"Australia Insurance Report Q1 2015" now available at Fast Market Research

From: Fast Market Research, Inc.
Published: Mon Nov 24 2014

Recent reports confirm our view that premiums will rise at a measured pace through the forecast period. In USD terms, in fact, currency movements will likely cause premiums to contract. However, most of the insurers will continue to generate levels of profitability that are more than satisfactory. In the non-life segment, volumes should rise broadly in line with nominal GDP. In the life segment, the ongoing development of the superannuation system will underpin the rise in premiums over time.

As of late 2014, it remains to be seen what will be the final recommendations of the Financial System Inquiry, whose remit includes both life and non-life insurance. The Inquiry is also looking at Australia's massive superannuation funds, whose combined assets under management (AUM) exceeded AUD1.8tn at the end of June. In relation to life insurance, the focus of the Inquiry has included: reductions in fees and costs; underinsurance; and the need of Australians for sound financial planning advice in an environment of compulsory retirement savings. In relation to non-life insurance, the Inquiry has focused on: the role of price comparison/ aggregator websites; the opening of government statutory schemes to competition; and under-insurance.

Full Report Details at
- http://www.fastmr.com/prod/900649_australia_insurance_report_q1_2015.aspx?afid=303

Both segments are dominated by organisations that have the advantages of well-established brand names, ability to develop innovative products, proven ability to execute acquisitions, broad product portfolios, multi-channel distribution, financial strength, scale, access to capital and - in many cases - the advantage of being part of a broader financial services business with banking (and other) facets.

In part because of government policy decisions in the past, both segments are highly competitive. Aside from annuities in the life segment, volumes are growing at a measured pace in most lines and sub-sectors. However, prices are not rising much (if at all) either. Most companies are successfully taking steps to boost...

The Australia Insurance Report has been researched at source and features Business Monitor International (BMI)'s independent assessment and forecasts for the insurance sector. It examines industry developments, key growth drivers and risk management projections, including the macroeconomic situation, government policy, regulatory environment and the level of development and potential for growth, broken down by line. Leading insurers are profiled, covering premiums, products and services and competitive positioning.

BMI's Australia Insurance Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and regional competitive intelligence on the Australian insurance industry.

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Contact Name: Bill Thompson
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