forecast- Non-Life
  Table: Total Non-Life Premiums, 2010-2017
Industry Risk Reward Ratings
Australia Risk Reward Ratings
  Table: Australia Insurance Risk/Reward Ratings
Developed States Insurance Risk/Reward Ratings
  Table: Developed States Insurance Risk/Reward Ratings
Market Overview
Life Sector Update
Non Life Sector Update
Industry Trends and Developments
Life Growth Drivers and Risk Management Projections
  Table: Insurance Key Drivers, Demographics 2010-2017
Non Life Growth Drivers and Risk Management Projections
Macroeconomic Forecast
  Table: Australia - Economic Activity
Political Outlook
Long-Term Political Outlook - Three Key Challenges: Population, Climate Change, China
  Table: Asia Pacific Regional Security Ratings
  Table: Insurance Key Drivers, Disease Adjusted Life Years 2010-2017
  Table: Insurance Key Drivers, Autos 2010-2017
Competitive Landscape
Company Profile
Insurance Australia Group
QBE Insurance Group
AMP Limited
Suncorp Group Limited
Comminsure/ CFSGAM
Regional Overview
Developed States Life Sector Overview
  Table: Developed States Life Premiums, 2010-2017
Developed States Non Life Sector Overview
  Table: Developed States Non Life Premiums, 2010-2017 (US$mn)
Demographic Forecast
Demographic Outlook
  Table: Australia's Population By Age Group, 1990-2020 ('000)
  Table: Australia's Population By Age Group, 1990-2020 (% of total)
  Table: Australia's Key Population Ratios, 1990-2020
  Table: Australia's Rural And Urban Population, 1990-2020
Industry Forecast Methodology
Risk/Reward Rating Methodology
  Table: Insurance Risk/Reward Ratings Indicators
  Table: Weighting Of Indicators
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Insurance in Australia US$ 350.00 Jan, 2016 · 36 pages

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