The global pet care market is foretold to improve in the forthcoming years as matched to the preceding years and will showcase better sales in various market segments. It is estimated that the global pet care market will grow at a CAGR o…
BMI View: We have made very few changes to our forecasts this quarter. The absolute growth of the
population and the economy should ensure that premiums in both segments of Australia's large,
sophisticated and competitive insurance sector grow in real terms. However, it is easy to identify factors
that limit growth in both segments. In the life segment, the insurers are to a certain extent in competition
with Australia's massive superannuation funds, and are hard pressed to profit from the sale of group life
products to the super funds. In the non-life segment, price competition is restraining the development of the
important motor and property insurance sub-sectors.
Key Updates And Forecasts
? Weather events in early June 2016 have resulted in significant claims for the major property insurers. The
risks have been laid off with reinsurers. It remains to be seen whether the increased claims are also passed
back to clients in the form of higher premiums. Motor insurers are generally upbeat about plans of the
government of New South Wales (NSW) to reform that state's Compulsory Third Party (CTP) motor
insurance scheme. The changes should make the scheme cheaper and more affordable for motorists. The
new system should include a no-fault first-party, defined benefits scheme - with access to common law
damages for more serious injuries.