General Insurance Australia Market Intelligence

*This report was last updated in Q4 2018. Please click on request customization if you are looking for an updated version of this report

Report Coverage

  • Best-in-Class Models
  • New Entrants in the Market
  • Supplier Listing – Corporate Insurance
  • Supplier Listing – Liability Insurance

Table of contents

  1. Executive Summary
  1. Category Definition
  1. Category Overview
  1. Market Analysis - General Insurance - Australia
  1. General Insurance - Market Analysis
  1. Premium Market Trends
  1. PESTEL Analysis
  1. Porter’s Five Forces Analysis
  1. Insurance Trends - Australia
  1. General Insurance Trends - Australia
  1. Supplier Listing - General Insurance-Australia
  1. Top General Insurance Service Providers
  1. Corporate Service Providers
  1. Liability Insurance Service Providers
  1. Sourcing Models

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Regional Market Outlook on General Insurance

Insurance is a coverage that protects businesses from loss, due to events that may occur during the normal course of business. There may be many types of insurance for business, including coverage for property damage, legal liability, and employee-related risks. Large corporates evaluate their insurance needs based on potential risks, which can vary depending on the type of environment the company operates. The insurance industry is classified globally as life and non-life insurance, where property and casualty form a sub-category of non-life insurance

Property Damage and Business Interruption

Property insurance is a policy that provides financial reimbursement to the owner or renter of a structure and its contents, in the event of damage or theft.

Business Interruption insurance is a form of insurance coverage that replaces business income lost as a result of an event that interrupts the operations of the business, such as fire or natural disaster.

General and Product Liability Insurance

General and product liability insurance is a form of insurance coverage that replaces business income lost, as a result of an event that interrupts the operations of the business, such as fire or a natural disaster. .  

Marine/Cargo/Transport Insurance

Marine insurance covers the loss or damage of ships, cargo, terminals, and any transport or cargo by which property is transferred, acquired, or held between the points of origin and final destination. Cargo insurance is a branch of marine insurance.  

Directors and Officers Insurance

Directors and officers liability insurance is a liability insurance payable to the directors and officers of a company, or to the organization itself, as indemnification for loss or advancement of defence cost in the event an insured suffers, such a loss, as a result of legal action brought for alleged wrongful acts in their capacity as directors and officers. 

Employment Practices Liability

The Employee Practices Liability Insurance (EPLI) is a type of liability insurance targeted at companies and employers to protect them against liability. It provides indemnity for loss arising from a claim as a result of an employment wrongful act committed in the course of conducting business.

Crime/Fraud Insurance

Crime/Fraud insurance protects the company's assets against the act of fraud from employees or unknown third parties. Modern exposures, such as identity theft, data breach, and reputational expenses are considered as frauds and covered under crime/fraud insurance.

Credit Risk Insurance

Credit risk insurance protects the business from non-payment of commercial debt. It makes sure that the invoices will be paid and allows to reliably manage the commercial and political risks of trade, resulting in safer and more strategic accounts receivable management.

General Insurance Industry – Market Premium Trends

Australia is observed to be mature market in general insurance industry. It is observed that the overall insurance profit was up by 4% to USD 5,010 million for the year-ended June 30, 2018

  • General insurance includes commercial line insurance, personal line insurance, and lender's mortgage insurance
  • Commercial line includes insurance sold to commercial customers, including commercial motor vehicle, fire and industrial risks, professional indemnity, public and product liability, employer liability, and aviation-related insurance
  • Personal line includes insurance sold to individuals, including home, motor vehicle, compulsory third party, travel and consumer credit insurance

Growth Drivers

  • There are not many growth drivers, except Innovation in product and technology, like cyber insurance and Insurtech
  • Increased catastrophic events in Australia


  • Mature market and soft pricing
  • Low interest rate environment and conservative investment portfolio
  • Regulatory changes to NSW compulsory third-party insurance

Key General Insurance Trends – Australia

It has been observed that the number of emerging trends that will impact the insurance industry will increase over five years. These trends will impact the industry in both short and long terms. The trends are split among those, driven by technological advances and impacted by regulatory developments.  

Supplier Trends

Internet of things

  • Connected cars run on operating apps and are connected to the internet. Gather and transmit information on every part of the vehicle communicate with other cars to prevent accidents.
  • Connected homes communicate with the environment to adapt surrounding environments.
  • Connected lifestyles measure track and analyze vitals relevant to specific conditions and illness.


  • It has been observed that the new insurance standards is effective from financial years commencing January 1, 2021 and will give users of financial information a whole new perspective on insurers financial statements. The new requirements also encompass actuarial valuation, asset liability management, and risk management.


  • Insurance companies in Australia are gradually transforming into 21st century digital enterprises with some common characteristics, like leveraging data collected from customers to increase customer engagement, unlocks value from non-traditional assets networks agility, and other intangibles, utilizing intelligent automation and assess skills on demand through platforms and alternative employment models.


  • It has been observed that almost every incumbent in Australia has some form of collaboration underway with Insur Techs.
  • For e.g., QBE announced its intention to partner with Insurtech companies and has invested USD 50 million.
  • Suncorp collaborated with traity to develop a peer-to-peer micro insurance platform using Trait's Chabot Kelvin and IAG. Sydney also has set up a USD 75 million new ventures fund to invest in and partner with start-ups and established businesses that have potential to disrupt.

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