Car Insurance in Australia - Industry Market Research Report

Car Insurance in Australia - Industry Market Research Report

Car Insurance in Australia

The Car Insurance industry has grown over the past five years. However, falling investment returns over the first half of the period, the soaring costs of new car repairs, rising damage from natural disasters, and the COVID-19 pandemic have negatively affected the industry. As the frequency of natural disasters has increased, so too has the frequency of insurance claims. However, insurers have passed on rising costs to policyholders, allowing industry profitability to grow over the past five years. Industry revenue is expected to grow at an annualised 0.8% over the five years through 2022-23, to reach $24.9 billion. This trend includes an anticipated decline of 1.6% in the current year as the retail petrol prices rose sharply due to rising global oil prices, leading to fewer motor vehicles on the road.

The industry underwrites car insurance policies. Car insurance provides financial cover for physical damage to automobiles and bodily injuries as a result of traffic collisions. Car insurance can also protect against liability as a result of accidents.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.